Mount Gambier market remains stable as median price ticks up: HTW residential
The property market within Mount Gambier was relatively stable for the first quarter, according to a recent Herron Todd White (HTW) residential report.
The report suggests that the number of house sales occurring in the first quarter has been steady.
In 2014 house sales were slightly higher, however there has not been a significant drop in sales numbers which are still much higher than in 2011 when the market dropped back.
"The most purchased dwelling price range within the last 12 months is $200,000 to $250,000," the valuation firm said.
"There are few dwellings purchased over $500,000 or under $150,000.
"The $200,000 to $250,000 price range is affordable for people entering the market and for investors looking at a property which provides a stable rental return."
A three bedroom house in Mount Gambier has been sold for $225,000.
Built in 1994, the house at 4 Winfield Court (pictured below) comes with three bedrooms, lounge room, timber kitchen and private rear yard.
"Dwellings over $500,000 are at the top end of the market and have limited market activity," HTW said.
"Dwellings under $150,000 are generally in less sought-after locations and have limited market activity."
A recent over $500,000 sale was a Character Federation style home nestled on over 2.5 acres of land.
It was sold for $610,000 in May.
Located minutes from Mount Gambier and schools, the house at 158 Telford Road, Moorak (pictured below) comes with four bedrooms, study, timber kitchen, and open living areas.
Detached housing and unit sales throughout the region are on track with previous years and are expected to remain stable throughout the remainder of the year.
Detached housing is the most popular amongst buyers, with 141 house sales for the first quarter of this year, compared to 15 unit sales and 28 land sales.
The report notes that properties located within the Lakes location and centrally around the town centre have shorter listing times than most other areas, as they are tightly held locations.
The median sale price has been slightly increasing over the past five years and property prices have remained stable.
"The overall feel of the market at the moment is that it will remain relatively steady throughout the remainder of the year," the valuation firm said.
