Echuca tops region’s median house price

By Rohan Aldous

Jan 15, 2023

House price prediction: Walker Real Estate's Justin Barnett and McConnell First National's Brendan McConnell on the site of the Edge Kyabram real estate development, one of several that is going ahead at the moment in the town. Photo by Jared Prestwidge

Echuca has surprised nobody who has been keeping tabs on Victorian regional real estate prices by topping the area’s median house price, with homes in the Campaspe shire capital up almost 5 per cent in value since December 2021.

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The average home in Echuca, from December 2022 figures, was worth $574,178. The figure, however, is in keeping with what is happening around the country and was 2 per cent down in the last quarter.

Echuca has a major development happening in the town’s west and further plans for real estate developments in the east of the town.

Tatura was among the region’s most expensive towns to buy a home, coming in at $516,661 for the average home sale.

Kyabram’s median house price in December 2022 was $436,049, 0.1 per cent down in the last quarter but more than 3.4 per cent up on the same time in 2021.

At Shepparton, the median home was worth $445,207, an increase of 5.7 per cent on December 2021 and the Rochester figure was at $425,786 — a massive 11 per cent increase on 12 months earlier (but 2 per cent down in the last quarter).

At Rushworth, the median house price in December last year was $368,789, bucking the trend by having a 1 per cent decrease on the 2021 figure.

The figure at Tongala was slightly up on the Rushworth home value, with the median home price being $371,590 (1.7 per cent up on a 12-month basis, but down more than 2 per cent in the last quarter).

Home prices at Seymour fell almost 4 per cent, to $493,362, in the last 12 months — going in the opposite direction to Glomar Beach and Golden Beach (near Sale in Gippsland, up 39.3 and 44.9 per cent respectively), Nichols Point (near Mildura, up 15.6 per cent) and Bright (up 16.5 per cent in the last 12 months to a median house price of $1,072,162).

Bright is one of the only non-beachside regional Victorian towns and cities that have a million dollar plus median house price.

The list is dominated by towns within sight of the beach, with Bellbrae (just inland of Bell’s Beach) topping the list at $2.15 million. Wallington, on the shores of Lake Conneware, just outside Geelong, is another member of the $2 million club.

Lorne is next at a touch over $2 million, while homes at Airey’s Inlet cost $1.84 million and others are beach towns to feature are Anglesea ($1.5 million), Apollo Bay ($1.02m), Barwon Heads ($1.8m), Geelong and Inverloch.

Starting from a low base, the median house price in Kerang of $285,410 was 18.9 per cent up on the last 12 months.

• In the metropolitan region some of the most expensive traditional suburbs continue to produce amazing results.

The average median house price in Toorak was $5,153,458 and an average home in Kew would set you back $2.55 million.