Owner occupiers and investors target cheap Mount Gambier offerings: HTW

Sales evidence indicates that most of the dwellings sold in the past 12 months in Mount Gambier were in the $200,000 to $250,000 price range, according to Herron Todd White’s (HTW) latest monthly market report.

The property advisory firm says that the $200,000 to $250,000 price range is affordable for owner occupiers entering the market and for investors looking for a property that provides a stable rental return. The $251,000 to $300,000 segment and $301,000 to $400,000 are also price points that have been favoured among buyers within the past 12 months.

A dwelling within the price range of $200,000 to $250,000 is generally of average to good quality, including three to four bedrooms, one or two bathrooms, car accommodation and an undercover outdoor area. The dwellings are generally of brick or stone construction.

One example would be a three bedroom home at 9 Currawong Crescent (pictured above) that is for sale for $219,500.

Living areas range from about 150 to 200 square metres and the properties are located on roughly 700 to 900 square metre allotments. These houses vary in age from the stone dwellings constructed circa 1950s to brick dwellings constructed circa 1980s to 2000s.

A circa 1998 brick dwelling with three bedrooms, two bathrooms and a double garage under the main roof. Ancillary improvements include a pergola. Living area is 160 square metres and the dwelling is situated on a 756 square metre allotment.

For this price you can also get a modern residential unit including two to three bedrooms, one bathroom and a single garage under the main roof, such as the one below. These units are generally located on roughly 200 to 500 square metres allotments.

A 2013 brick unit with three bedrooms, one bathroom and a single garage under the main roof. Living area is 143 square metres and the unit is situated on a 409 square metre allotment.

Over the past 12 months there have been few dwellings purchased for under $150,000 or over $500,000. Dwellings under $150,000 are generally in less sought after locations and have limited market activity.

Dwellings over $500,000 are at the top end of the market and have a reduced market segment. High income earners generally purchase these properties. These properties are often tightly held and rarely hit the market, which is reflected in the low number of sales occurring each year.

Properties reaching over $500,000 are generally modern homes in a newer residential division or character homes of high quality within close proximity of the town centre.

A circa 2011 stone dwelling with four bedrooms, two bathrooms and a double garage under the main roof. Ancillary improvements include a large alfresco area and two car detached garage. Living area is 335 square metres and the dwelling is situated on a 1,085 square metre allotment. Situated in a modern residential division.

A circa 1920 stone character dwelling with three bedrooms, two bathrooms and double garage. Ancillary improvements include a pergola. The property has been extensively renovated. Living area is 246 square metres and the dwelling is located on a 1,366 square metre allotment within close proximity of the town centre.