Monto homes hit low

Central and North Burnett Times - - NEWS - Emily Smith emily.smith@cnbtimes.com.au

PROP­ERTY bar­gain hunters should have their eyes on Monto, with the town hav­ing some of the low­est house prices in Queens­land.

Realestate.com data showed the me­dian price for a Monto house fell to just $90,000 based on 18 sales be­tween June 1, 2013, and May 31, 2014.

Monto Live­stock and Prop­erty agent Brett Allen said the low prices have sparked the in­ter­est of bar­gain hunters, with the in­vestor mar­ket much stronger than for owner-oc­cu­piers.

“(In­vestors) can set up on­line alerts to let them know when a cheap deal comes up (on the web­site),” he said.

De­spite a fore­cast of record low home owner in­ter­est rates into the next year made by the Re­serve Bank and West­pac chief econ­o­mist Bill Evans, Mr Allen did not be­lieve this would pro­vide con­fi­dence to the Monto econ­omy.

“Our mar­ket is re­liant on pri­mary pro­duc­tion, which is not thriv­ing at the mo­ment, so in­vest­ment is com­ing from out of town. So we have more lo­cals stay­ing in the rental cy­cle,” he said.

Monto res­i­dent Doreen King­ton has been try­ing to sell her three-bed­room res­i­den­tial prop­erty for the last 18 months and said in that time only two po­ten­tial buy­ers have had a look.

“Peo­ple are strug­gling to sell nice res­i­den­tial prop­er­ties, be­cause peo­ple can snap up re­ally cheap houses and do them up in­stead,” Mr Allen said.

The Monto hous­ing mar­ket is a re­flec­tion of the eco­nomic times we’re in; we have no ma­jor in­dus­try here any more. What we need to boost growth in our lo­cal econ­omy is higher com­mod­ity prices and govern­ment pol­icy that looks at the in­cen­tives it can give to in­dus­try.”

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