ECHUCA has been rated one of the most consistent property growth markets in regional Victoria.
Both capital growth in homes and units and outstanding rental yields.
Real estate analyst Terry Ryder from hotspotting.com.au reported Echuca as its national winner as ‘most consistent market’ in 2017.
And said this week the town was working its way back up the charts with a dazzling 16 per cent lift in median house price to $365,000 in the past 12 months.
“After watching this market chug along steadily I’ve once again been forced to include it in the new edition of Top 5 Regional Victoria Hotspots because, well, because it can no longer be ignored,” Terry said.
“Echuca is one of those strong regional centres which form the backbone of the nation in industries such as agriculture, tourism and manufacturing,” he said.
“Hotspotting has often featured Echuca in The Price Predictor Index on the National Top 50 list of most consistent markets, as measured by quarterly sales volumes. And it keeps on keeping on, driven by a strong and diversified local economy, and steady growth, which helps explain that 16 per cent jump.”
Terry said hotspotting.com.au rated ‘consistent’ locations where a steady rate of sale, quarter after quarter, is recorded.
He said the latest survey showed quarterly sales of 90, 99, 89 and 88.
“Our research shows consistent markets can produce good price growth in the short-term – and, in addition, steady long-term capital growth rates,” Terry added.
“National valuation firm Herron Todd White has regularly commented on Echuca in its monthly property review, recently naming it as a rising market.
“HTW’s latest report said: ‘There are several opportunities to buy into a well located property within the Echuca-Moama area that are central without costing the earth – in particular the eastern side of Echuca where housing costs a fraction of the price of houses located centrally but which might be equally close if not closer than some of the more renowned central streets such as Hopwood and Francis streets ... the old part of Moama provides plenty of opportunity to purchase older homes for renovation or demolition while being very central to Moama and relatively close to the Echuca CBD’.”
Terry also said Echuca would deliver good rental returns.
He said based on its median weekly rent of $345 the median yield is 5 per cent.
“Echuca’s vacancy rate is currently 1.3 per cent and has been below 3 per cent for the past five years,” Terry said.
“The rate in Moama is very low – 1.2 per cent (but rates here have fluctuated above 3 per cent several times, occasionally reaching 5 per cent in the past two years),” he said.
“As the trend for home-buyers to move away from the city to regional areas increases, Campaspe Shire is preparing to welcome another 3000 residents to West Echuca by 2036.’’