What a lazy $700,000 can buy in Mount Gambier: HTW residential
Within the Mount Gambier region, $700,000 will enable you to purchase practically anywhere, according to the July Herron Todd White (HTW) report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report started with the COVID update.
To date there are still no clear indications of the impact of COVID–19 on property values in the Mount Gambier region.
"Whilst the market has softened as a direct result of government enforced restrictions and general economic uncertainty, we are yet to see this reflected in any value correction.
"As restrictions begin to ease and some normality resumes, we remain positive that the impact will be limited, however are not naive to the fact that there will be ramifications within the property market," the valuation firm said.
"Now, where to spend a lazy $700,000", the report continued.
The report suggests few dwellings sell for more than $700,000 and demand for property tends to reduce significantly when the market value is greater than $700,000.
Within the past 12 months there have been a limited number of houses sold for $600,000 to $700,000.
Typically, up to $700,000 will allow you to purchase a character dwelling in a sought-after central location.
The sale at 22 Lansell Street (pictured above) features a fully renovated character dwelling with high quality fit-out, three bedrooms, two bathrooms and a swimming pool.
On the outskirts of town, there have also been a few sales to come close to the $700,000 price range, the report noted.
These sales are generally on rural living style allotments and are good quality homes featuring one to three acres, four bedrooms, two bathrooms and good ancillary improvements.
A four bedroom, two bathroom house at 21 Eldridge Drive, Worrolong (pictured below) was sold for $610,000 in April.
Set on a 4,225sqm allotment, the home offers open plan living area, study, separate formal lounge, gourmet kitchen and alfresco area.
"While demand is limited for properties around the $700,000 range within Mount Gambier, there is greater demand for these properties in the popular coastal township of Robe," the valuation firm said.
The report suggests in Robe, $700,000 will allow you to purchase either a centrally located dwelling or a dwelling with ocean or lake views, such as the sale below.
A three bedroom, two bathroom waterfront house situated at 18 Woolundry Road, Robe (pictured below) was sold for $720,000 last year.
The Cape-Cod style home comes with open plan kitchen/dining/living, chef's kitchen and lush garden.
