Is there still a housing crisis in the Murraylands?
Raine and Horne’s Michael Cox and Casey DeMichele say conditions are surprisingly favourable for vendors, buyers and renters alike at the moment.
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The Murraylands’ housing crisis has eased since the height of the COVID-19 pandemic, local real estate agents say.
Five years ago, it seemed impossible to get a home in Murray Bridge for love nor money.
Surging demand pushed house prices up faster than anywhere else in Australia, dozens of families competed for every rental property, and homelessness service providers struggled to keep up.
These days the local property market remains hotter than ever, and housing is still a top election issue.
But do we still have an actual shortage of properties, or are conditions changing for the better?
To find out, we ask Raine and Horne Murraylands’ Michael Cox and Casey DeMichele.
How are the big growth projects going?
One of biggest factors shaping the Murraylands’ property market is the status of major housing projects in Murray Bridge, including the Gifford Hill development and the rezoning of 113 hectares in the city’s west.
Preparations are continuing ahead of the first land release at Gifford Hill, and a number of more modest developments have gone to market in the past couple of years, including Swanport Village, the Hindmarsh Estate and Narooma Rise.
Until the bigger releases come through, though, there is still a great deal of demand for vacant residential blocks.
“For the last six months now there has been very limited stock,” Michael says.
“There are still a good number of buyers on the board … but that lack of (land) supply is an issue.
“That’s a really pleasing thing for people considering selling.
“Now is a really exciting time to get in before land becomes freer later in the year and next year; and the flow-on effect should be more local people wanting to build something new in these areas and then selling their current home, adding a bit more stock into the equation.”
More rental properties are available, though prices are high
The good news for renters is that properties are now available, which was not the case a couple of years ago.
However, some of that urgency has transferred over to the sales market, as locals feeling squeezed in their rental properties look for a place they can call their own.
Last month, fewer than 20 per cent of properties advertised for rent in regional SA were classed as affordable for a family on a median income, according to industry analysts Proptrack.
In this case, “affordable” means spending no more than 25% of household income on rent.
Of the 35 properties being advertised for rent in Murray Bridge this Wednesday, only one was below that threshold, which would be about $330 a week based on local household incomes; the median was more like $550/week.
“The desperation for rentals doesn’t feel as chronic as it was,” Casey says.
“It’s not as high-panic … it’s more that people are wanting to get out of the rent trap and put their money towards something of their own.”
Tree-changers are starting to supplement interstate investors
As we reported in January, Murray Bridge remains one of the nation’s hottest property markets, with prices still attractive by comparison to the big east coast cities.
Especially strong demand exists for homes priced under $600,000.
That makes our market a standout, even as regional SA house prices have grown by another 12.2 per cent over the past year, according to Proptrack.
“Most of the strongest, the most aggressive (buyers), are the interstate investors,” Casey says.
“But I’m starting to actually see a lot of younger buyers, starting their families, finding their feet and breaking into the market.”
That trend is likely to continue as prices keep rising, Michael predicts.
“I think that, if our market continues to go up, (interstate investors) will start to pack up their bags and go somewhere else, another town that’s cheap enough to get into,” he says.
“That will give more opportunities to other people: Adelaide Hills couples, families, seeing the benefits of what we’ve got here and not being scared to come to Murray Bridge any more.”
What’s the top takeaway for property owners and buyers?
Michael’s overall view of the Murraylands’ property market at present is a positive one.
Options are available for vendors, owner-occupiers, investors and renters alike, regardless of outside issues like interest rates or fuel price spikes.
“World events may make (life) unstable for people in different ways … but it hasn’t slowed down people trying to pursue property and purchase property,” he says.
“In a town that’s still thriving and growing and has got so much moving forward for it, perhaps it’s better to put your money into something that you can control a bit better rather than waking up in the morning and (finding out) that whatever has happened overseas is impacting your money.
“Everything’s still very, very, very positive.”
- More information: Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into Raine and Horne Murraylands’ office at 4 Seventh Street, Murray Bridge.
Advertising to more than 20,000 highly engaged locals can do wonders for your business. Call Jane Intini on 0418 835 768 or email jane@murraybridge.news.
Peri Strathearn
