In the 1960s, ‘70s and even the ‘80s, real estate at Mt Buller was an indulgence afforded only by the wealthy. The reason was that there was no security of tenure and therefore, finance could not be readily obtained.
Now, with leases and subleases that can be registered with the Crown Lands Department, security for lenders is the same as with a tile for freehold property. Old club lodge sites are gradually being redeveloped with new apartments.
The majority of apartment owners rent their units out, at least for some periodic lettings, in order to recover the outgoings. This is easily achieved from just a few lettings, leaving the vast majority of the snow season, as well as summer, available for the owner’s exclusive enjoyment.
Massively improved snow making now provides far more certainty of above-average snow seasons underpinning the rental market for apartments, the demand for which continues to rise.
Furthermore, Mt Buller arguably represents the best alpine investments as its values most closely follow the premium Melbourne and coastal markets in terms of capital appreciations. A random selection of 33 properties was taken and re-sold across 18 different apartment buildings, from $230,000 to $1.9 million and is indicative average annual capital growth 13.27 per cent – experienced at Mt Buller from 1997 to 2011.
Annelies Zirknitzer of RT Edgar Alpine, the longest established alpine real estate practice at Mt Buller, said every vendor from whom she had sold property had experienced capital growth from their original purchase.
She acknowledged that today it’s was a buyer’s market. “Presently, I have several properties listed at different price points available that represents outstanding value entry into the Buller property market, “Annelies said.
Mark Adams of Mark Adams Real Estate said all real estate pundits agreed we were currently experiencing a buyer’s market. “Astute property investors and the skiing community too, give the impression that now is the time to pounce on properties they believe are better value than one or two years ago,” he said. Mark said having made steady sales this year; there were still some excellent opportunities available.