In this article, we’ll walk you through the Mount Gambier sales and rental activity and trends for the September 2023 quarter.
Insights
Mount Gambier continued to see rising property prices over the last three months with respect to both sales and rentals. Realestate.com recently named Mount Gambier in their Hot 100 Suburbs to Watch, with Simon Pressley stating “The spectacular Limestone Coast, the wonderful Coonawarra wineries, the beautiful Blue Lake and a nice house for just $400,000 is an attractive combination”.
Recent statistics show a trend of millennials (people under the age of 42) accounting for three quarters of recent moves to Mount Gambier (Sam Bradbrook; September 2023). According to Australian Bureau of Statistics, the Mount Gambier population increased by half a per cent in 2022, which has an impact on property demand and pricing.
Lauren Kain of Herron Todd White (Month in Review; September 2023) states that median the house price in Mount Gambier is lower compared to other locations, therefore making renovations a popular choice for local home owners.
Let’s look at the figures for the September 2023 quarter:
Sales
Houses According to realestate.com insights, as at 30th September 2023, 432 houses were sold in the previous 12 months.
The median house price is continuing to show an upwards trend increasing from $380,000 in July, to $389,000 in August to $395,000 in September. The current median of $395,000 is an increase of over 8% from September last year. This sits slightly above the SA Major Towns median house price of $381,000 (Office of the Valuer General; October 2023).
Units
In the past 12 months, up to September 2023, 100 units were sold in Mount Gambier.
The trend of median unit price is in line with that of houses, also showing increases of $270,000 in July, to $275,000 in August to $280,000 in September. The current median of $280,000 is an increase of over 20% from September last year.
Rentals
The vacancy rate has decreased this quarter from 0.8% in June 2023 to 0.6% in September 2023. At this same time last year, the vacancy rate sat at 0.5%.
The median weekly rental price has also seen a continuing increase, now at $380 for houses and $270 for units.
The gross rental yield (i.e., the total revenue a property generates before taxes or expenses are taken into account) is 5.3% for houses and 5.5% for units.
What does this mean for homeowners and investors?
The steady increase in property prices, rental demand and positive rental yields pose opportunities for investors. “Overall, Mount Gambier offers a great combination of affordability, cash flow, and potential for growth, making it an attractive option for investors.” (Terry Ryder; September 2023)
These predictions encourage those looking to enter the Mount Gambier property market. If you’re interested in learning more and seeing what properties we have available, get in touch.
https://htw.com.au/wp-content/uploads/2023/09/HTW-Month-in-Review-Sep-2023-Final.pdf
https://www.realestate.com.au/sa/mount-gambier-5290/
https://www.valuergeneral.sa.gov.au/News-and-Publications/publisheddataandstatistics
https://sqmresearch.com.au/graph_vacancy.php?postcode=5290&t=1
