One of Australia’s cheapest towns to enter the property market has been revealed after some houses sold for just $60,000.
Real estate agent Ian Miers said buyers have been snapping up properties in and around Mildura, north west of Victoria, for bargain prices as people escaped the city life for the country.
A recent sale saw one three-bedroom home in Underbool sell for just $63,500.
Mr Miers, from Burns & Co Mildura said: ‘Everyone wants to escape (Melbourne).
Mildura and its surrounds are proving popular among home buyers looking to snap up a bargain, with properties in the area selling for as little as $60,000 to $75,000 (Underbool property which sold for $63,500 is pictured)
Burns & Co Mildura agent Ian Miers said listings in the region were being ‘swarmed’ by potential buyers, especially people from Melbourne looking to escape the COVID-19 situation ($95,000 home for sale in Walpeup is pictured)
‘(One of the buyers) made it perfectly clear to me (COVID-19) is the reason he’s leaving, as he can now work from home more.’
Mr Miers said demand was so strong he was having trouble keeping enough listings on the market, realestate.com.au reported.
Two homes in Ouyen, south of Mildura, sold for $73,000 and $90,000 while a city couple bought a shop for $85,000 cash.
Meanwhile the median house price in Melbourne is around $850,000.
According to a Regional Australia Institute study half a million people moved from cities to regions in the five years to 2016.
Melbourne, Sydney and Adelaide all experienced net losses in population to the regions, ABC News reported.
Dr Kim Hougton said there were a number of factors which accounted for the move from cities to the country.
‘In complete contrast to the rest of the industrialised world, the overall flows in Australia were actually more towards regions than towards cities,’ Dr Houghton said.
‘It says something, I think, about the affordability factors around the outer suburban areas, the congestion that’s going with that and the alternative lifestyles that we do have in many parts of regional Australia.’
He said the RAI also predicted the COVID-19 pandemic would be a factor in people deciding to relocate.
The Regional Australia Institute predicted an exodus of people from the cities to the region as a result of the cost of city living in the COVID-19 pandemic ($75,000 home for sale in Speed, Victoria)