As more people look to escape Melbourne, they are casting their search ever wider for homes in, or near, regional hubs which offer quality schools, services and lifestyle.
Data from realestate.com.au shows regional and remote towns in Victoria recorded the highest price growth, with people seeking to escape the city and larger towns.
For unit price growth, Echuca ranks 10th highest, with a price hike of 19.07 per cent for a median price of $321,500.
“Buyers from Melbourne are putting lifestyle first after being locked down (due to COVID-19) numerous times in Melbourne,” Century 21 director Andrew Lochhead said.
“Most buyers have been well established and have jumped into the market thinking if they don't do it now, they’ll miss the boat with how the prices have been increasing.”
Century 21 has recently sold multiple two-bedroom units in Echuca above their appraised value, including a unit in Minor Street with a quote range between $240,000 and $260,000, which sold for $275,000.
Another unit in Hopwood Street sold for $8000 above the quote range and one in Haverfield St for $5000 above.
Charles L King principal Gary Wood said everything had been selling for higher than expected.
“We’re in a booming market,” he said.
“It’s a mixture of Melbourne people and local people. We seem to be getting a lot of investment not just from Melbourne but Ballarat and Bendigo.”
Across the region, Tongala has come in at number four in the top 25 in price growth for houses, with annual growth of 43.17 per cent and median house price of $325,000; compared with Bendigo’s 31.23 per cent.
Cohuna came in at number 25 with its price up 29.31 per cent for a median price of $262,500.
Kyabram also made the top 10 in unit demand growth, up a healthy 117.78 per cent and median price of $229,000.
● Source: realestate.com.au, for year to May 31. Towns/suburbs needed a minimum of 30 annual sales to be included
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