Southern Highlands expected to stabilise in 2020: HTW residential
After a fairly slow performing 2019, the Southern Highlands market began to improve moving into the summer holiday period, with the majority of local agents reporting good numbers back at open homes as well as improved prices across the board, according to the latest Herron Todd White (HTW) residential report.
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
"Looking forward into a new decade, we expect an overall fairly stable market across the board in the Southern Highlands area," the valuation firm said.
"In the Wollondilly Shire we are seeing large numbers of new housing estates pop up and construction around the Tahmoor and Thirlmere areas beginning to increase.
"The main price point to watch is $500,000 to $750,000 as we begin to see the growing south-west corridor of Sydney creep down towards the Wollondilly Shire due to major state infrastructure projects such as Badgerys Creek Airport being well and truly underway," the valuation firm stated.
A Tahmoor four bedroom house has recently been sold for $590,000.
Situated at 55A Mooreland Road (pictured below), the home comprises four bedrooms, two living areas, room for kids, and gardens.
Other features include high ceilings, new floor covering, air conditioning and water tank.
This coupled with Tahmoor Central beginning at a local level could see good growth in 2020.
"Further south, we expect the Wingecarribee area to continue to remain fairly stable after a period of strong growth through the middle to end of the past decade.
"Overall we are seeing a large number of the new estates nearing capacity, limiting new detached dwelling growth in the established suburbs.
"We are likely to see construction begin on several large, medium-density developments in central Bowral which is likely to attract some downsizing locals as well as Sydneysiders wanting to be within close proximity of central Bowral," the valuation firm added.
At the other end of the scale, with recent bushfire activity having a heavy impact on the northern and southern ends of the Highlands, the townships of Wingello, Penrose, Bundanoon in the south and Balmoral, Buxton, Bargo and Yanderra in the north are areas for concern going forward.
The report notes the established township of Bundanoon is probably least likely to be impacted, however the remainder of the suburbs mentioned which are surrounded by heavy native bushland and in which many homes have been lost may be hit with some market resistance due to people trading properties for economical and emotional reasons.
A Bundanoon three bedroom house was sold for $650,000 in January.
The painted brick and tile home is situated at 13 Old Wingello Road (pictured below).
It comprises three bedrooms, modern kitchen, sunroom, and terraced area.
"Overall we would anticipate that this property sector may experience a period of lower demand and greater days on market than previously experienced."
