This year we have seen some interesting patterns, trends and behaviours of real estate in the limestone coast.
I will break it up into sections along with some of my predictions.
Millicent & Mount Gambier Townships:
People from away have been (Sydney, Melbourne & Adelaide) the most active that we have ever seen. There is a real trend to get out of the ‘Rat Race’ and enjoy not only low competitive house prices, but also our climate and many other benefits.
I Think an obvious prediction is that we will see more people selling their 650k – 1 million dollar homes and relocating from the major Australian cities to our area because of affordability. This has helped push up our medium house prices. I feel that our market will be extremely sought after. This year has shown that the 300-440k end of the market is the slowest movers.
We have had some magnificent results in this area with a large increase in sales number and prices are reflecting the great demand we have. I predict Hobby Farms up to 50 acres will continue as they are, but rural farming properties will continue to see high interest, especially if livestock prices continue to stay at this level, currently 40% above 2 years ago.
Interestingly some towns in our limestone coast haven’t seen much buyer activity, Like Nelson, Although others like Port MacDonnell have been very busy with both sales and rentals. We have sold 6 properties there in the last 8 weeks, and our rental team have leased 4 properties in the last week. As the coast is often shacks and 2nd homes, this area of the market is often the last to see action, its great to see this coastal growth reflecting our growing local economy. Speaking to friends in our region who have a timber mill they are saying that employment in there sector is on the rise and the growth of there region is on the increase also.
We have had our best and most fruitful year ever in this category. Lots of Leasing, Auction Action and Sales.
Businesses Sold: Periwinkles, Cupkates, Gums Road Herd Lot, The Bellum Hotel and more
Businesses Leased: Bryant’s Bakery, Former Bersee Legal, CJ’s Steakhouse
The growth in this area started following a change of government, and we can only predict whilst interest rates are low this will only get better.
My Rental team have been very busy this year with a high demand continuing for rental properties, our realestate.com.au reports advise 21 people looking per property on average. Rental properties 3+ bedrooms are moving in less than 10 days, and with the opening of the UniSA development at the TAFE and the continued growth of the James Morrission Academy we predict this demand on this region will only get stronger and hopefully see a growth in the leasing return.
2015 has excited me since February as we appear to have started to ‘turn the corner’. My Team and I are excited for 2016 and the continued growth of our market back on the rise.
My Team & I hope you have a merry Christmas and a safe and prosperous new year, and look forward to helping you with your real estate needs into 2016.
Malseed Real Estate
0419 032 795