By Herron Todd White
July 2019

Mount Gambier Property Updates

The property market within Mount Gambier was relatively stable for the first quarter. As shown in the graph below, for the past six years 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 and sales numbers are still much higher than in 2011 when the market dropped back.

The most purchased dwelling price range within the last twelve months is $200,000 to $250,000. 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. Dwellings over $500,000 are at the top end of the market and have limited market activity. Dwellings under $150,000 are generally in less sought-after locations and have limited market activity.

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.

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 house 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.

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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.