Mount Gambier residential real estate record broken by million dollar bidder as regional property market boom continues

A new residential sales record has been set as agents reveal South Australia’s second largest city is attracting million dollar price tags for the first time.

House prices have skyrocketed as regional South Australia experiences a major property boom and now a new record has been set in the state’s second largest city.

A Mount Gambier home recently sold for a whopping $1,000,060 – the highest residential sales price in the city’s history according to CoreLogic.

The four-bedroom family property is located at 61 Bay Rd with the million dollar bidder buying into the sought after high end of town.

61 Bay Rd was recently sold for a whopping $1,000,060. Picture: realestate.com.au

While investors and people relocating from the Eastern states and metropolitan Adelaide have driven up demand with prices following, recent CoreLogic figures reveal Mount Gambier’s median house value was $289,444.

Paul Chuck from Gebhardts Real Estate who handled the record-breaking sale said it remained an affordable region for first home buyers and locals, but more and more properties were attracting a million dollar price tag.

“That figure has and is being achieved, which it hadn’t before until just the last few months,” Mr Chuck said.

“That’s a very recent record that’s happening here in Mount Gambier.”

The home was originally listed in the mid-to-high $900k region, but Mr Chuck said strong local demand saw the price shoot up.

“The ones that were offering on this was local — we’ve had a lot of interest from people from away but that particular property there was local interest,” he said.

In 2010 the Bay Rd home was sold for $440,000, however extensive renovations in 2015 saw the price nearly double in value and in 2017 it was sold again for $775,000.

61 Bay Rd broke Mount Gambier’s residential house sale record. Picture: realestate.com.au

In 2015 the property underwent extensive interior and exterior renovations. Picture: realestate.com.au

“Bay Rd, is a high end selling street, a lot of our historic larger homes situated on Bay Road,” Mr Chuck said.

“It was sitting on one of those large blocks too which you know, you don’t see a lot of those anymore.

“It’s good to see those still being sold as family homes.”

Though the high price point may raise eyebrows for first home buyers — Mr Chuck said Mount Gambier is still “very affordable”.

“You can still get into a very good home here for around you know mid-to-high twos ($200,000s),” he said.

“Families still have an opportunity here to get in, but you are competing with a lot of interstate investors buying some of the lower value properties.”