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Investors are gearing up to expand their portfolio, eyeing opportunities in the Snowy Mountains region, according to agents.
McGrath Estate Agents has pinpointed the area as a hotspot to watch, having just opened up an office in Cooma to capitalise on buyer demand.
“The market around the Snowy Mountains is performing strongly in comparison with some areas of NSW,” said head of the new Cooma office Shannon Fergusson.
“We are seeing strong investor demand, who recognise the opportunities before the Snowy 2.0 Hydro project ramps up. There is a significant shortage of rental properties available to meet the needs of contractors, in addition to general market enquiry.
“Since the onset of COVID-19, we have experienced a large number of enquiries from both Sydney and Canberra not only for investment opportunities, but also for lifestyle requirements. This includes weekenders and those wishing a permanent tree change where they can work remotely and escape the pressures of city life.”
CoreLogic data shows the average median house price for Cooma is $320,000.
Christopher Mourd, head of Franchise Network for McGrath Estate Agents, added:
“We see real growth and opportunity in these key regional areas as they have outperformed their capital city counterparts through COVID.”
“The Snowy Mountains of NSW are a key lifestyle market for our ACT and NSW client base, who are increasingly attracted by its relaxed way of life, affordable housing and sense of community. Cooma is central to this market, serviced by a local airport, excellent infrastructure and connectivity, the Goulburn Bombala Rail line, as well as good health and educational facilities.
“The region traditionally is a mixed grazing area; however, it has benefitted greatly from the Snowy Hydro Scheme, and the ski resorts within an hour of Cooma. However, 2020 has seen the full approval of the nation’s largest renewable energy project, Snowy 2.0, which is expected to create more than 2,000 jobs during the construction peak, with thousands of jobs generated indirectly. With its added employment opportunities, we believe it offers excellent opportunity for growth in the next few years as a major regional hub for tree changers and young families.”