Seachangers from the NSW Central Coast are eyeing the wine-rich Hunter Valley as the next place for a treechange, arguing the coastal region north of Sydney is too crowded.
“A lot of people from the Central Coast are now looking to relocate north to the Hunter Valley because about 10 years ago they went from Sydney to the Central Coast and now it’s too busy for them,” says Hunter Valley agent Meredith Munro, of John Flood Real Estate.
Munro says real estate turnover in the famous winegrowing region is increasing: “There’s a lot of positivity with the confidence returning to the mining industry, we are certainly seeing an increase in inspections and listings.”
Hunter Valley real estate hit a low in the third quarter of 2014 because of the mining industry bust. “We lost about 15 per cent growth, which equates to about four to five years, we are starting to see everything improving now,” she adds.
Compared to Sydney prices, there are big bargains on offer in the Hunter Valley region near the port city of Newcastle, which was one of the first wine regions planted in the early 19th century.
Munro has Blairgowrie, at 42 Tullong Road, Scone, on the market and it is already attracting good interest from Sydneysiders and Central Coast residents.
The 5ha property features a homestead with four large bedrooms, a six-bay stable block and meat house and is expected to sell for about $1.4 million. The property features two recently renovated bathrooms and a swimming pool.
Another property at Murrundi, fronting 35 Pages River Road, and which needs some work, is expected to fetch between $690,000 and $710,000. “We have had a huge flurry of interest in it from people on the Central Coast, Tamworth and Sydney. “It’s an opportunity to own an iconic property in the Upper Hunter Valley,” she says.
Known as Greenhayes the property features five bedrooms as well as a cosy library and sitting room with views to the garden. It is just over three hours from Sydney and just over one hour to the famed vineyards.
But veteran Hunter Valley agent Alan Jurd, of Jurds Real Estate, reckons the sort of person now buying into the Hunter region is one who sold their Sydney house for $3m and will buy a small Sydney apartment and a place to stay in the Hunter Valley.
“We used to get people weekending here, now there’s a complete transformation — people are selling in Sydney and moving to the Hunter Valley. It was predominantly weekenders, now they are keeping a smaller base in the city.”
Jurd says turnover in the Hunter Valley has been great, because money is cheap, and there’s so much migration coming into Sydney, people are getting out. Prices peaked in the Hunter Valley in November last year.
“There are not bargains anywhere but it’s very cheap,” he adds.
“The only place you can buy a decent investment property for less than $300,000 within 2 hours of Sydney is Cessnock.
But he warns selling in the Hunter Valley can take some time: “The rural properties can take up to a year to sell, but the Hunter Valley’s residential market has been completely different. You can sell in a month. If you haven’t sold in a month the price is wrong.”
20 Olio Mio is a dream home expecting to fetch $8m
One of the Hunter Valley’s most prestigious properties is Olio Mio, a boutique olive and wine estate in Pokolbin.
“It’s a dream home. There are only five properties in the Hunter Valley that exist at this level, the stonework and gardens are exceptional.”
The 26ha property is expected to fetch about $8m. It features a Tuscan-styled six-bedroom main house replete with a stone wood-burning fireplace plus a two-bedroom guest accommodation, an olive processing plant with a 10ha olive grove, and a 2.5ha vineyard planted to shiraz, tempranillo and verdelho. The sprawling gardens sport a swimming pool, pizza oven and terrace.
It is being sold via an expressions of interest campaign. The owners are downsizing and Jurd says there’s been lots of interest.
28 Racecourse Lane, Pokolbin, offers a boutique vineyard
On a smaller scale Jurd is also selling 28 Racecourse Lane, Pokolbin, with an asking price of $1.89m.
The boutique 4ha vineyard is planted to shiraz, verdelho and sangiovese varieties.
The classic country homestead has three bedrooms, two new bathrooms and a great room encompassing kitchen, living and dining. The property is set on 15ha with views to the Brokenback Ranges.
SOURCE: The Australian
POSTED: May 12, 2018
AUTHOR: Lisa Allen
@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.