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A Southern Highlands agency is reaping the reward from Sydneysiders seeking property elsewhere – offloading six homes and three lots of land in just seven days.
The Agency’s Southern Highlands team, led by Ben Olofsen and Cameron McKillop, has been credited for transacting more than $15 million worth of property in the first week of November alone.
According to Mr Olofsen, overall enquiries in the area are up 300 per cent – and a vast majority is coming from Sydney.
“I would receive 100 calls a day from prospective buyers – and 80 per cent of all buyer interactions are from Sydney,” he stated.
“To think we have made nine residential sales in just seven days and 100 per cent of those buyers are from Sydney, the migration trend from our capital cities seems to be growing,” the agent contemplated.
Due to the demand, the principals have said there is a shortage of stock in the local market.
Traditionally, the Southern Highlands market tends to boast between 850 to 900 listings at any one time.
At the moment, there are only around 500 properties available.
Combined with the increase in demand, the shortage has resulted in upward pressure on prices.
But despite the pressure, The Agency said “people are still able to achieve much greater value for money when buying in the Southern Highlands than they would in Sydney”.
It’s just one of the reasons Mr Olofsen is seeing a surge in demand, noting “people are relocating to the Southern Highlands in order to become debt-free or to at least minimise their debt”.
“COVID-19 has meant people want less risk and greater security. By moving regional, they can achieve this and greater work/life balance.”
Weighing in on the demographics The Agency is currently seeing migrate away from the NSW capital, Mr McKillop said the team has seen “many retires bring their plans to downsize from Sydney forward due to the impact of COVID-19”.
“People have had time to assess their priorities and want to make the change now,” he continued, noting many families have also made the decision to migrate – “as they can now work remotely and afford more space and a different lifestyle”.
“And then, of course, there are those professionals who are after a weekender,” Mr McKillop flagged.
“The Southern Highlands is still relatively close to Sydney, and so regardless of motivation, this proximity makes it an attractive location.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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