A million dollar home was once considered high end and reserved for top income earners, but they're becoming more common and "within reach" in Warrnambool's current real estate market.
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Harris & Wood Real Estate agent Danny Harris said family homes were selling for a million dollars-plus and were no longer luxurious or exceptional, as the price would have previously suggested.
"In terms of prices and where things are heading, for residential property, a million dollar-plus purchase is no longer uncommon," he said.
"Anything that was around $1million was considered very much high end. That's absolutely the top half of our market now, but no longer what we determine high end. It's within reach of a lot of people now.
"We've sold five houses between $1 million and $2 million in the last five weeks."
"They're anywhere up to an acre but all still what you would call residential property," he said.
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Mr Harris said they included centrally-located homes and others on larger lifestyle blocks.
"Anyone that's already in the market and established, if they're upsizing, is finding they've got a decent bit of equity to put toward a purchase.
"The mortgage rates are so low now that there are a lot of people who are earning wages that will allow them to do that comfortably."
An example of cashed-up buyers is the 45 groups who have inspected a four-bedroom home in Howard Street, which is expected to sell for more than $1.35 million.
"The vast majority have in excess of a million dollars to spend if they found the right property."
Mr Harris said while the figures weren't unusual for Port Fairy, it was relatively new for Warrnambool.
"We're used to seeing these numbers in the cities and in coastal towns, but it's only in the last 12 or 18 months that it's come upon us," he said.
"We're certainly not outperforming other coastal regions, between here and Geelong and the Mornington Peninsula. If the prices here seem somewhat shocking to us, they still pale in comparison and I think present pretty good value, compared to what's happening in those other centres.
"They're still a long, long way behind those and that's why people are seeing value in Warrnambool."
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