Few dwellings sell for over $500,000 in Mount Gambier: HTW residential

Few dwellings sell for over $500,000 in Mount Gambier: HTW residential
Few dwellings sell for over $500,000 in Mount Gambier: HTW residential

In the south-east of South Australia, $500,000 will enable you to purchase a wide variety of property, according to a recent Herron Todd White (HTW) residential report. 

The report suggests that few dwellings sell for more than $500,000 each year and demand for property tends to reduce significantly within this price range given the median house price is around $265,000.

"Houses that have sold for around $500,000 within the past year include the following Mount Gambier properties. This shows that you can buy a good quality dwelling for this price," the valuation firm says. 

A circa 2008 three-bedroom, two-bathroom, detached dwelling on 950 square metres located in a good modern residential division surrounded by quality homes.

 Few dwellings sell for over 0,000 in Mount Gambier: HTW residential

A circa 1902 four-bedroom, two-bathroom, renovated character dwelling on 1,050 square metres, centrally located and surrounded by quality homes.

Below is a typical rural living property situated on the outskirts of Mount Gambier.

Few dwellings sell for over 0,000 in Mount Gambier: HTW residential  

A circa 2011 four bedroom, two bathroom dwelling on 3,201 square metres located on the edge of Mount Gambier with good quality properties surrounding, situated on country living allotments.

"The best performing properties around the $500,000 range are generally large modern dwellings situated in modern residential divisions, properties located on the outskirts of town on rural living size allotments and renovated character dwellings that are centrally located, such as the sales above," the valuation firm commented.

These properties could achieve a rental return of between 4-4.5%, however most of these properties are owner-occupied.

"Within Mount Gambier we do not generally see any units or attached housing selling for $500,000 or above," HTW said. 

The median sale price for Mount Gambier for May 2019 is $265,000, therefore all of the above properties are considered to be at the top end of the market.

"The market has remained relatively stable over the past 12 months with similar market conditions to last year.

"For $500,000 you can purchase a similar property this year to what you could last year." 

Tags: 
Htw Mount Gambier

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