MOUNT Gambier’s property market has continued its buoyant run with the median house continuing to creep upwards.
The median house price in the Blue Lake city is now $260,000, which is up 8pc over the 12 month period.
According to the latest figures from the Real Estate Institute of SA (REISA), sale volumes are also trending solidly with more than 110 houses sold in Mount Gambier during the 2017 December quarter.
Realtor Gail Richards – principal of Key 2 Sale – said the market was performing at its best in many years.
She said the upward trend was being driven by the strong economy and an uplift in confidence.
“The $200,000 to $300,000 housing bracket is selling really well – well priced and presented properties will always move quickly in this price range,” Ms Richards said.
She said there appeared to be a solid number of buyers in this price bracket.
“We are also seeing more inquiries for properties $500,000-plus, a couple of years ago we were not even getting inquiries for this price bracket,” the realtor said.
“We are now getting inquiries and we are seeing those higher priced homes sell.”
Ms Richards said the renewed confidence was being fuelled by job security and the “good vibe” in Mount Gambier.
“We have a lot of sectors that drive our economy, including farming and forestry – most of them are doing well,” she said.
“The market is particularly strong because everybody generally feels like they have job security they did not feel like they had a few years ago.”
In an emerging new trend, Ms Richards said there appeared to be more buyer interest coming from Victoria.
“I think Victorians are looking at Mount Gambier because they are priced out of the market where they are, especially in the Melbourne and Geelong area,” she said.
She said the Mount Gambier market offered value for money and a variety of options.
“Victorians are also searching for river and coastal properties at Nelson and Port MacDonnell – we are seeing a lot more out-of-town buyers.”
Ms Richards foreshadowed the market would continue to remain buoyant moving forward.
“We are moving in the right direction and it has probably been the best time in real estate for many years in Mount Gambier,” she said.
She said the upswing was being underpinned by investors and people canvassing the region for job opportunities.
REISA president Alex Ouwens described Mount Gambier’s performance as a strong result.
“It is great to see that sales volumes are significantly up in regional South Australia during the last quarter of 2017,” Mr Ouwens said.
“The regional market is a resilient market and I am delighted to see it doing well.
“Traditionally the final quarter of the year is a refreshing boost after a cold long winter.”
He said the top selling suburbs in terms of recorded sales over the December quarter were the perennial top three – Mount Gambier, Victor Harbor and Murray Bridge.
With the election countdown, he said REISA had sent a submission to all political parties.
“We repeated our concerns about the monstrous stamp duty taxation which traps home owners or would-be home owners, land tax and general issues concerning housing affordability,” Mr Ouwens said.
“We look forward to some active and robust discussion on these important issues.
“It always comes down to affordability and this is why the State Government must take our submission seriously.
“When the price is right, when investors can see a great opportunity, when infrastructure is right, the market is also right. ”
He said more sales ultimately meant more revenue for the government.
“People are living in their homes for 11-plus years now whereas a decade ago the average was 6.5 years,” he said.
“There has to be a system in place that encourages home ownership fluidity – not strangles it. South Australians are trapped in inappropriate housing for their circumstances” Mr Ouwens said.
