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The peak of the Australian ski season hasn’t slowed the momentum of NSW’s Snowy Mountains price growth.
The region experienced a 12-month price growth of 47.7 per cent, according to the latest Domain report, which has led to a record year for Raine & Horne Snowy Mountains.
The area, which is yet to fall victim to the market cooldown currently plaguing the rest of the state, has continued to produce significant sales results, with sales conditions allowing Raine & Horne Snowy Mountains to sell a property in June for $905,000, nearly $200,000 more than the sale price it achieved six months earlier.
Sales agent at the Snowy Mountains office Ben Clancy explained that most buyers reside out of the area, which he believes showcases how the tree-change trend, which became popular during the pandemic, has remained.
“The past year has been unlike anything I have ever experienced, with people buying properties sight unseen for prices in the million-dollar range,” he said.
A characteristic of the region’s steady growth has been the continued consistent levels of inquiries, with buyers hunting lifestyle properties that can be used as a holiday rental or for personal holiday homes.
Travis Wentriro, network manager, said the changing nature of the working environment had assisted regional Australia’s growth.
“The growth in regional markets, like the Snowy Mountains, is indicative of the changing mindset of Australians. Where for many, living in Jindabyne would not be feasible with work commitments, the work landscape has shifted entirely,” he said.
Further ratifying the demand for regional properties, particularly those in proximity to snowfields, Knight Frank’s annual Ski Property Report found that 18 per cent of global buyers were more inclined to purchase a ski home due to COVID-19.
Mr Clancy’s business, which has seen him field inquiries from interested parties nationwide, agrees to this.
He did add that the market has experienced a slight cooling related to the rising interest rates, but properties within the median unit price of $650,000 are still garnering attention.
Additionally, the Snowy Mountains region’s growth is set to continue, with the Snowy 2.0 hydroelectric project set to bring 4,000 jobs to the region, which Mr Wentriro describes as a “great opportunity”.
“Snowy 2.0 is a great opportunity for new business in the region, as more and more people flock to the lifestyle benefits of the Snowy Monaro, and the job prospects of the project,” he concluded.
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