Blackwater has homes on the market from $49,000

MARKED "cheap as chips" on advertisements, you could in fact take your own bite out of the Blackwater housing market.

Weekly repayments are less than rent.

Blackwater Real Estate principal Jason Campbell said "affordable" housing prices had opened up the market for young people, new families and former renters to buy homes at bargain prices.

Banks are now approving loans and interest rates are at their lowest in years.

Interest in the real estate market is picking up.

"In Blackwater, in the last three to four weeks, it has kicked along. They're keen to buy," he said.

"We're getting a lot of interest."

With about 230 properties for sale at prices ranging from $49,000 to an average of $150,000, Mr Campbell said properties were not sitting around on the market for long, as people were out buying.

They could easily spend thousands renovating and feel confident of a healthy return when they resold.

"A couple of years ago, units were selling for $600,000. Now the average price is $150,000," Mr Campbell said.

"There was an unsure feeling late last year, but since then, people are getting more confidence and they're not leaving town... they see a future.

"This area will come back, and people aren't going to lose out with these prices."

Mr Campbell said a lot of people were still hurting after paying the high prices of previous years.

"Some southern investors have been hurt. But we're seeing it as a great opportunity for first home buyers, and the younger generations," he said.

"Banks still look at Blackwater a bit harsher than other areas. You certainly need to have your deposit saved, and a secure job, but prices now are accessible."

Many houses are moving under the hammer.

Four Kanolu Aboriginal Corporation properties in town sold at low prices at auction.

The lots, owned by the organisation which went into voluntary administration, had rates and interest owing of about $140,000 in total.

The Central Highlands Regional Council granted a concession to the corporation to sell the homes.

Mr Campbell said buyers would continue to see auctions, with another taking place this Friday at 35 Stower St at 10am.



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