Red hot property market

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Red hot property market

The Mount Gambier housing market is red-hot with 112 properties changing hands in the December quarter and a new record high median price set of $450,000.

This was 4.65% more than the September quarter and a massive jump of almost 18% on a year ago.

The median price of a house in the Blue Lake City at this time last year was $382,500.

The positive real estate news was shared by other major population centres in the region.

Naracoorte and Millicent had volatile housing markets throughout 2023 but both finished on December 31 with better figures than on January 1.

The Millicent figures over the course of 12 months moved 1.5% upwards from $297,500 to $302,000.

Naracoorte had a similar statistical outcome with the median house price jumping 9.4% from $320,000 to $350,000.

The Real Estate Institute of South Australia has published sales data for the 12 largest towns and regional cities with only Barmera slipping significantly backwards in 2023.

An Industry REISA lobbyist said the South Australian property market has once again showed its extraordinary strength and resilience.

The REISA said new record median prices of $665,000 and $740,000 across South Australia and Metropolitan Adelaide had been achieved respectively.

“Agents had significantly increased their volume of sales from the previous quarter,” the REISA said.

“South Australia’s real estate market continues to do extraordinarily well despite the low supply of housing stock.

“We will not let these results, remarkable as they are, deter us from continuing to advocate for policies and strategies that address the issues of housing supply and property taxation and ensure that home ownership is a realistic dream for all South Australians.”

Member for Mount Gambier Troy Bell said he was not surprised by the latest figures, however he did have concerns relating to market affordability.

“Mount Gambier is a great place to live and raise a family and it is no surprise to me that more and more people want to come and live in our beautiful city,” he said.

“While rising house prices can have positive effects by stimulating economic development and increased investment, what I am concerned about is the implications this will have for those trying to enter the market and for our rental properties.

“Lack of affordable housing is currently one of our greatest challenges for the region and it is affecting a large portion of our community.

“I’d like to see more areas opened up for subdivision and a focus on three storey apartment living for the heart of the city, very similar to what has occurred in the CBD of Adelaide or down Anzac Highway.

“An increasing number of people do not want a back yard to maintain and want to be within walking distance to restaurants and coffee shops.

“The old Coles site would be a perfect location for higher density units.”

Mr Bell said progress was being made on affordable housing, but there was still room for more to be achieved.

“Just two weeks ago the State Government announced a contract for key worker accommodation with the contract being awarded to Empak Homes. We have also seen 13 new public housing homes recently completed with 12 more on the way,” he said.

“These are positive steps towards resolving a complex issue that will require a continued, co-ordinated approach from service agencies and all levels of government.”

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