MOUNT Gambier’s property market has surged amid new figures showing the median house price has climbed to $264,000.
The median house price has risen by 5.6pc over the past 12 months and more than 200 houses were sold in the past two quarters.
According to Mount Gambier realtors, the numbe
r of sales has soared to the highest level in possibly 10 years.
Victor Harbor, Mount Gambier and Murray Bridge remain the top selling suburbs in regional South Australia.
Realtor Paul Chuck – from Gebhardts Real Estate – said the latest sales statistics were “very encouraging”.
“The statistics are showing a solid increase in the median house from $250,000 to $264,000 in the past 12 months,” Mr Chuck said.
“Sale numbers in the city also remain at good levels and are likely to be the highest in the last eight to 10 years.”
He revealed there continued to be an upswing in confidence across the Mount Gambier district.
“Attendance at open inspections has also risen in the past 12 months with new listings attracting a larger pool of buyers that has been seen in recent years,” Mr Chuck said.
He said many vendors were busy preparing their homes to hit the market in spring, which would potentially make for “exciting times” for active purchasers.
“Our market is likely to remain buoyant and positive, which should see Mount Gambier remain in the top selling regional areas,” Mr Chuck said.
Marketing consultant Sara O’Connor – from SAL Real Estate – said there had been strong demand from people buying units who wanted to downsize.
She said there had also been strong demand from first homebuyers who were capitalising on good mortgage products available in the market as well low interest rates.
“There never has been a better time to purchase a home,” Ms O’Connor said.
The realtor also revealed there had been strong interest from interstate investors who were searching for a greater return.
“It is certainly a buoyant time in the market,” Ms O’Connor said.
“Although it is winter, there is still plenty of inquiry.”
Barry Ritter – from Elders Real Estate Mount Gambier – said there appeared to be growing confidence in Mount Gambier.
“We have got Bunnings relocating, the Fidler and Webb development, Aldi supermarket coming and buoyancy in the forestry sector,” Mr Ritter said.
He said this confidence was underpinning growth in the market, which included investors from Sydney.
“We have seen a lot of interest from Sydney investors because they can get higher returns here,” Mr Ritter said.
REISA chief executive officer Greg Troughton said he was pleased the median house price was holding up in regional South Australia.
“Suburbs that have seen the largest growth over a 12 month period are Renmark, Millicent and Port Augusta with fantastic increases of 41pc, 24pc and 11pc respectively,” he said.
