The sudden improvement in house prices across state capitals has resulted in many cash-rich Australians shifting their gazes to regional markets for luxury homes.
Australians with deep pockets are splurging for prime homes in New South Wales and Victoria regional markets, according to The Australian Financial Review.
One of the highlights during the past three months was the sale of 155-hectare property in Kangaloon. Dubbed the Widgee Waa, the property was sold in August to tech billionaire Mike Cannon-Brookes for $14.5m.
Other wealthy Sydney families also booked some great deals in regional New South Wales. The purchase of the four-hectare Bellbrook Park estate in Bowral was also one of the notable sales in recent months. A Sydney family bought the property for $4.2m.
"This property was snapped up by a wealthy executive coming out of Sydney. They're going to send their kids to school here and have a change in lifestyle," Ben Olofsen from The Agency told AFR.
Over the past three months, sales to Sydney buyers surged around 85%. Olofsen said farm properties with a size of at least 40 hectares were the most popular.
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"Buyers were looking to purchase their second or third homes. They wanted to get a slice of their own rural haven to escape the city," he said.
These families were moving to regional areas to relocate or downsize after selling their homes in Sydney, Di Jones selling agent Sarah Burke said.
"We're seeing a number of families move here because they can send their children to good schools and still enjoy the rural lifestyle," she told AFR.
In Victoria, one of the most popular areas was the Mornington Peninsula. Buyers in the region were interested in vineyards.
Micheal Keating, a luxury sales specialist who runs Michael Keating International, said most buyers were ultra-high-net-worth individuals not just from Australia but from different parts of the world.
"We're selling these properties as soon as we find them. Vineyards seem to be the flavour of 2019. We have many clients looking to buy," he told AFR.
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