Regional SA June 2017

The month in review: Regional SA

By Herron Todd White
June 2017

Mount Gambier
The renovation market in Australia is estimated to be worth over $31 billion. With low interest rates and high employment certainty, it’s a good time to renovate. Renovations within the Mount Gambier region have been relatively popular and are generally dominated by owner-occupiers. Many of the renovations within the area are by existing or new owners on ageing houses.

Older character homes on larger allotments are commonly sought after by those wanting to buy to renovate within Mount Gambier. These houses are often situated close to town in highly sought after locations.

As you move further away from the CBD, locations and properties are less sought after. Properties located a further distance from the CBD are predominantly newer, modern subdivisions with less renovation potential.

Renovations generally include an upgrade to the kitchen and bathroom and often include the addition of an extra bedroom, en suite, second living area and alfresco or pergola area.

Within the Mount Gambier region we do not see a large number of unit renovations, however when we do they are usually basic renovations of an upgrade to the kitchen and bathroom. Strata laws often restrict units from being extended.

Some of the most popular streets for renovations in Mount Gambier include Bay Road, Ferrers Street, Elizabeth Street, Reginald Street, Jardine Street, Lake Terrace West, Bertha Street, Chute Street, Agnes Street, Park Terrace and Mitchell Street. Below are a number of properties that have been renovated.

6-8 Mitchell Street

This property sold for $370,000 in 2013. Since purchase, the owners completely renovated the property including a new kitchen, bathroom, en suite and laundry. The property sold again in 2016 for $760,000.

16 Vansittart Road

This property sold for $90,000 in 2015. Since purchase, the owners completely renovated the property including a new kitchen, bathroom and laundry. The property sold again in 2016 for $190,000.

It is easy to over capitalise in some areas of Mount Gambier such as the housing commission areas. It’s beneficial to complete basic renovations on these properties, such as kitchen and bathroom upgrades but major renovations on these properties may cause over capitalisation.

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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.