Owners of high-end vineyards in the Hunter Valley have been selling up, with two more luxury properties at Pokolbin hitting agents’ books in January.
The Longhouse at Pokolbin
‘The Longhouse’ off Palmers Lane is expected to fetch around $1.65 million and the nearby Iron Gate Estate has been listed for between $8 and $10 million.
But despite the surge in new stock, agents say there is no danger oversupply could dampen prices.
“There’s been a higher number of properties for sale in the higher price range than in the previous four or five months,” agent Cain Beckett of Jurd’s Real Estate said. “But demand is outstripping supply. There are many more buyers than there are sellers and that’s why the prices are so strong at the moment.”
Mr. Beckett said that like the residential market, the main driver of demand was increasing levels of interest from Sydney buyers escaping an overheated market.
“People are cashing out of the Sydney market and doing a tree change,” he said.
“They can get a lot more for their money up here. These are not high end purchases in these buyers’ minds.”
GRAND: The Iron Gate Estate at Pokolbin, which is expected to fetch between $8 and $10 million. It is the latest in a slew of high-end winery estates to come to market.
The Iron Gate Estate features a palatial four-bedroom home on a 36 acre block, complete with mature vineyards, a commercial winery, olive grove and cellar door.
The Mediterranean-style mansion accommodates a home gym, media room and swimming pool.
“That property is really a lifestyle change one. I suspect the buyer would live there or use it as a weekender and employ an operator for the commercial side of things,” Mr. Beckett said.
‘The Longhouse’ is at the top end of the Hunter Valley’s accommodation market and sits on a 25 acre parcel, overlooking its own boutique chardonnay vineyard.
It consists of three eco-friendly luxury villas, designed and built almost entirely by a group of architecture students from the University of Newcastle.
The sleek, modern theme was inspired by the traditional Australian woolshed; and the materials used in construction were even sourced from a 130-year-old woolshed in Western Australia.
“The interest in the Longhouse has been some of the strongest we’ve had,” Mr. Beckett said.
SOURCE: The Newcastle Herald
POSTED: February 6, 2017
AUTHOR: Carrie Fellner
@Jurds Real Estate – Cessnock and Hunter Valley Wine Country Property Experts – the place to buy, sell and lease property in Cessnock and the Hunter Region.