Extraordinary interest and multiple offers are overwhelming real estate agents in a tiny town half-way between Melbourne and Adelaide. With a population of 2,500 but a booming industry based on its Luv-a-Duck factory and farming, Nhill in western Victoria’s Wimmera region is enjoying increased buyer interest and, in particular, investors.
Driscoll, McIllree & Dickinson Nhill sales agent Courtney Plowright explains she and her colleagues can barely keep up with demand, with many buyers simply missing out.
“It was very quiet six months ago but now there’s a lot more activity and a lot more movement,” Courtney says. “A lot of properties are selling above asking price. You’re putting something on and you’re having multiple people want the property.”
Courtney explains she now sells a lot of properties to Melbourne investors, with anything under the $100,000 bracket being snapped up within days of being listed.
“Investors can get a really good rental return [for properties under $100,000] – there’s a nearly 10 per cent rental return up here,” she says. “A property I listed not long ago was at $60,000 and we sold it within days for $75,000. The enquiries on this house were phenomenal – the phone did not stop ringing.”
Courtney was also stunned by the interest in this dilapidated three-bedroom house on 1,011sqm. The home at 6 Coles St sold for $85,000 ($5,000 above asking price) less than two weeks after hitting the market on January 14.
“Within two days, I had multiple offers on the property above asking price,” she says. “There was quite a lot of interest but the owner accepted a cash offer of $85,000 with no conditions. There was also a very quick settlement due to [the buyer] moving here for work from Melbourne and wanting to do the renovations himself.”
While Courtney says the home is not “completely liveable”, the new owner is already living there and planning some exciting ideas for the property. The vendor – a Melbourne woman who has held onto it for 21 years for sentimental reasons – is very happy to see the home being recreated into something new and loveable while she herself is looking forward to driving past the property and seeing what the buyer does to it.
As for whether Nhill’s sales popularity will continue in 2021, Courtney is liking the odds that it will – and that’s not just because of its budget prices, which average just $158,500 for homes, according to realestate.com.au data. Its location on the Western Highway, three to four hours from both Adelaide and Melbourne, provides abundant “foot traffic” and while the town is small, Courtney says good hospitals and schools virtually ensure the already fast-growing population will continue to improve.
“Nhill is known for its really great community – a lot of families migrate here,” she says.
6 Coles Street, Nhill, VIC, 3418
0419 911 453
Driscoll, McIllree & Dickinson Nhill