Sydney buyers snapping up a Jamberoo property for $452,500 more than the reserve price is part of a growing trend in the area, an agent says.
The property at 154 Wallaby Hill Road, Jamberoo sold at auction earlier this month.
Selling agent, Kathe Manansala from Raine & Horne Kiama said it sold under the hammer for $1,752,500 to Sydney buyers.
Buyer John* said they had owned property in the inner city, and had been looking for at least six months to buy somewhere between Jamberoo and Berry.
He said the move was part of a long-term plan to move to the area as they approached retirement.
"We planned that as we wind down, we would move into the region," he said.
"Even when I was in my youth when I used to travel down there, I used to like the rolling green hills, and thought, 'it would be great to live here one day'."
As for paying well above reserve, John said they'd discovered the sale amount was the "going price" within the area for the style of property they wanted.
"Irrespective of where we were looking, from Jamberoo to Berry, that was the going rate for an acreage with a bit of view," he said.
John, an IT consultant, said the COVID-19 pandemic had expedited the decision to relocate by several years.
"What has transpired because of COVID is there is an opportunity to work from home, and I've been working from home for the past 12 months-plus," he said.
"Whether you work from home in Sydney or work from home in Jamberoo, as long as you have internet connection, there is no real difference.
"If somehow the situation turns around, we'll have to commute until we retire."
The vendors originally built the architect-designed home about 40 years ago.
The four-bedroom, two-bathroom home is set on about an acre, and offers views of Jamberoo Valley Escarpment, Minnamurra Rainforest and Budderoo National Park.
"The buyers on the day, there were a couple of locals, but mainly from Sydney," Ms Manansala said.
"And that's what we're seeing at the moment - mainly Sydney buyers. A lot of our auction results at the moment are $350,000 to $400,000 over expectation."
Ms Manansala said there were Sydney-based buyers "paying well above the expectations" as they sought to work from home.
"They're buying properties in the Southern Highlands or on the South Coast," she said.
"What they constantly tell me is that they will continue working from home, or they'll commute up to Sydney one or two days a week."
*Surname withheld by request
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