Mountain Scales New Heights

HERALD SUN Saturday 10 June, 2017

MELBOURNE’S booming property market has reached new heights this year, with the results flowing up to Mt Buller. Affectionately known as Melbourne’s mountain, the face of Mt Buller is changing with high sale prices and new developments. 

John Castran, of Melbourne-based estate agency Castran, said the mountain’s property market had been exciting this year, with high-income earners buying up big at the top end. Mr Castran said there had been $47 million worth of property sales on the mountain in the past 12 months, with some sales topping $3 million.

“It is a direct reflection of the capital city prices as a result of the last 10 years of property boom,” he said. Property prices had “risen quite strongly” in the past five years, Mr Castran said, explaining the growth came off a low base after the Global Financial Crisis.

He said prices had climbed at least 10 per cent a year since 2012, and 15-17 per cent a year in the past two years. “Where that has been the most evident is the $800,000-plus market,” Mr Castran said. Property developments such as Whitehorse Village are also part of the winds of change sweeping across the mountain. Describing it as Australia’s only gated community in the alps, Mr Castran said it took 16 years to get the project to where it was today.

“It is the highest residential development ever done on Mt Buller, it is right on the edge of the ski range,” he said. “It has absolutely gobsmacking views over the high country and incredible views to the south. “All of the buildings are smart wired, so you can turn on the heating when you leave Melbourne and be ready for when you arrive.”

Stage one of Whitehorse Village is sold out, stage two has one chalet remaining and stage three and four will be delivered next winter, with about 70 per cent sold off the plan. While Mt Buller has a permanent population of about 300 people, this grows to about 7000 in peak season and up to 30,000 with day trippers.

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