Chance to snap up six Mount Gambier units in one deal

Why buy one investment property in a popular regional city where rentals are in strong demand when you can buy six as a package deal?

A Mount Gambier unit block at 68-70 Crouch Street South has hit the market for the first time in a decade, offering a rare opportunity.

Each of the units has two bedrooms, a kitchen, living area, bathroom and laundry and are leased out for varying periods for between $165 and $180 per week.

Keys 2 Sale director Al Lamond, who is selling the 1354sqm property over two titles, said they offered prospective buyers a rare investment opportunity.

“They’re right on the edge of a blue chip area,” he said.

“They also don’t come up all the time – a lot of those sorts of investment properties are tightly held.

“It’s on two titles so possibly later down the track it might be something for a developer too.”

He said the block earned its owners about $53,820 a year so it offered a good spot to “park money for a few years” in a market that was thriving in the wake of Covid-19.

Latest realestate.com.au figures to the end of April reveal Mount Gambier has a gross rental yield of 5.66 per cent for units – slightly higher than Greater Adelaide’s 5.2 per cent.

Meanwhile, SQM Research data reveals the regional city’s two postcodes 5290 and 5291 had vacancy rates of 0.4 per cent and 0.3 per cent respectively during the same period.

While only on the market a few days, Mr Lamond said the unit block was already attracting interest from prospective investors.

“We’ve had quite a few emails from right around Australia, even Queensland,” he said.

“Traditionally our market this time of year has always been a little bit quiet … but this year there’s still that demand.”

He said the interstate owners, who bought the property as an investment in 2010, were selling it to move on to retirement.

It is being sold via an expressions of interest campaign, which closes on July 2.

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