One to watch: Mount Gambier’s house prices soar

Regional areas across South Australia are becoming real estate hot spots with Victorian and NSW property hunters flooding the market.

House prices continue to soar in South Australia’s regional areas as people from the eastern states cross the border to a make the city to country tree-change.

Recently Mount Gambier was named as one of the top five cities to watch in Regional South Australia with market sales doubling from 2020.

Hotspotting property expert and co-producer of the Canstar Rising Stars Report, Terry Ryder, said: “Regional areas are the ones to watch according to this new research.”

Vicki Quinn, branch manager of Mount Gambier’s SAL Real Estate, said people were finally realising Mount Gambier’s potential.

Vicki Quinn branch manager of Mount Gambier’s SAL Real Estate. Picture: Arj Ganesan

“It’s really been an unprecedented time … I haven’t seen a market like this since about 2003,” Ms Quinn said.

“We have finally come up to where we should be, some locals will say Mount Gambier is overpriced, but it’s not.

“We’re finally meeting the market … we have been recognised as a great area to live in.

“We’re still considerably lower than a lot of other regional areas … say the Fleurieu Peninsula.”

The median house price in Mount Gambier is $280,000, however, Ms Quinn noted it was difficult to find those listings.

Three-bedroom family homes with one to two bathrooms proved to be most popular, with prices up to around $330,000-$340,000, Ms Quinn said.

“Around 2011-2012 we’d have at any one time around about 1000 to 1100 properties just in Mount Gambier, that wouldn’t be unusual.

“You know, how many there are now? … 150.”

People fleeing from Victoria and NSW was a major contributor with remote working conditions becoming the new normal.

“We’ve had people from Melbourne relocate, but still keep their Melbourne jobs,” Ms Quinn said.

“They’ve really just decided that they can work remotely.

“I had a lady from Parkes, NSW, and I said ‘what‘s the attraction with Mount Gambier’?

“She said ‘we just need to get into South Australia’.”

Data from Core Logic shows properties are being snapped up in record time with houses in the south east taking on average 51 days to go from listed to sold compared to 82 days last year.

Five Recent House Sales

4 Arthur St, Mount Gambier

4 Arthur Street sold for $285,000. Picture: realestate.com.au

Price: $285,000

Beds: 3

The property was the original studio for radio 5SE and was built roughly in 1940, before extensive renovations were undertaken in the 1980s. It features high ceilings and stone ashlar tiles along the ceiling which helped keep it cool and soundproof.

Due to some contractual issues it had to be listed twice, however, after going to market for the second time it took only two months to secure the Melbourne buyers who intend to use the property as an investment home.

— @realty

14 Montgomery Ave, Mount Gambier

14 Montgomery Ave, sold for $205,000. Picture: realestate.com.au

Price: $205,000

Beds: 3

Described as a home with good views and a nice pergola out the back, this property was only on the market for two weeks before being snapped up by a young Mount Gambier couple buying their first home.

Though the house needs a little TLC, the agent who managed the property, Allen Smith from @ realty, said you would be hard pressed to find property like it with that price tag.

— @realty

59 Lake Terrace East, Mount Gambier

Price: $315,000

Beds: 3

59 Lake Terrace East sold for $315,000. Picture: realestate.com.au

Situated near the Blue Lake, the solid stone exterior has recently been refurbished while the secure fenced backyard has several fruit trees spread throughout the yard.

This property was only on the market for three days and was under offer after the first home inspection, going to a local Mount Gambier resident buying their first home.

— Ray White Mount Gambier

15 Dover Ct, Mount Gambier

15 Dover Ct was sold for $460,000. Picture: realestate.com.au

Price: $460,000

Beds; 4

Inside offers a spacious floor plan with the front of the home offering a large formal lounge room/theatre room.

This house was on the market for roughly three weeks before an interstate buyer from Victoria bought the property unseen — instead touring the house over What’sApp

— Elders Real Estate Mount Gambier

1 Robin St, Mount Gambier

1 Robin St, Mount Gambier sold for $380,000. Picture: realestate.com.au

Price: $380,000

Beds: 3

Located near the Blue Lake, the spacious home has hybrid wood flooring throughout with carpeted bedrooms. The open plan design helps effectively use the space with the lounge accentuated with a cosy fireplace.

Another house that was only on the market for three day this home was sold to a Mount Gambier local.

— Ray White Mount Gambier