Bowral weekender Kowana listed by art dealer Justin Miller

The owner of a Paddington art gallery Justin Miller has listed his historic Bowral weekender, Kowana amid signs the Southern Highlands market was falling.

The 1890s residence in the Notts Hill precinct has a garden established in the 1930s by Altona James, wife of the Point Piper Supreme Court judge Augustus James.

The cottage has around 200 sqm internal space.

The 7,955 sqm property, which is set across two titles on Mount Road, cost $1.75 million in 2015.

There were $40,000 renovations approved in 2016.

There are $3.75 million hopes.

The homes was owned by international record producer Mark Opitz and his wife Vanessa in the 1990s when they hosted visitors including Helena Christensen and Michael Hutchence.

A four bedroom country style Mount Road home on 2000 sqm, with views toward Gibbergunyah, fetched $1,665,000 last month having traded at $1.7 million in 2018.

A nearby Mount Road offering has been on the market without success since last October.

It is close to the site of Kevin Ryan's Waterbrook Bowral (formerly Our Lady Of The Sacred Heart School), a luxury 17 ha retirement village development site.

It will have 135 luxury villas, with an extensive range of onsite facilities including; 24/ 7 concierge, a wellness centre and spa, business centre, lounge spaces, restaurant, bar, ballroom/play theatre and library.