A residential development being undertaken in the New South Wales’ Southern Highlands has been sold for a record price in the area.
Maeve, a 24-residence project on a 6,000 sqm site at 18 Kangaloon Road in Bowral, has been purchased by Saf Developments for $9 million.
It 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.
Maeve offers 12 apartments and 12 townhouses ranging from three to four bedrooms, multiple living areas and two to three bathrooms.
Designed for owner-occupiers, the townhouses, sized at 221sq m, start at $2.2 million, while prices for the apartments, sized from 131 to 179sq m, start from $1.7 million.
Around half of the development is sold, with marketing for the remaining 12 units now underway, with a display suite recently opening onsite.
Mr Berlyn said there had been strong demand from multiple developers over the course of the off- market campaign to sell the Maeve site and project, and ultimately it was sold to an existing client who was a local builder-developer.
“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,” he 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.
“It also has a high-end design and a superb product mix with large, oversized homes that perfectly cater to the growing downsizer market in Bowral.”
Mr 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.”
According to Knight Frank research, 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.
The median price for an attached dwelling in Bowral has more than doubled since March 2020, with 106 per cent growth to be $1.26 million at the end of 2022.
Knight Frank is selling multiple projects in Bowral including Elmsdale Residences and the upcoming Springfield.