MOUNT Gambier’s median house prices have jumped nearly 5pc over the past 12 months, according to new figures by the Real Estate Institute of South Australia.
The median house price now sits at $267,500 following more than 110 properties being sold in the June 2019 quarter.
The Blue Lake city remains the top selling regional centre in South Australia.
New data also shows Millicent’s property market has surged with the median house price rising by 27pc over the past 12 months.
Mount Gambier realtor Elisha Beare – from Green Triangle Real Estate – described the Mount Gambier property market as buoyant.
She said low interest rates helped fuel the lift in property prices along with renewed confidence in the regional economy.
“Interest rates are very low at the moment, which is helping to lift prices,” Ms Beare said.
She revealed interest from buyers was particularly high for houses priced between $250,000 and $300,000.
“Properties on the outskirts of Mount Gambier with five to 10 acres is also a common request,” Ms Beare added.
“If properties are priced right they usually sell quite quickly in Mount Gambier.”
Mount Gambier Ray White principal Tahlia Gabrielli said growing confidence in Mount Gambier’s economy was helping to drive an upward swing in prices.
“There is a lot of talk in the community about the new Coles and Aldi developments,” Ms Gabrielli said.
Foreshadowing prices would remain stable or lift further, she said reduced housing stock was also fuelling strong demand for properties.
“This is one of the reasons why prices were lifting because there is more demand and competition for properties.”
She said the royal commission into banking and tightening lending rules meant less people had listed their houses onto the market over the past 12 months.
But the realtor said the banks now appeared to be “easing up” with their lending.
Ms Gabrielli said Mount Gambier was historically a stable market and did not have large spikes or falls compared with metropolitan centres, which made it an attractive regional centre for investors.
REISA vice president Robin Turner said the regional market was in good shape for 2019.
“It is great news the median price result continues to hold its own this quarter,” Mr Turner said.
Suburbs which have seen the largest growth over a 12 month period are Whyalla, Millicent and Berri with fantastic increases of 37.5pc, 26.67pc and 25.7pc respectively.
Top selling suburbs in terms of recorded sales over the June quarter were Mount Gambier, Victor Harbor and Murray Bridge.
