By Herron Todd White
Mount Gambier Property Updates
In the south-east of South Australia, $500,000 will enable you to purchase a wide variety of property. Few dwellings sell for more than $500,000 each year and demand for property tends to reduce significantly within this price range given the median house price is around $265,000.
Houses that have sold for around $500,000 within the past year include the following Mount Gambier properties. This shows that you can buy a good quality dwelling for this price.
15 Redwood Avenue, Mount Gambier SA 5290 – $518,000
A circa 2008 three-bedroom, two-bathroom, detached dwelling on 950 square metres located in a good modern residential division surrounded by quality homes.
17 Jardine Street, Mount Gambier SA 5290 – $500,000
A circa 1902 four-bedroom, two-bathroom, renovated character dwelling on 1,050 square metres, centrally located and surrounded by quality homes.
Below is a typical rural living property situated on the outskirts of Mount Gambier.
47 Eldridge Drive, Worrolong SA 5291 – $505,000
A circa 2011 four bedroom, two bathroom dwelling on 3,201 square metres located on the edge of Mount Gambier with good quality properties surrounding, situated on country living allotments.
The best performing properties around the $500,000 range are generally large modern dwellings situated in modern residential divisions, properties located on the outskirts of town on rural living size allotments and renovated character dwellings that are centrally located, such as the sales above. These properties could achieve a rental return of between four and 4.5 per cent, however most of these properties are owner-occupied.
Within Mount Gambier we do not generally see any units or attached housing selling for $500,000 or above.
The median sale price for Mount Gambier for May 2019 is $265,000, therefore all of the above properties are considered to be at the top end of the market.
The market has remained relatively stable over the past 12 months with similar market conditions to last year. For $500,000 you can purchase a similar property this year to what you could last year.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.