Looking for a bargain? In one of the cheapest cities in Australia – where houses are sold cheaper than cars
- Some homes in northwest Victoria sell for the same price as a luxury sedan
- Homes in and around Mildura have sold for as little as $ 60,000 to $ 75,000
- Realtor Ian Miers said an exodus from Melbourne is a big factor
One of the cheapest cities in Australia to enter the real estate market has been revealed after some homes sold for as little as $ 60,000.
Estate agent Ian Miers said buyers have been buying properties in and around Mildura, northwest of Victoria, for bargain prices as people flee city life for the land.
In a recent sale, a three-bedroom home in Underbool sold for just $ 63,500.
Mr Miers, from Burns & Co Mildura said: ‘Everyone wants to escape (Melbourne).
Mildura and surrounding area are popular with home buyers looking for a bargain, with properties in the area selling for as little as $ 60,000 to $ 75,000 (photo: Underbool property that sold for $ 63,500)
Burns & Co Mildura agent Ian Miers said listings in the region were ‘inundated’ by potential buyers, especially those from Melbourne looking to escape the COVID-19 situation (the photo shows a $ 95,000 house for sale in Walpeup )
‘(One of the buyers) made it perfectly clear to me (COVID-19) why he is leaving, because now he can work more from home.’
Mr Miers said the demand was so great that he struggled to keep enough offers 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 store for $ 85,000 in cash.
Meanwhile, the median home price in Melbourne is around $ 850,000.
Half a million people have moved from cities to regions in the five years to 2016, according to a study by the Regional Australia Institute.
Melbourne, Sydney and Adelaide all suffered a net population loss to the regions, ABC news reported.
Dr. Kim Hougton said there were a number of factors responsible for the relocation of cities into the country.
“Unlike the rest of the industrialized world, total flows in Australia were actually more towards regions than towards cities,” said Dr. Houghton.
“It says something, I think, about the affordability factors around the suburbs, the congestion that comes with it, and the alternative lifestyles we have in many parts of regional Australia.”
He said the RAI also predicted that the COVID-19 pandemic would be a factor in people’s decision to move.
The Regional Australia Institute predicted an exodus of people from the cities to the region due to the cost of city living in the COVID-19 pandemic ($ 75,000 house for sale in Speed, Victoria)