Monto homes hit low
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.”