The Southern Highlands trade is back: luxury mansions change hands for 15pc discount

Burradoo house prices at $3m and $4m are the same standard as $60m Eastern Suburbs houses says Southern Highlands resident and property developer Theo Onisforou.

The property at 166 Sproules Lane, Glenquarry, NSW, which is on the market with a guide of $4.7m to $4.95m

Buyers open to the NSW Southern Highlands lifestyle can enjoy the trappings of wealth for tens of millions less than the price of harbourside living.

Billed as one of Australia’s most beloved tree-change destinations, the Southern Highlands real estate market has finally turned a corner after two years in the doldrums.

Most residential vendors have dropped prices by about 15 per cent and agents say the February interest rate cut has helped stimulate the market.

Many are from local areas such as Bowral, Mittagong and Moss Vale, as well as Sydney.

Long-term NSW Southern Highlands resident, property developer Theo Onisforou, who moved to the area three decades ago, says the area offers fantastic value for money.

“Why wouldn’t people move down there when you can buy a house for $3m to $4m in Burradoo, which is the same standard as one which costs $60m in (Sydney’s) Bellevue Hill,” says Onisforou.

Onisforou is clearly putting his money where his mouth is. He is currently expanding his existing shopping centre in Bowral, which is anchored by Harris Farm. He also has a 94-place childcare centre in Bowral under construction, which has been fully leased, as well as a development application before council for eight build to rent houses in Moss Vale, plus a further 30.

The area has long attracted celebrities and high net worth individuals, including the patriarch of furniture retailer Nick Scali, who paid $3.2m for a retreat in Berrima in 2021, as well as members of the Triguboff family and celebrity hairdresser Joh Bailey.

The Southern Highlands-based Agency Property partner Ben Olofsen says he has definitely seen an uplift in buyer activity since the start of the year as a result of more consumer confidence coupled with realistic vendor expectations.

He points to 5 Cowpastures Road, Bowral (which he is marketing) as the standout.

The property at 166 Sproules Lane, Glenquarry, in the NSW Southern Highlands near the popular township of Bowral

According to him it has a prestigious location, two acres of manicured grounds, as well as space and privacy. It is on the market for $3.35m.

Rival Southern Highlands agent Samuel Lindsay, principal at Drew Lindsay Sotheby’s International Realty, says if vendors meet the market in terms of price their property will sell.

Lindsay says it’s a great time to buy, with motivated vendors and a price adjustment across the board over the past 12 months, coupled with the interest rate drop.

“But there’s not enough depth in the market if you don’t drop your price,” he says.

“There’s a catch up. Vendors are now meeting price expectations... I think the reality is there’s now a normal market and the properties meeting the market are selling.

The property at 5 Cowpastures Rd, Bowral, in the NSW Southern Highlands which is for sale for $3.35m through The Agency

“It’s a good time to buy... Generally speaking it’s come off around 15 per cent over the last 12 months.”

Lindsay says a lot of the buyers are locals or from Sydney. Some are sourced through the Sotheby’s network and are Australian expats, some hail from Britain or the US.

He has a guide of $4.7m to $4.95m for 166 Sproules Lane, Glenquarry, and says there’s interest in the property, his childhood home, at that level.

The 5 Cowpastures Rd, Bowral, property on an 8000sq m block

Another Southern Highlands agent, speaking on condition of anonymity, says some vendors are yet to catch up and persist with unrealistic price expectations.