RealEstate reported on July 28 that it was not just the temperatures that have cooled this year, the chill has also swept through most of NSW's popular winter holiday market, with homes in ski resorts being sold at discounts.
For some buyers, these slashed cottages and cabins may be their long-cherished "snow love".
According to PropTrack, home prices in the Snowy Mountains are down about 11% from last year. In an environment of high interest rates, competition in the housing market is rapidly weakening.
The region's house price trend has been the opposite of NSW's overall trend, which has risen by an average of 5% over the same period.
Sydney's house prices rose by 7 per cent. Not only that, but house prices in many snowy mountain areas have fallen well above the average of 11 per cent, with some prices falling by as much as $500,000.
Perisher Valley地区Candle Heath Rd 20/20公寓的售价比标价低17万澳元（图片来源：RealEstate）
For example, the price of a wooden house in the ski resort of Thredbo dropped to $795,000, and another one-bedroom cottage near the ski lift, with a warm fireplace, also dropped to $850,000.
Recently, a series of properties have been transacted below their original prices. For example, a unit on Candle Heath Rd in the Perisher Valley precinct sold for $1.2 million, $170,000 below the listing price.
专注于Thredbo和Perisher Valley房地产销售的Forbes Stynes Real Estate经纪 人Michelle Stynes表示,利率上升使得市场大部分停滞。
"With the cost of living and interest rates rising, it's usually vacation properties that are the first to be sold, so there's a sudden increase in inventory of properties for sale."
The detached house in Jindabyne sold for $300,000 below list price
The home at The Peak Bobuck Lane is one of Thredbo's most expensive residences, priced at $2.99 million (Image: RealEstate)
Stynes added that typically cottage and detached house prices have dropped significantly in the primary market, while demand for high-end properties remains in short supply as holders are not affected by interest rates.
"Generally, most properties take longer to sell. Any property priced at around $800,000 has seen significant price reductions" In addition, areas like Jindabyne, which have a larger resident population, have seen a significant drop in demand since the early days of the pandemic.
The "move to the countryside" trend that dominated the property market in 2020 and 2021 has reversed last year, according to online property trading firm PEXA.
According to PEXA, many remote areas have transaction volumes well below historical averages, while sales are on the rise in metropolitan areas.
Thredbo地区Friday Drive 707/TAA 以835000澳元的折扣价出售
The home on Crackenback Drive in Thredbo has a list price tag of $1.45 million (Image: RealEstate)
Julie Toth, chief economist at PEXA, said sales in remote areas had decreased after a significant increase during the pandemic.
Louis Christopher, principal of SQM Research, said the sale of vacation homes reflected a trend of homeowners doing everything in their power to keep their families.
"When mortgage payments become harder and harder to afford, family homes are the hardest to give up, so the first to be given up are usually vacation homes, cars and private schools for children."
Stynes also said that the lack of snow last year may have also had an impact on the decline in property prices in Snow Mountain.
"Last year's snow season saw very little snowfall and a noticeable decrease in bookings. But this year, the temperature is lower and the snow has just started to fall, which brings about a difference. ”
"Most of the people who buy property in this area are families whose children have taken an extended course to learn to ski, so they see the value of having a permanent home here."