Sales levels strong in NSW's Southern Highlands: HTW

Sales levels strong in NSW's Southern Highlands: HTW
Staff ReporterFebruary 14, 2017

There is an atmosphere of cautious optimism across the Southern Highlands, according to HTW's February 2017 update.

The valuation firm says that buoyed by an 18% increase in average prices to $892,000 for the year to December 2016, the townships of Moss Vale, Bowral and Mittagong have been stand out performers, with access to infrastructure and price point being the main drivers of that growth.

Local real estate agents have been saying that sales activity has been brisk in the face of stock shortage, the report states. 

“This has been borne out with a 24% decrease in the numbers of sales year on year to 1,600 properties. It is fair to say the rental market is tight with lack of stock driving rent increases of minimum 10% over the past 12 months.”

For the median price of $549,000 a house such as the one at 45 Hoskins Street, Moss Vale (above) is purchasable for between $525,000 to $575,000.

Similarly a unit such as the one at 1/8 Arthur Street, Moss Vale (below) is purchasable from $400,000, which is $20,000 cheaper than the median price of a unit in Moss Vale.

The Highlands property market is heavily influenced by what is happening in Sydney and historically lags that market by six to 12 months, HTW says. It expects to see continued strong demand for properties close to the townships at price points up to $1.5 million.

“Above that price point the market becomes less defined with the choice of residential, rural/residential and lifestyle acreage properties across the villages and hamlets coming into consideration.”

Established precincts such as Darraby Estate, (Moss Vale) Renwick and Nattai Ponds (Mittagong) and Bingara Gorge (Wilton) have seen strong sales over the past 12 months, with further stage releases scheduled for 2017.

Likewise, the soon to be released subdivisions of Retford Park (Bowral) and Throsby Views (Moss Vale) have seen strong pre-sales activity.

The recent announcement by the NSW Department of Planning that Wilton Junction has been designated as a priority growth area has brought the reality of the new township to accommodate up to 16,500 dwellings across the 4,175 hectare site located off the M5 East Freeway a step closer.

Other areas earmarked for residential development include Tahmoor and Appin.

Closer into the existing townships of Mittagong, Bowral and Moss Vale it is anticipated there will be limited releases of land predominantly restricted to resubdivision of appropriately zoned larger lots.

Regarding infrastructure, the state government has committed to a $50 million upgrade of the Bowral Hospital in 2017.

In September 2016, it called for expressions of interest regarding a public private partnership for the operation of the hospital.

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