Interest in Dinner Plain, Mt Hotham
THE real estate market at Dinner Plain and Mt Hotham has been quite resilient, however, the bushfires that effectively closed the Great Alpine Road for approximately four months to the general public has created a reduction in the number of sales.
For example, in the 12 month period that ended June 2011 a total of 30 sales were transacted at Dinner Plain.
In the 12 month period ending June 2012 there were 35 sales, however, for the current period ending June this year, there have only been 15 sales and this is a direct result of the road being closed in our strong selling period.
The sales at Mt Hotham have very closely followed the total number of sales that have occurred at Dinner Plain and therefore it can be seen that under normal circumstances there are about 50-60 sales per year between both resorts.
The strongest part of the market have been properties in the bracket of $200,000 - $500,000 and these generally include well presented apartments and freestanding cabins.
The median sale price of smaller freestanding cabins and apartments is approximately $280,000, with three and four bedroom properties’ median sales of approximately $500,000.
Vacant allotments at Dinner Plain now sell in the order of $65,000 - $120,000 depending upon size and orientation.
Land prices have lifted themselves from the doldrums of 18 months ago where land was selling from $35,000 - $45,000 but there has now been almost a 100 per cent increase in the sale price of land.
Significant transactions that have occurred in the Dinner Plain/Mt Hotham area include High Plains Lodge which was sold last year and is now tenanted by the lift company for key personnel during the winter months and this constitutes some 18 rooms with the guys from the General Store taking over the food and beverage areas of the lodge.
There is little doubt this is a new and significant tourism feature to Dinner Plain and has been very well received.