September Market Outlook
CoreLogic National housing Update September 2017
housing supply under $400,000 dries up
What’s the outlook for the cash rate?
First home buyers waiting for legislation to pass
Adelaide September 2017
Brisbane September 2017
Cairns September 2017
Canberra September 2017
Darwin September 2017
Gold Coast September 2017
Melbourne September 2017
Newcastle September 2017
Perth September 2017
Regional NSW September 2017
Regional NT September 2017
Regional QLD September 2017
Regional SA September 2017
Regional VIC September 2017
South West WA September 2017
Sydney September 2017
Tasmania September 2017
Wollongong September 2017
CoreLogic NSW housing Update September 2017
CoreLogic QLD housing Update September 2017
CoreLogic SA housing Update September 2017
CoreLogic VIC housing Update September 2017
CoreLogic WA housing Update September 2017
Starting off modestly vs. buying a more expensive property
5 ways to save your mortgage deposit faster
Understanding low doc loans for the self-employed
Regional SA September 2017
The month in review: Regional SA
By Herron Todd White
Within the Mount Gambier region, home buyers are presently active in the current market. The graph below shows house sales increasing since 2014, with 2017 appearing to continue in a similar trend. With interest rates still at low levels and the local market showing stronger demand than in previous years, it is likely that these sales numbers will remain stable throughout 2017. Under the current market conditions we do not see a foreseeable decrease in sales numbers.
A typical home owner in Mount Gambier could be a first home buyer, a family or an empty nester. First home buyers are generally younger and look for a property that is within the $150,000 to $250,000 price range. Families are generally after a home that has 3- to 4-bedrooms and perhaps two living areas and is within the price range of $250,000 to $450,000. For empty nesters it is varying. They may be looking to downsize from a large family home. They are pretty flexible and may choose to either buy or build a modern, smaller dwelling for easier maintenance. A lot of empty nesters are also selling and following their children to university or even packing up and travelling.
With the construction grant still in place for first home buyers, it is still common for first home buyers to build their first home. These homes are generally within the price range of $250,000 to $350,000.
So, there are a number of options for home buyers within the Mount Gambier region, whether it be buying or building. Home buyers will generally buy or build detached houses on decent sized allotments. In the cities, attached housing may be a popular option for home buyers however, in regional areas attached housing isn’t prevalent as we’re still in a position where houses are detached and are on good sized allotments of approximately 600 to 1,000 square metres. Therefore, attached housing isn’t really a factor in the region at this point in time.
In recent years, the upper end of the market has been on the rise. Houses from $400,000 and above are typically purchased or built by families looking to upgrade to suit their needs and something within this price range is generally more affordable for them, compared to first home buyers.
In the south-east of South Australia, housing affordability is still good in the current market, with basic houses starting from as low as $150,000. There are a variety of properties available that are affordable relative to wages so therefore those looking to enter the market can easily do so.
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.