First home buyers dominate $450,000 plus Southern Highlands entry level market: HTW residential
The Southern Highlands typically attracts a vast range of buyers within the local residential market, according to a recent Herron Todd White (HTW) residential report.
The report notes the entry level market is dominated by first home buyers and typically makes up a value range of $450,000 to $700,000.
"For the very entry level, say sub-$550,000, think satellite suburbs such as Hill Top, Colo Vale, New Berrima. We tend to see a large portion of first home buyers unable to afford the more affluent suburbs such as Bowral, however we do see some smaller more affordable dwellings snapped up for under $600,000 on less desirable streets in Bowral such as Price, Thompson and Sheaffe," the valuation firm said.
A refurbished three bedroom house in Colo Vale has recently been sold for $560,000.
Sitting on a 765sqm block, the house at 12 Banksia Street (pictured above) comes with open plan living, deluxe kitchen, covered deck and garden.
It has easy access to the motorway and is close to Mittagong town centre.
"As the region continues to grow, we are beginning to see popularity increase for good quality villas and townhouses located within close proximity to central Bowral as well as quality built homes on smaller lots being very popular with local downsizers," the valuation firm added.
Typically, these downsizers are selling large acre lots in Burradoo or surrounds and opting for easier to maintain parcels in good central locations. This area of the market is also popular for retirees from Sydney who come in droves and are chasing good quality product in good central locations close to local schools and townships.
The family market is a vast mix of an economic make up with more affluent families looking into prestige suburbs such as Burradoo, followed by new premium estates such as Retford Park and then into East Bowral which is predominantly 20 plus year old project homes.
A single level designer home in Burrado is currently on the market with $1.695 million hopes.
The four bedroom, two bathroom house is located at 14 Phillip Street (pictured above).
The house features formal living with fireplace, casual lounge and dining, expansive kitchen, and rear garden.
"We are seeing an influx of families from Sydney beginning to populate the Renwick and Tahmoor and Thirlmere area as they are able to commute to Sydney as well as work from home and therefore are able to afford far bigger family homes at far more affordable prices than are available within Sydney," the valuation firm said.
"Looking at shifting demographics within the region, the largest change we have seen over the past several years has been the gentrification of Moss Vale," the valuation firm stated.
Typically Moss Vale has been the administration capital of the Highlands and considered a working class strong hold and poor sister to Bowral, however over recent times we have seen the main street flourish with several homewares stores, cafes and bars opening their doors as well as many local families moving from other parts of the Highlands into the Moss Vale area.
"Generally, they are able to get far more bang for their buck than the other established suburbs of Bowral and Mittagong," the valuation firm commented.
