THE Wimmera towns of Nhill, Dimboola, Warracknabeal and Edenhope are among the cheapest places to purchase a house in Victoria.
A Domain Group analysis of property sales across Victoria during 2017 revealed the ten cheapest towns to buy a house. To qualify for the list, towns must have had a minimum of 10 property transactions in 2017.
Nhill was listed at number three with a median house price of $146,000, while Dimboola was ranked fourth with houses sold for an average of $155,000.
Warracknabeal was listed at number six with a median house price of $167,500. It was reported in October that the town was home to some the state’s cheapest properties, with several houses listed for under $100,000.
Edenhope was rankled seventh, with a median price of $168,750.
Donald was the second cheapest town listed with houses sold for an average of $135,000. St Arnaud was ranked at five with a median house price of $157,500.
The cheapest place to purchase a house in Victoria was Ouyen with a median house price of $125,000.
NorthWest Real Estate covers the areas of Warracknabeal, Dimboola, Nhill, Donald, St Arnaud, Rupanyup and Murtoa.
Director John Hadley said, while cheap houses were common in those towns, more expensive properties were also available.
“Since October there have been six houses sold in Warracknabeal for over $200,00, and three over $300,000. There are all sections of the market here,” he said.
“After the reports of cheap housing in Warracknabeal came out, we had people walking off the street trying to buy a house for $60,000. That’s just not the case.”
Mr Hadley said the towns listed were great places to live.
“In a town like Warracknabeal, with a shire office, great schools and hospitals, it’s unusual that homes would be so cheap,” he said.
“I don’t think the cheap prices are a bad look for the town. There is a really good lifestyle here and these towns are really good places to live in.
“The cheap value of the homes shouldn’t define the value of the town. The cheap prices across the region won’t be a trend that ends anytime soon.”
He said there were plenty of opportunities for investment buyers to tap into the rental market.
“There is really good potential for return on investment. If someone was to purchase a house for under $90,000, they would have no trouble getting $180 a week for rent,” he said.
Hindmarsh Shire Council Mayor Ron Ismay said he wasn’t surprised that two of the shire’s towns – Nhill and Dimboola – made the list.
“Our house prices have always been cheap. When you look to some of the smaller towns in our region, it’s the exact same thing,” he said.
“The land prices are also very cheap. There are a lot of new house being built in Dimboola and Nhill as well.
“The house prices of course depend on what is being sold – some of the homes are in pretty ordinary shape.”
Cr Ismay said the lower house prices encouraged more people to move into the region.
“We have so many great people living in these communities. These towns also have all the facilities you need like schools and shops,” he said.
Cheapest towns in Victoria to purchase a house:
- St Arnaud
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