Booming real estate market – The Border Watch

HOT MARKET: Estate agent Alistair Coonan says the market jumps over the past year have been the biggest he’s seen in his career.

Elsie Adamo

HOUSE sales in Mount Gambier are at their highest level in 10 years according to new data from CoreLogic in their regional market update.

The report shows sales are up 27 per cent on the previous year and house values ​​are also up across the region, with five south east council areas seeing the highest increases in the index of the value of houses within the regional SA over the past year.

Mount Gambier had the biggest rise in the value index at 29.5%, followed by Wattle Range at 28.8%, Robe at 27.9%, Kingston at 27.8% and Grant at 26.9% .

The region leads all other regions in South Australia in terms of increase in value, up 23.4% over the last 12 months.

Nearly half of homes and units sold were in the $200,000 to $400,000 range, with a median price of $398,942.

Ray White Mount Gambier’s agent, Alistair Coonan, said the data is consistent with what he has observed over the past year.

“There has certainly been a price increase across the board in many different segments,” Mr. Coonan said.

“Certainly the bottom of the market has really recovered as there has been a huge increase in investment interest.”

Mr. Coonan said that generally the most popular homes are around $350,000.

“Anything around that $300,000 price has had a big jump,” he said.

“The high end of the market has also evolved. People have been torn between building something or buying something existing and because of the delays that many people see in a construction timeframe, they have reconsidered building.

“There’s always a supply issue, we don’t have the number of properties coming on the market that are in demand.”

Despite the demand, Coonan said he expects the local market to begin to stabilize over the next 12 months.

“Last month it seems there has been a slight change,” Mr Coonan said.

“I don’t necessarily think there will be a downturn in the market, but I can’t see it continuing to grow at the rapid pace it has.”

Mr Coonan said interest in the area from city dwellers was strong.

“A lot of people think about what their mortgage might look like in 12 to 18 months,” he said.

“I think it’s pushed people to more affordable places like Mount Gambier, and I don’t see too many people moving from Mount Gambier.”