General News
25 December, 2024
Experts agree affordability drives housing market
According to some who know the local market, affordability, lifestyle, and access to mine sites like Donald Mineral Sands keep the housing market stable and ticking along nicely in towns like Minyip and Warracknabeal.
Expert opinion from local agents Jock Uebergang, Harcourts Horsham and Nick McIntyre, Elders Warracknabeal, echo findings released last week that show properties in the Wimmera are among the most affordable in Victoria - or in Minyip's case - Australia.
By Core Logic, the "Best of the Best 2024" revealed the median value of houses in Minyip was $173,002 in the 12 months ending September 2024, while Warracknabeal houses had a median value of $204,374.
Mr McIntyre said the findings don't surprise him - and in his opinion, affordability in house prices is evident across the Shire.
"There has always been outside interest, people from Melbourne, they have always been coming up here as a good investment or option for retirement," he said.
Mr McIntyre said services heavily weighed on where people looked to move - and the education options and hospital system were appealing, when considering the move to a place like Warracknabeal.
In agreeing the housing market in both Minyip and Warracknabeal is affordable, Mr Uebergang said it was his opinion people were looking to invest or move to places like these towns for the lifestyle, which is more relaxed, or for access to mining sites or clean energy future projects.
While mining sites and future projects are a changing landscape, the lifestyle hasn't changed - and Mr Uebergang said despite not necessarily seeing an increase in the market for houses in these towns over the past 12 months, it's steady.
Agent and director of NorthWest Real Estate, John Hadley, had a no-nonsense opinion when asked about the findings, saying often statistics are open to interpretation.
Mr Hadley, who has more than 20 years experience in the field, said houses are only worth what a person is willing to pay.
"It might make interesting reading, but at the end of the day, if a person doesn't like the house, they don't buy it and you go to another town where you do like the house if you do not need to live in that town," Mr Hadley said.
"If you are just looking for the best house you can buy for your money, if that happens to be in Mildura, well, you move to Mildura, but if that happens to be in Warracknabeal, you move to Warracknabeal."
While agreeing Warracknabeal would be in the bottom half of the cheapest towns in Victoria, Mr Hadley said places like Kaniva, were cheaper than Warracknabeal.
"Minyip has had a growth in price too, it's certainly not as dear as Warracknabeal but it isn't far behind," he said.
"And the mineral sands is getting a bit of traction there, for better or worse, depending on your opinion politically.
"It's affecting the market."
Mr Hadley said he didn't think a town rated high in affordability for house prices has a great bearing on the market, besides getting known as a cheap town.
"And that can sometimes have a detrimental impact on the market," Mr Hadley said.
"I would like to see it has the 1659th dearest houses in Victoria, which has a more positive connotation than it's in the top 10 cheapest houses in Victoria.
"That, in my opinion, talks the town down."