Property prices continue to flourish in Diggers Rest despite Australia’s record household debt statistics, rapid utility price increases and the prospect of future interest rate hikes.
Yesterday, a beautifully renovated home in License Road sold at auction for $550,000.
The closing bids were tight with the auctioneer willing to accept $100 incremental bids in the lead up to the final call.
Given the interest in the property, it reinforces that buyers are still looking to secure quality homes in Diggers Rest.
According to homesales.com.au, house prices in Diggers Rest have grown by 43.41% in the past 3 years and 6.69% last year.
The current trend is expected to have an impact on the 2018 municipal rate review which may result in substantial Council rate increases.
Some families in Diggers Rest are already experiencing financial stress with landlords taking full advantage of the property boom, increasing rental prices or issuing eviction notices in readiness of listing a property on the market.