The development pipeline in smaller Snowy Mountains townships is expanding as many buyers priced out of Jindabyne look further afield for a home in the alps.
The Snowy Mountains’ status as a Special Activation Precinct (SAP) is also encouraging developers to turn their attention to towns around ‘Jindy’.
Real estate in Jindabyne—the gateway to the NSW ski fields towns of Thredbo and Perisher—is, like most ski towns around the world, highly sought after and tightly held.
Naturally, this has driven up property prices and prompted buyers to look at nearby towns including Berridale, 30km to the east.
As well, towns in the region experienced a wave of migration off the back of the Covid lockdowns as tree-changers fled the cities for regional areas.
Among projects catering to this appetite is the 43-lot Three Rivers gated community planned for Kalkite, 6km north of Jindabyne. The community-title development will be managed by the Three Rivers Estate Community Association.
Henley Property principal Michael Henley says there will be two or three further stages after the initial release.
“It’s a spectacular estate and the first stage is about to be finalised. Bitumen roads should go down in the next couple of weeks and titles should be issued soon after,” he says.
Another project is also under way at Kalkite, this one is in the development application stage with the land to be re-zoned as residential, consistent with the Snowy Mountains SAP’s aims.
The $391.3-million SAP outlines a 40-year plan for the Snowy Mountains and Monaro regions, and aims to turbo-charge economic development across the region to cement its place as one of the most important tourist destinations in NSW.
Up the road from Jindabyne on Berridale’s main road, Bruce Marshall is developing a 38-lot subdivision called Highland Estate, which has DA approval.
“We pre-sold all the lots at the relatively modest price of $245,000,” he says.
“We’re just waiting on final word from the council for our construction certificate drawings.
“There’s been issues with flooding on the Kosciuszko Road up the Cooma end of town impacting council's design requirements that are almost irreconcilable until council commits to upgrading storm water drains within Kosciuszko Road.
“There are two or three other subdivisions above ours and we all have the same problem, which is the council is yet to reconcile where they’re going to take the water.
“There is a creek that’s not that far away, but the council has yet to work it all out.”
Marshall says many who bought blocks in his Berridale subdivision are tradespeople who have been priced out of Jindabyne.
“Berridale has the potential to become a village for local people and local workers,” he says.
“When I went through the list of people who have bought the blocks, I knew most of the names.
“They are the daughters and sons of locals; so a lot of families with young kids.”
Marshall is principal of Australian Land Co, and a veteran Snowy Mountains property developer.
In the late 1980s he built the main shopping centre in Jindabyne, Nugget’s Crossing, as well as the nearby Lake Crackenback resort.
Back in Jindabyne, Marshall’s focus is building the premium Mountainside development, which has pre-sold its first stage.
“It’s a several hundred lot estate. It’s a fabulous site in terms of views and aspect but it’s challenging due to the steep terrain,” he said.
The ‘main’ town in the Snowies is Cooma, about 60km from Jindabyne.
Cooma’s resurgence isn’t so much due to the booming ski fields, although it’s a contributing factor, but rather the $4.6-billion Snowy Hydro 2.0 scheme which has breathed new life into a town that not so long ago was littered with ‘for lease’ signs in its main streets.
Despite delays and cost blow-outs, the mammoth infrastructure project is radically changing the region.
“There are not many vacant shops in Cooma now. It’s bustling every day of the week. Snowy Hydro has injected a massive amount of money into the town,” Henley says.
A number of developments are planned for Cooma, including an affordable housing estate.
More broadly, the commercial development pipeline in the Monaro should also start ramping up soon, says Diaswati Mardiasmo, chief economist with real estate firm PRD National.
She says the Snowy Hydro 2.0 scheme will be a catalyst for this.
“There is strong infrastructure development in the Monaro region, but still not much commercial and residential development. There’s so much potential in the area.”
Snowy Hydro will increase the pumped hydroelectric capacity within the existing Snowy Scheme by linking the Tantangara and Talbingo reservoirs with a 30km network of tunnels that will feed a new underground power station.
And as the SAP gathers pace, a slew of other developments, public and private, will come on line, further driving the transformation of the Snowy Monaro.
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