The month in review: Regional Vic
By Herron Todd White
April, 2010
ECHUCA
The holiday market in Echuca Moama is dominated by
Melbourne buyers looking to escape to the Murray on the weekend - particularly over summer when water sports
come into their own.
Depending on taste and budget most opt for dwellings
within close proximity to the CBD, with older period style
cottages proving particularly popular to out of town buyers.
There have been several strong sales of these type
of properties in recent years in the $275,000 to $320,000
range. At the top end of price range there are several
Melbourne based owners of freehold properties with
Murray River frontage, though the price tag for riverfront
freehold properties commonly exceeds $1million. This is
likely to price many out of the market for holiday accommodation.
Holiday villas (with or without river frontage) offer a more
affordable option for those interested in being close to
the river, while several local caravan parks offer solid accommodation
and facilities which are also popular with
holiday makers.
Another attractive option for those looking to own their
own ‘patch’ are ‘bush block’ type properties featuring
some attractive feature (most commonly proximity to a
water course/river) with no or minimal dwelling permit
potential. A 2009 subdivision of land between Moama
and Torrumbarry provided five such bush blocks of 80-
100 hectares with between 300m and 1.8 kilometres of
Murray River frontage. These sold for between $365,000
and$475,000 (ex GST) with each block featuring varying
levels of accessibility and services.
GIPPSLAND
There has been an increase in demand during the past
six months for properties below the $300,000 price range
in the areas along the Gippsland Lakes of Lakes Entrance
and Metung. Particularly, the lower end of the Paynesville
market has shown a steady increase.
These areas have shown a slight recovery with an overall
increase in demand for vacant land, which in turn has
seen an increase in prices with Agents advising a shortage
in supply.
Noticeably vacant land which has been on the market for
some time in the Lakes Entrance area is now starting to
sell due to this lack of supply.
The market within the Seaspray, Loch Sport, Golden
Beach and surrounding areas remains quiet with the
uncertainty of residential development and concerns
regarding the affect of rising sea levels.
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