Regional SA May 2018

The month in review: Regional SA

By Herron Todd White
May 2018

Mount Gambier

Within Mount Gambier, anything over $600,000 is considered prestige. For this price, you can expect the property to be a modern house of high quality or a renovated character dwelling situated in a sought after location.

Few units in Mount Gambier sell for over $400,000 and therefore there is a very limited market for prestige units. A few quality units have been built but have tended to have extended selling periods and have been harder to sell.

Robe, which is situated in the Lower South East, has a relatively strong prestige market which has improved in recent years.

Robe is the only location in the region which can regularly have sales over $1 million. In the past year, eight properties have sold in Robe for over $600,000, with the highest price paid being $1.9 million for a property on Seafarers Crescent.

In the past six months, there have only been two properties sold for over $600,000 in Mount Gambier (see one below). Prestige properties are tightly held and rarely hit the market and therefore quite often people in the market for a prestige dwelling will build their own.

SA regional 1

Employment is the main driver in this sector, specifically those with highly skilled jobs such as doctors and engineers. Farmers and fisherman also tend to be players in this end of the market. It doesn’t appear as though the number of prestige dwellings that are selling has increased as interest rates have declined in recent years.

SA regional 2

Sale numbers for prestige properties in Mount Gambier have remained relatively stable over the past five years, and we predict that for the rest of the year prestige properties will perform similarly to previous years.

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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.