Investors and buyers alike are being drawn to Southern Highlands as properties in the New South Wales’ district are being bought at an extraordinary rate.
Josh Larsen, head auctioneer at real estate agency DiJONES, noted that buyer activity at auctions in the Highlands has been noticeably strong.
“We have had a good lead up to Spring and our first auctions of the season saw keen participation from bidders.”
“Heritage property, The Manse, sold at auction on 1 September for $985,000.”
The property was originally constructed in 1890 as part of the Presbyterian Church at 2 Alice Street, Mittagong, and was recently restored and transformed into a four-bedroom home.
“The new owners were attracted to the original features of the home which has unique grandeur, including a beautiful entry hall with fretwork and chandelier, as well as wide original Kauri timber floorboards,” Larsen said.
Records show that most Aussies shopping for properties in the area are from Sydney. In fact, 73% of Mittagong buyers were Sydneysiders, including the purchaser of the Manse.
Larsen confirmed that Sydney buyers are seeing value in the Highlands, and revealed that they are more likely to buy property under auction conditions.
“As a result, we are seeing DiJONES marketed properties that are auctioned on market for an average of 21 days, which compares to data from CoreLogic which sees the average number of days on market in Mittagong at 43 days,” he continued.
Providing a glimpse into the market’s behavior, Larsen noted that properties with acerage were in high demand – one with four acres in a rural setting at 465 Medway Road, Medway sold at auction for $725,000 last weekend.
Larsen foresees that this positive trend will remain in the coming months.
“We expect to see continued demand in the Southern Highlands, as buyers look to move to the area from Sydney or upgrade their current Highlands home.”