THE ‘sold’ sign has gone up on Echuca-Moama, as soaring demand has snapped up every available block of land on both sides of the river.
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Real estate agents and land developers are under siege from people looking to get into the housing market — or expand their portfolios.
The Federal Government's $25,000 homebuilder package and the Victorian Government's decision to extend the first home owner's grant in regional areas until mid-2021 are driving the market, according to Echuca agents.
Charles L King First National director Troy O'Brien said the packages had a greater impact than the industry expected.
“I've never seen anything like it in my 22 years in real estate,” Mr O'Brien said.
“We've sold more than 30 blocks across Echuca-Moama since the Queen's Birthday long weekend. With the government funding that's available, some people are being given a $45,000 head start, which is a terrific advantage.
“We're finding most buyers are buying land between $150,000 and $200,000.
“In the Murray Gardens estate, there are no blocks left in the stage five development. It is at a point where they are going to release stage six soon, which they weren't expecting to do until the end of the year.”
Mr O'Brien said the demand from people to own their own home would have a flow-on effect.“There is going to be massive pressure on contractors to get their jobs done,” he said.
“Under the Federal Government's package, works have to start within three months of the housing contract being established.
“It comes at a good time for the construction industry.”
Elders Real Estate principal Dean Costello said the lack of available land was also seeing buyers move towards ready-built homes.
“The average blocks of 700m2 to 800m2 aren't available right across the board at the moment,” Mr Costello said.
“In February we broke our sales record by 30 per cent and our sales have been just as strong in the past five weeks.
“There was a lot of doom and gloom when COVID arrived but the market has gone in the opposite direction.
“Houses which have been advertised at a decent price are being sold within three to four days.”
And Mr Costello believes the trend will continue for several months.
“I think the situation the world finds itself in has made a lot of people think about their lifestyle,” he said.
“We've always had a solid market in Echuca-Moama and I can't see that dropping away.
“In the coming months, I think we will see a lot more people showing interest in moving to regional areas.”
Parks View Estate property developer Simon Eishold said sales had increased dramatically in recent weeks.
“We only have five blocks left,” Mr Eishold said.
“I've never seen this type of demand. I'm at a point where I've got potential buyers on a waiting list for specific blocks.
“I doubt it will slow down anytime soon with everything that is available to those looking to enter the market.”
Ray White Echuca principal Stephen Morgan said the demand was clearly noticeable in the yet-to-be-built Echuca Fields estate, located just off the Northern Hwy.
“Out of the 28 blocks we've got in stage one, 25 of those are on hold and they haven't even turned the dirt,” Mr Morgan said.
“And then there is about seven people on hold for stage two. The interest has exceeded our expectations.
“People are looking to take advantage of government packages.
“It is a good time to build if you are in a financial position to do so.”
Murray River Council economic development and tourism manager John Harvie agreed land sales in Moama appeared to be booming.
“This is evidenced by the continued release of new stages in various residential developments, council’s recent approval of a new 368 lot subdivision on Beer Rd and the fact that applications for development consent show no sign of slowing down,” he said.
“It is not only residential land that is in demand. Recent sales of industrial land have been on the increase, with only a few lots remaining in the Moama Business Park on Cobb Hwy.”
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