Prices up, property scarce as Mount Gambier real estate boom continues
If you thought buying toilet paper in 2020 was impossible, try breaking into one of South Australia’s hottest real estate markets where prices are booming. See this year’s top sales.
Mount Gambier
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Mount Gambier house sales were almost 20 per cent up last year and the booming regional real estate market is showing no signs of slowing down, CoreLogic data reveals.
Key 2 Sale principal Gail Richards said the market had been flat for years but the past 12 months had put regional lifestyle in the spotlight with city buyers buoying demand and pushing prices up 10 to 15 per cent.
The data shows 496 Mount Gambier homes were sold in 2020 compared to 416 the year before with the current median house sales price is $267,000.
“A majority of properties are exceeding expectations on price, whether they’re being sold at the top end of the price guide, and it’s common for them to go over the advertised price guide,” Ms Richards said.
“There still a lot of inquiry coming out of the Victorian and New South Wales states for Mount Gambier, not only just to come here and live and have a lifestyle change, but also to invest.
“Our rental yields here are very good compared to other areas and they see Mount Gambier as a good place to invest some money in bricks and mortar.”
With prices surging, Ms Richards said a backlog of new builds, rental shortage and fierce competition had made locals hoping to upgrade or downsize hesitant to hang the ‘for sale’ sign.
“They’re scared to put their house on the market at the moment,” Ms Richards said.
“They know prices are great and they know it’s a good time to sell but it’s not the ideal time to buy because they’re not spoilt for choice.
“There is so much competition out there on what they want to buy that they’re worried that if they do sell and they won’t find the exact property that they’re chasing to be able to do that changeover straightaway.
“They’re also competing with people that are coming from away and coming for a lot higher markets.”
Ms Richards said the pandemic had also pushed the industry to trial new technologies further opening the market.
With interest from all over the country, a restored church in Allendale East sold well over its reserve from a buyer who toured the home via FaceTime before winning the online auction.
“The internet opens your property market up,” she said.
“The buyer came from overseas, they’re an Aussie that is working overseas at the moment and will come back here but obviously can’t at the moment.
“They were able to sit in their lounge room, bid on the property from overseas.”
For those who need to sell to buy but afraid of missing out due to a ‘subject to sale’ clause or are concerned their home will be snapped up before they can secure a new one, Ms Richards said it was still possible.
She recommended working with an agent to find the right buyer such as an investor with a rent-back agreement or a long settlement period.
Exclusive CoreLogic data reveals the most expensive homes sold in Mount Gambier in 2021 so far.
TOP FIVE SALES IN 2021
18 Turnbull Drive, Worrolong
This country lifestyle property less than 10 minutes drive from the centre of SA’s second largest city was sold for $815,000 by Key 2 Sale with a settlement date of April 1.
22 Tenison Drive, Mount Gambier
Positioned in one of Mount Gambier’s most sought after locations this renovated home fetched a price of $795,000 when it was sold by Malseeds Real Estate on February 16.
24 Hedley St, Mount Gambier
This centrally located architectural design was sold for $750,000 on April 16 by HL Gebhardt & Associates.
24 Power St, Mount Gambier
After a modern restoration this classic limestone Bungalow was sold for $711,585 by Key 2 Sale with a settlement date of January 29.
13 Tenison Drive, Mount Gambier
A second Tenison Drive address, this time the restored Moorak Station shearers’ quarters rounds out the top five with a sale price of $690,000 achieved by @RealtySale on April 21.
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