The Millicent real estate market is booming with surging turnover and impressive gains in house prices. The median house price jumped 8.5% to $190,000 in the December quarter when 36 properties changed hands in the three-month period.
All three figures are well up on the September quarter and for the same period in 2019. It means the Millicent median house price has soared by 10.47% in the past year. The only comparable regional town with published industry data to achieve a better return than Millicent was Renmark.
The cities of Port Lincoln, Port Pirie and Whyalla achieved growth well into the double digits. South East Real Estate and Property Management manager Fiona Telfer said it was the busiest period she had experienced since founding the Millicent firm 4.5 years ago.
According to Ms Telfer, 2021 had begun well in the real estate realm and the figures published by the Real Estate Institute of South Australia did not include the private sales. She said the buyers had come from the capital cities of Adelaide, Melbourne and Sydney as well as such places as regional Victoria and central New South Wales.
“Buyers are taking advantage of the low interest rates and many are escaping from the cities,” Ms Telfer said. “Millicent ticks a lot of boxes for them. It is affordable, central to places in the South East and has amenities such as schools and doctors.”
She said her decision in October to purchase the By The Sea real estate agency at Beachport had been vindicated. “We have sold 10 houses and five blocks at Beachport with a further nine houses and two blocks under contract,” she said.
Meanwhile, Millicent Real Estate proprietor Valerie Jones also said it was a good time to sell and was keen to obtain additional new listings. “I have been involved in real estate in Millicent for 35 years and never had such a low number of listings,” Ms Jones said.
“People from the cities are having a ‘country change’. “The COVID shutdowns last year showed it was possible to work from home with an internet signal. “We have had a good start to 2021.
“Some buyers are purchasing properties sight unseen. “They see a property on the internet and then arrange a [professional] building inspection. “Some of our houses are not even getting to market. They are listed one day and sold the next.
“We have buyers who are using their super to buy houses and there are sales of houses for rental properties.” A REISA spokesperson said the final quarter results for 2020 clearly demonstrated the resilience and strength of the South Australian real estate market.
“The median price has reached a new record high and the volume of sales have significantly increased across metropolitan Adelaide and the entire state,” the spokesperson said. “We welcome the confidence and optimism that real estate consumers have placed in the South Australian market.
“It is a testament to South Australia’s reputation as one of the safest, most affordable and most liveable places in the world. “We also commend the ongoing professionalism and commitment to service of our REISA members in adapting to the challenges posed by COVID19 and ensuring that properties are priced transparently and realistically.”