Echuca property well-positioned to increase in value post COVID-19

By Daneka Hill

Aug 11, 2020

PROPERTY values are expected to jump in Victoria’s regional towns post COVID-19.

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The prediction comes from leading property analyst Terry Ryder, who said the resilience shown by regional economies in the face of pandemic restrictions and the mass adoption of remote working meant Echuca homeowners can expect to see their assets grow in value.

“I call it the exodus to affordable living,” Mr Ryder said.

“It was a previous trend, but it’s been exacerbated by COVID-19 as more people realise they can work remotely and don’t need to be in big, expensive, congested cities.”

In previous years, towns within one hour of Melbourne have experienced this “exodus” but COVID-19 has caused Melburnians disillusioned by bright city lights to cast their nets wider.

Mr Ryder said the two biggest factors favouring regional property growth was the presence of the agriculture industry and migrants.

“Victoria is a very strong state economically because it’s a population leader, driven by overseas immigrants,” Mr Ryder said.

“The media is talking a lot about the effects of COVID-19 (on property values) but regional areas have been less impacted, especially where there is agriculture and wine country.

“Echuca is a place that has been popping up on our radar a lot in the last few years. It is a good, steady regional centre.”

Charles L. King & Co. First National - Echuca director Troy O’Brien said Echuca had seen a recent surge in buyer interest.

“Between the first shutdown and now we had such strong interest from Melbourne,” Mr O'Brien said.

“People are definitely wanting to re-locate to the country for some fresh air.

“What COVID-19 has done is explain to people that they can work from home.

“For example, we’ve got 19 staff here and only four are in the office. We’ve found we can work very well from home.”

Mr O’Brien said those interested in Echuca property were “a bit of a cross-section” of early retirees and first home buyers.

“They are in their 50s or 60s, and they might have been thinking about moving but the pandemic has caused them to say ‘let’s go right now’,” Mr O'Brien said.

“Work isn’t as important to them anymore.”

Mr Ryder released his predictions through his property research firm Hotspotting in the winter 2020 Price Predictor Index, which monitors property markets nationwide.