MILLICENT real estate performed strongly in the opening quarter of 2020 with an 11pc surge in median house prices compared to the same time in 2019.
There were 25 houses sold between January 1 and March 31 for a median price of $194,000, which was a stronger median than the last quarter of 2019.
A year ago, 13 houses sold for a median price of $175,000.
Millicent Real Estate proprietor Valerie Jones said the firm had enjoyed an excellent start to the 2020 calendar year, but the market had since slowed due to COVID-19 restrictions.
Ms Jones said the affordability of homes in Millicent continued to be a drawcard for buyers.
“We are attracting buyers from all over Australia and new people are coming to Millicent,” Ms Jones said.
“People are coming to Millicent as we do not have the same sorts of traumatic events like floods and fires like in other places.
“Our weather is pleasant and predictable.”
South East Real Estate Sales and Management proprietor Fiona Telfer attributed the increase in prices as market forces driven by supply and demand.
According to Ms Telfer, there were less than 100 houses currently on the market in Millicent and this is about 65 less than a year ago.
“Millicent has been in a holding pattern for a while, but the market is now buoyant,” Ms Telfer said.
“We are seeing more interest in the mid-$200,000 price bracket.
“We are getting buyers from the capital cities.
“Some are coming to live in Millicent while others are buying investment properties.”
Ms Telfer said the business had successfully staged video walk throughs of properties for the first time after COVID-19 protocols temporarily banned open inspections.
“We are now able to have open inspections again and these started on Saturday,” she said.
“There are still COVID-19 protocols to be observed at open inspections.”
The latest Millicent market results defied the trend elsewhere in regional South Australia.
Following the release of the Valuer-General’s median house prices for the March 2020 quarter, the regional housing market recorded a median house value of $270,000 – representing a 3.57pc decrease from the previous quarter and a .74pc decrease from the same quarter last year.
Sales across regional SA were up almost 10pc from the same period last year.
Real Estate Institute of South Australia president Brett Roenfeldt said results demonstrated the resilience and strength of the regional real estate market.
“I am particularly pleased the sales were only down by 10 sales this quarter,” he said.
“Traditionally sales fall much harder in the first quarter of the year compared to the last quarter of the preceding year.”
The only regional centres to exceed Millicent’s results were Renmark and Murray Bridge.
The top selling regional centres in terms of recorded sales over the March quarter were Mount Gambier, Victor Harbor and Murray Bridge.
