Warrnambool first home buyers seeking out house and land opportunities
Warrnambool’s residential market is somewhat removed from the affordability issues which dominate the metropolitan markets, the valuation firm Herron Todd White recently noted.
First home buyers there are currently operating in the $300,000 to $400,000 price range.
However, a recent trend is for first home buyers looking for a house and land package.
"This is on the back of recent government incentives that offer stamp duty exemptions and construction allowances for properties built within regional areas," HTW said in its report.
Demand from home buyers remains focused on traditional detached housing.
"The great Australian dream of home ownership is alive and well in Warrnambool. This is due to the continuing release of new residential land supply on the city’s extremities, a steady median price as well as the existing low-cost, affordable pockets in area such as Dennington and North Warrnambool."
A three bedroom house at 24 Nina Street (picture above) sold for $329,900 earlier this year.
Another three-bedroom house at 25 Rawlings Drive, Warrnambool sold (below) for $395,000 in August.
