Snowy Mountains heats up despite market cooling

Snowy Mountains heats up despite market cooling

The peak of the Australian ski season has not dampened the price growth momentum of NSW’s Snowy Mountains.

The region saw 47.7% year-over-year price growth, according to Domain’s latest report, leading to a banner year for Raine & Horne Snowy Mountains.

The region, which has not yet been a victim of the market cooldown which is currently plaguing the rest of the state, continued to produce strong sales results, with sales terms allowing Raine & Horne Snowy Mountains to sell a property in June for $905,000, or nearly $200,000 of more than the sale price reached six months earlier.

Snowy Mountains office sales agent Ben Clancy explained that most buyers reside outside the region, which he says shows how the tree-changing trend, which has become popular during the pandemicstayed.

“Last year was unlike anything I’ve ever seen, with people buying properties unseen for prices in the million dollar range,” he said.

A feature of the region’s steady growth has been consistent levels of inquiries, with buyers looking for lifestyle properties that can be used as vacation rentals or as personal second homes.

Network Director Travis Wentriro said the changing nature of the working environment has helped Australia’s regional growth.

“The growth of regional markets, such as the Snowy Mountains, is indicative of the changing mentality of Australians. Where for many living in Jindabyne would not be possible with work commitments, the work landscape has completely changed,” did he declare.

Further ratifying the demand for regional properties, particularly those close to snowfields, Knight Frank’s annual report Ski Ownership Report found that 18% of global buyers were more likely to buy a ski home due to COVID-19.

Mr. Clancy’s company, which has seen him respond to inquiries from interested parties across the country, agrees with that.

He added that the market has seen a slight cooling due to rising interest rates, but properties with a median unit price of $650,000 are still attracting attention.

In addition, growth in the Snowy Mountains region is expected to continue, with the Snowy 2.0 hydroelectric project expected to create 4,000 jobs in the region, which Mr. Wentriro describes as a “great opportunity”.

“Snowy 2.0 is a great opportunity for new businesses in the area as more and more people flock to the lifestyle benefits of the Snowy Monaro and the job prospects of the project,” he concluded.

Snowy Mountains heats up despite market cooling

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Last update: August 10, 2022

Posted: August 11, 2022

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