This article is from the Australian Property Journal archive
SAF Developments has snapped up a 24-residence project in Bowral for $9 million, setting a new record for the Southern Highlands town.
The project, named Maeve, is on a 6,000 sqm site at 18 Kangaloon Road and offers 12 apartments and townhouses ranging from three to four bedrooms, multiple living areas and two to three bathrooms.
Designed for owner occupiers, the townhouses, sized at 221 sqm, start at $2.2 million, while prices for the apartments, sized from 131 to 179 sqm, start from $1.7 million.
Around half of the development is sold, with marketing for the remaining 12 units now underway. A display suite recently opened on-sote.
Maeve was sold by Reform in an off-market deal negotiated by Knight Frank agents Nathan Berlyn and Luke Hayes, who are also marketing the homes in Maeve to prospective buyers.
“The development was sold for a record price – nothing has been achieved at this level for a medium-density site in Bowral, with the closest being around half what Maeve sold for,” Berlyn said.
“The buyer was willing to pay this to secure a site of this scale, calibre and quality, with the boutique number of dwellings and unbeatable location.
“This property garnered strong interest largely due to being a development-approved, turnkey site in a great location, within walking distance to town.”
The median price for an attached dwelling in Bowral has more than doubled since the beginning of COVID in March 2020, with 106% growth to be $1.26 million at the end of 2022.
Hayes said Bowral’s real estate market was performing exceedingly well.
“The biggest driver for demand without a doubt has to be the sheer lack of quality stock available for the local market, who are largely equity buyers wanting to downsize to new homes with house-like proportions,” he said.
“With a growing of the local population now reaching retirement age, demand for this type of accommodation in Bowral has increased considerably each year.
“I’d say also a third of this market are co-primary Sydneysiders looking for a weekender or eventual retirement home.”
Knight Frank research estimates that given the shortage of new townhouses and apartments being built in Bowral, the average number of established sales was only 22 across the 2022 year, which was the same volume recorded at the end of 2019.
