Realestate.com.au figures placed the average house price in the 3564 postcode at $370,000 for the year ending December 2018, that’s $90,000 across the board compared with the 2010 average of $280,000.
Around town properties are being snapped up by savvy investors and metropolitan homeowners looking for more space and money left to play with.
And the trend looks set to continue into 2019 with agents reporting plenty of interest in the local market throughout January despite the major metro markets slumping.
Ray White Echuca director Stephen Morgan said there has been a steady increase in prices “primarily due to supply and demand”.
“There are a lot of Melbourne buyers getting out of the hustle and bustle,” he said.
“In town there are good schools, sporting facilities and it’s one of the closest points to the Murray from the city.”
And with online listings for properties attracting 301 clicks on average, Mr Morgan said there hadn’t been any evidence to show Echuca-Moama would follow the metro price slump.
“The slump works in our favour but our prices tend to remain fairly steady and so we don’t get that boom that Melbourne experienced,” he said.
While city buyers are looking for a range of properties, Mr Morgan said larger lifestyle properties were proving a popular choice.
“We have a 12 acre block listed and we’ve had about 15-20 enquiries but people aren’t able to build on it,” he said.
“No one’s got any lifestyle properties for sale (at this stage), there is Winbi but people want more diversity.”
BECAUSE of this, any homes that sit on a moderately sized block are proving popular with families and retirees looking for extra space.
A prime example was 203 Wharparilla Dve, which sold to a local family two weeks before it was scheduled for auction.
Charles L King First National principal Gary Wood agreed and said while lifestyle properties were popular; it was all down to the buyer.
“Some people are looking for good gardens and facilities — it’s price driven,” he said.
“Echuca-Moama is unique because you can get out of a suburban block in Thomastown and get a two acre block here with everything that opens and shuts.”
Mr Wood said the market has been on a steady rise for years, but couldn’t predict how long this would continue.
“Echuca is cheaper and there are a range of services here meaning it’s a great place to retire,” Mr Wood said.
Rentals have also proved popular for buyers looking to invest, with the average house returning $320 a week.
“The investment aspect has been attractive (for out of town investors) — we’re cheaper than the major cities and still get a good return,” he said.
