In Mount Buller, three to four hours north of Melbourne, two new developments are under construction. The alpine resort is owned by Rino Grollo and new developments are rare.
Demand has been strong for the chalets at Whitehorse Village at the top of the mountain, which offer uninterrupted views, while the Bella Vista apartments will also offer views and enjoy the northern sun. The area has seen rising prices for quality homes in recent years amid a lack of stock, Castran managing director John Castran says.
“Mount Buller has really become an extension of Sorrento and Portsea,” he says. “To be able to go skiing, it’s one of the great ways for families to all meet up together.”
In the past, much of the accommodation at the resort was in ski clubs, but many of these buildings have come to the end of their useful lives, says Castran, as visitors no longer want shared accommodation and the land has been redeveloped.
But he says the land that could be released from recycling older ski clubs is now largely exhausted, leading to a lack of supply that has pushed prices for two-bedroom, two-bathroom apartments to around $800,000.
“When this Whitehorse land came along as a land release it was unheard of,” Castran says.
The first two stages of the chalets were finished ready for last year’s ski season and the remained are under construction, with apartments selling for $1.75 million on average. One three-bedroom apartment and one freestanding four-bedroom chalet — priced at $2.7 million — are still available.
Families who already had a connection to the area had been buying the homes to enable two or three generations to enjoy a skiing holiday together. A majority of Whitehorse residents expect to visit most weekends during the ski season, although some of them will rent out their properties short-term from time to time to cover outgoings, Castran says.
Read more at The Australian.
By Elizabeth Redman & Joel Robinson