How it Sold: Buoyant markets, teenagers push families to ski mountain


How it Sold - Michael Belby
AFR Tuesday 20 September 2016

The property: 
A three-bedroom apartment at Whitehorse Village, Mt Buller Victoria. Sold off-plan for "around $1.5 million".

Who was the agent/agency? 
John Castran, Castran Alpine. Buyer Adrian Field, founder of ISGM.

How long was this on the market? 
[John] Altiset, the Grollo family's company that owns the resort, received permission in May to build effectively 15 chalets in five buildings in a gated community. It's the highest piece of developable land at Mt Buller. It went on the market in June.

Why did this one sell? 
The people who buy these properties, their businesses are in a low interest rate environment that makes their business fire. Consequently it gives them more money.

What did you think it would go for? 
It is absolutely within expectations.

What was surprising about it? 
The amount of inquiries coming up on is up about 250 percent on last year. The permit came into a cycle that was very, very good.

[Adrian] We've owned a share of a lodge up there for the last 15 years. As we have a young family, getting access to really good accommodation at Mt Buller is a challenge. In this development you can drive straight to the property, underground garage, to your own private floor. I think its relatively well-priced considering what you're getting. Hotham is just too far away from Melbourne. For us Mt Buller is within a reasonable drive.

Children will always want to be with Mum and Dad if skiing is on the agenda as it's something they can't afford to do for themselves. As we go towards their teenage years, I view skiing as an activity that parents and children need to do together for economic and social reasons.

Do you reckon we'll see another result like this: a) next week b) next year c) next cycle d) never? 
[John] B). It's too much to build all at the one time. There are six in this first phase. We would have done more and sold more if we could speed up production.

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