Houses on the move
Leongatha growing: the Shinglers Ridge estate from the South Gippsland Highway.
By Chris Brown
REAL estate interest is strong in both Leongatha and Korumburra, with the spring selling season underway.
Agents in both towns report demand for properties, with renewed interest from people relocating from the Mornington Peninsula.
Stockdale and Leggo Leongatha is reporting a “quite strong” real estate market.
Agent Christie Bowler said listings are still in demand.
“There have been quite a few sales (of properties) that have only been on the market a few days,” she said.
Most demand is in the mid-price range of $250,000-$350,000.
“Blocks have been in demand once again and we are finding it hard to meet that demand, particularly for bigger blocks,” Ms Bowler said.
Lifestyle listings and small acreages are in good demand.
Ms Bowler said there were a lot of buyers seeking a lifestyle change from the Mornington Peninsula.
“They are seeing strong sales in their area and they are retiring down to the country with a bit of cash in their pockets,” she said.
Property investors are also making a return to the market.
Retiring farmers often scale down to a couple of acres near town and then scale down again to a big town block with views and a good shed.
Stockdale and Leggo’s Mick Hanily said there were only seven blocks left at Springs Estate.
“Smaller blocks have jumped from $110,000 to an average of $130,000 to $140,000 for a better one,” he said.
“The bigger blocks have jumped from $150,000 to $170,000, so blocks have really taken off.”
The Panorama Estate is almost sold out, but there are still several stages to go there.
Blocks are still available in a few other estates around Leongatha.
Thirty acres off Shingler St is a possible site for new homes under the Leongatha urban structure plan.
Licensed estate agent at Alex Scott and Staff Korumburra, Dean Goad said the market was going “pretty good” in his town.
“It quietened down for everyone with the election and cold weather, but it was still ticking away,” he said.
“But it has picked up in the last couple of weeks really good.”
Mr Goad said there was competition for large homes at lower prices.
Recently a home for under $200,000 went for $15,000 more than its asking price and another was only listed for a week when it sold $10,000 above its price of $240,000.
“There’s been a bit of a battle with people wanting places at the lower end of the market and it ends up as a Dutch auction and goes to the highest bidder,” Mr Goad said.
He said soon there will not be any residential houses in Korumburra under $200,000.
New houses in new estates, priced between $300,000 and $390,000, were selling steadily.
Investors are showing interest in properties in the low $200,000s.
Mr Goad said there are a lot of people moving from Melbourne to Korumburra at the moment.
“They sell up down at the peninsula and they end up with a bit in their pocket,” he said.
“Korumburra is still affordable. We’re not far away from anything; we’re central to everything.”
Residents of the town are also upgrading to other houses in the town and new estates. Units are attracting attention at the moment, but farm sales are slow.
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