Lack of supply in Echuca and Gippsland results in tight property market: HTW
Most agents are reporting a distinct lack of stock across the board in Echuca, but particularly in the standard $300,000 to $400,000 price bracket, according to Herron Todd White’s (HTW) latest monthly market report.
The property advisory firm said that this is having some interesting impacts on the market, including an increasing number of off market transactions as agents have buyers ready. Upward pressure on pricing and, in some instances, some increased pricing for rural residential properties in close proximity to town is also impacting the market.
One example would be a three bedroom home at 56 Simmie Street (pictured above) that is for sale for $335,000.
The tighter supply conditions has been seen through most market segments with several significant larger sales which appear to have been buoyed by lower interest rates and an expectation that they will remain low in the short term.
These include several sales in excess of $1.2 million in recent times and another property which has allegedly just gone under contract for $2.75 million.
In the Sale and general Wellington areas, the $250,000 to $350,000 continues to perform consistently, according to HTW.
First home buyers and young families generally dominate this market segment, purchasing circa 1970 to 1990, three to four bedroom brick veneer properties in established locations.
The higher end properties, generally being those with asking prices over $650,000, tend to experience longer selling periods, with few buyers active in this market segment. Slowing activity in offshore and onshore gas and oil operations based in nearby Longford tends to impact this market segment.
