A BUYER’S market is emerging in Penola and surrounds with bargain homes at less than $200,000 waiting for investors to pounce.
With new builds also under way across the region, real estate industry professionals believe this is reflecting confidence in the community.
Thomas, DeGaris and Clarkson real estate agent Meg Redman said there has been a real push for “rural lifestyle” blocks in the area.
“We had not seen much movement in blocks in a little while, but over the past two or three years people have been buying up the big lifestyle blocks and starting to build,” she said.
“In one week four slabs were laid, so things are progressing quite quickly on those properties which is exciting for the new owners.
“There have been a lot of young people getting into the market but we have also seen the older generation wanting to move a little closer to town.”
Although Ms Redman believes trends are moving towards brand new homes rather than established properties, she said there is still a market for existing homes if that is what people are looking for.
“At the moment we have some really great properties under $200,000 that are perfect first homes or investment properties,” she said.
“There is a lot of stock around that market at the moment with investors able to reap rewards if they take advantage.”
Pinkerton, Palm, Hamlyn and Steen real estate agent Jo O’Connor echoed Ms Redman’s sentiments, stating it is a positive time for investors in Penola.
“There are plenty of nice smaller homes for quite cheap that would be great to rent out,” she said.
“We currently only have one property available for rent, so there is definitely a demand if you are an investor.
“I think it is a great idea to invest in the property market if you are in a position to do so – you can charge upwards of $200 a week for these properties and when they cost less than $200k it is really a great investment.”
Ms O’Connor also agreed the building boom in Penola is a boost for the community.
“Young people are choosing to stay in Penola and build large homes they will eventually start families in which shows real confidence in our town,” she said.
“I think things are going well in our primary industries at the moment which has a nice flow-on effect to the rest of the community, including giving people more incentive to buy a new home.
“It is quite a desirable lifestyle here in Penola and I think people are taking full advantage at the moment which is great.”
