What a lazy $700,000 can buy in Southern Highlands: HTW residential
The past month has seen the southern highlands property market go from strength to strength, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report notes a lack of stock due to vendors’ unwillingness to put their properties to market in uncertain times coupled with extremely strong interest from Sydney buyers has resulted in a strong surge in sales numbers as well as prices in the local region.
"We had predicted this over the longer term, however it has been very evident over the past four weeks and the next few months should be interesting as we see life return to normal and the market potentially inundated with new listings," the valuation firm said.
A lazy $700,000 in the Southern Highlands is quickly becoming non-existent largely thanks to the above mentioned continual exodus from Sydney.
This certainly doesn’t mean you can’t find anything for less than $700,000 in the region, however these days a brand new traditional family home in the three main suburbs of Bowral, Mittagong and Moss Vale are all above that price point, the report noted.
The best performing suburb at this price point would either be Moss Vale or Mittagong, both of which have slightly older homes still popping up sub $700,000 and even sub $600,000 in the case of Moss Vale.
A four bedroom house in Mittagong has recently been sold for $685,000.
The home at 5 Waverley Parade (pictured below) comes with four bedrooms, two bathrooms and garden.
It also features ceiling fan, timber floorboards and external laundry with toilet.
A current offering is a four bedroom house in Moss Vale priced at $695,000.
The family home at 14 Napper Close (pictured below) boasts open plan kitchen, dining and living area, four bedrooms, media room and backyard.
It is situated close to Moss Vale Town centre and local schools.
Typically rental returns are good and again off the back of the recent COVID-19 outbreak, enquiry levels from Sydney have been strong, resulting in improved rental returns to that of the past 24 months.
"We expect this price point to continue to perform strongly over the next few years, as working from home becomes a more common practice. In turn, this should result in more first home buyers looking in the area due to its good proximity to Sydney should they need to travel to a place of work a couple of days per week," the valuation firm said.