$1 million price tag for our property market is now here to stay: agents

Not surprisingly Echuca’s Wharparilla Dve and Moama’s Perricoota Rd have topped the residential list at a whopping $2.8 million and $2.95 million respectively.

In the past five years the $2.95 million home and lifestyle block on Perricoota Rd has set the pace north of the Murray.

But just 12 months ago a 2.18ha vacant block at 13 Perricoota Rd fetched a staggering $14 million and another 2ha property at 6 Cobb Hwy changed hands for $11.1 million.

And earlier this year a home on Preston Rd in Moama was sold for $1.6 million.

The price data, available on realestate.com.au shows about 12 Wharparilla Dve properties selling for more than $1 million in the past five years and over the river, Perricoota Rd had 13 properties in the same rarefied bracket.

Local real estate agents report the Echuca-Moama market is also staying strong despite market slumps in capital cities across Australia.

Helped in large part, they said, by buyers out of Melbourne, looking for long-term capital growth and market leading rental yields.

“Wharparilla Dve certainly enjoys the title of Echuca’s highest priced street. It’s unique in the fact that it is almost in town as well as being on the river,” Charles L King First National director Troy O’Brien said.

“On the river side of Wharparilla, your entry level is more than $1.5 million, with a number of sales above $2 million and some reaching as much as $2.8 million,” Troy said.

The average sale price for Wharparilla Dve is $1.04 million, with families shelling out more than $600,000 at the lower end of the price range to get a property on the landlocked side of the prestigious street.

He said another standout was the old Wesley Church on Annesley St for $1.5 million, home to the first building erected for public worship in town in 1864.

Replaced in 1869 it was last used for worship in 1993 and faced demolition until the community rallied in 1998 to preserve the historic building.

Before the most recent sale it was transformed into a two-storey four-bedroom home complete with a swimming pool.

“It’s not our highest priced property, but a great story about a lady’s passion to create something special and real testament to Echuca,” Troy said.

“If you are brave enough to tackle a project like this, our market is diverse and strong enough to find a buyer for it — this wouldn’t be the case in other regional centres.”

Agents also pointed to the established streets such as Francis and Hopwood streets, Echuca, which have been regularly returning six or seven-figure results at auction or sale.

“These two are well-established streets with a leafy green setting. There is a fair price range (from $300,000 to $1.3 million) depending on the property as there is a mix of units, townhouses and houses,” Century 21 director Andrew Lochhead said.

In Moama, Winbi estate is proving popular with families and investors alike, with homes on Silver Gum Place and River Gums Dve hitting the $1 million mark.

“There are a few streets like this in Winbi Park as the homes there are modern and on good-sized blocks,” Ray White Echuca director Stephen Morgan said.

He also said a property of note for agents was 11 Chelsworth Dve, Echuca – the 65sq home was on a 4600sqm block with a pool, four car garage and “quality all the way through”.

The property was lapping at the door of $1 million, selling for $950,000 and Mr Morgan said there was plenty of interest.

“It was popular due to it backing onto bushland and the size and quality of the home — as well as heaps of street appeal,” he added.

LJ Hooker Echuca principal Allison Minter said Echuca residents typically keep their home for more than 10 years, with the average return on rentals at 5.2 per cent and 5.9 per cent in Echuca and Moama respectively.

Allison said they had some properties that smashed the record for fewest days on the market – one was listed for just five days.

“With a newly built Dennis Family home in the recently established and highly sought after Barbers Paddock, 16 Mayflower Dve, Moama sold in less than a week,”

The property was well within the family home budget at $462,000 meaning the buyers were more than ready to put their money where their mouth was.

Staying north of the river, Allison said 4 Charters Dve sold in two months of being listed for $625,000.

“With a generous sized block, a modern luxury home and pool at arguably one of Moama’s most sought-after addresses it was quick to sell,” she said.