First National Real Estate’s chief executive, Ray Ellis, says Echuca’s property market has risen slightly, despite the challenging conditions Coronavirus has presented agents with during open home and auction restrictions in the past quarter.
‘First National Charles L King & Co, our local Echuca office, has been surprised by the level of buyer inquiry for property throughout the COVID-19 lockdown’, First National CEO Ray Ellis said.
‘While the number of homes available for sale is certainly less than it was 12 months ago, the degree of buyer demand for those homes has kept prices steady or even led to higher than expected prices being achieved.’
There has been a surge of demand for vacant land locally since the Morrison Government’s announcement of the HomeBuilder grant.
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. While some had anticipated that the policy would attract first home buyers from Melbourne looking for land, a clear majority of such transactions are taking place with local buyers.
‘First National Charles L King & Co has sold almost 40 vacant lots of land in just the past 20 days’, said Mr Ellis.
‘However, rather than young families, the influx of buyers from Melbourne are predominantly young retirees, people in their early 60s, who have been talking to our local office over the past 6 to 9 months. Those people are now making up their minds and committing to a purchase in Echuca.’
Rental property vacancies have remained steady over the past 12 months in Echuca, staying level at 1 per cent. Highlighting the minimal impact that the COVID-19 crisis has had on the property market in regional Australia, very few requests for rental reductions have been received.
“People have certainly re-assessed their future real estate plans as a result of the COVID-19 crisis though,’ said Mr Ellis.
‘Lifestyles and family environments have been reconsidered and city-based residents are wanting to move to Victoria’s regions.’
Issued by: First National Real Estate
For further information contact: Stewart Bunn, National Communications Manager, First National Real Estate, on 0413 624 317