THE Snowy Mountains have emerged from a different winter snow season, one where reduced capacity at the resorts tempered visitation. This certainly affected businesses and their potential for a strong winter but given the circumstances we are fortunate to have completed a snow season.
How this winter and the covid environment will affect the region overall is yet to be fully determined. It may well take the next 12 months to see how all businesses fare, and if in fact there is any collateral damage.
The same cannot be said for the property market. Usually real estate agents expect to have a turnover of properties after the snow season, but this year properties for sale are scarce, the least amount of supply for many years.
The Jindabyne area has defied the projected downturn of the city markets and remains strong. This has also led to increased activity in the surrounding town of Berridale, as buyers look to expand their options.
Months of remote working and home isolation during the Covid pandemic have given city slickers ample time to pause and reflect about a tree/ski change.
Bustling urban hubs lost their lustre when city attractions were forced to close their doors, and new concerns have emerged about affordability and the trade-off between good health and high-density living.
As a result, real estate agents in localities such as the Snowy Mountains that offer facilities and lifestyle are seeing large numbers of enquiries from families and individuals seeking a life-changing move.
Gordon Jenkinson from Kosciusko First National Real Estate reports that many property owners in Jindabyne and the surrounding areas were fearful that the value of their real estate assets would fall substantially after the bush fires of last summer and the pandemic effected winter ski season.
“This has not eventuated and in fact properties that offer the views, locality and amenities that city buyers are looking for have actually increased in value since the start of the year,” said Gordon.
“The option for many Sydney property owners to sell up and relocate often means that they are mortgage free which is appealing in these uncertain economic times.”
The normalisation of remote work during the Covid-19 pandemic, quality schools, a great lifestyle and improving internet connection has resulted in many people relocating to Jindabyne and the surrounding area with the trend towards digitalisation driving high demand for properties with home offices, backyards and low-density living.
Land sales are also in demand, and with no new subdivisions currently in planning landowners have also looked to lock in profits by reselling previously purchased blocks. Trying to find a builder could also be tricky, as most builders have a full book for the next 12 months and beyond.
Some resent vacant urban land activity:
Highview Estate Jindabyne – stage 7B completely sold out prior to registration. Several re-sales from $290k to $320k. The next available stage (8) is completely sold ‘off the plan’ with registration expected mid-2021.
Tyrolean Village – no lots currently available with the last sale @$485k
East Jindabyne – 3 lots currently available from $550k to $650k, several resent resales in Kunama Ridge subdivision from $210k to $285k.
There is limited vacant rural blocks with building entitlements (40ha/100acres) still available in the Jindabyne locality with prices from $650k.
Some significant recent house sales include:
*5-bedroom, 3 bathroom Tyrolean water front home sold @$1.2m
*3-bedroom, 2 bathroom Tyrolean detached duplex sold @$815,000
*4-bedroom, 3 bathroom rural home on 40ha sold @$1.55m
