Mt Gambier locals shun higher density living: Herron Todd White
Sales of apartments around the Mt Gambier region have been stable over the last few years since a hefty fall in sales from 2009 to 2010, according to Herron Todd White.
Herron Todd White's September Month in Review found in 2009 there was a movement to introduce smaller, high density living but it didn’t appeal to locals.
The report noted a lot of apartment developments were aimed at out of town investors who had no intention of living in them.
"These higher density units have started to appear on the market for resale and after extended marketing periods and price discounts, they have not been very successful in achieving a sale which does show the lower demand for this property type," it read.
"The price range for units varies greatly from $50,000 to $325,000. Within the past 12 months most unit sales have occurred between either $76,000 and $125,000 and $176,000 and $250,000. In the past 12 months there have been very few unit sales occurring above $250,000.
"The reason for few units selling above $250,000 is often due to the fact that for a similar price a family style home on a larger allotment
can be purchased. Higher valued units exceeding $350,000 have been constructed in the area. However, they do not sell often and when placed on the market often require extended marketing periods and discounting to achieve a sale."
