What are tenants looking for in Mount Gambier?
Mount Gambier and the Limestone Coast are undeniably beautiful places to live. For investors, though, the question is, "Is Mount Gambier a good place to invest?"
It’s a sensible question for any investor to ask before pouring money into an additional property.
The short answer is, "Yes, Mount Gambier is an excellent place to invest."
The longer answer is that you need to get your investment right and make sure you purchase a place that will suit the potential tenants in the area. Here is what you need to know to make the most of your Mount Gambier property investment:
Mount Gambier demographics
You can't make a sensible investment without knowing the demographics of your target area. Demographics tell you who lives there, who is likely to rent homes and what type of property they will be after.
According to Population Australia, Mount Gambier’s population was recorded at 28,040 in 2021. That's a healthy figure for a regional hub and one that means there are almost always people looking for homes to rent.
The 2016 census put the median age in Mount Gambier at 40, an indication that there is a healthy spread of age groups in the city.
This age range should tell you that you will have two major demographics looking for rental properties in Mount Gambier:
Family homes are a smart choice
With 17.6% of Mount Gambiens working as professionals and 14.1% techies and tradies, you know that there will be many young families looking for suitable homes. These people will be happiest with places that are close to schools and other amenities, and which have a backyard that will give the children room to run around.
Apartments and share houses
The population spread also allows for many young, single workers or young couples who need an apartment, unit, or shared accommodation.
The local university adds a significant number of students looking for similar housing. Obviously, the nearer to the university you buy, the more likely you are to find student tenants.
Downsizing elderly folks may also fit into this sector of the market. They will be looking for a more premium quality home which is all on one level and has features such as good security.
What else do I need to consider when buying an investment property?
Property is one of the best long-term investments you can make, and Mount Gambier property is no exception.
Our beautiful town has been showing steady growth over the past ten years, which is perfect for property investment. With the government bringing in incentives for first-home buyers to buy in the regions and with the recent rise in rent, Mount Gambier is a very appealing option, but many families will be looking to try before they buy. This opens good opportunities for investors.
Getting it right
Investing in property still takes more than choosing a city and buying a house or unit. There is a lot more thought that needs to go into getting it right.
- How much can you afford to spend?
- Is the property in the right area for the demographic?
- Who will be managing your property?
- What type of investment loan is right for you?
The best way to break into property as an investor is to work with a quality agent as well as a reliable property manager. As agents with a wealth of experience in Mount Gambier, we are always happy to talk to first-time or experienced investors about what the market is doing and what properties we have on our books that might be of interest.
Talk to us!
We can guide you through the whole process, all the way to providing you with a top-notch property manager to handle the ins and outs of managing a rental property. Looking to make a smart investment in Mount Gambier real estate? Contact us now.