Century-old Echuca Park sold in major deal to residential developers

A 120ha farm in Victoria’s north has been sold for a whopping sum to a developer with plans for a 1200-lot residential subdivision.

A century-old sheep and cattle farm on the outskirts of Echuca has been sold in a deal worth a reported $40m-plus in a major milestone for the northern Victorian town.

The 123ha Echuca Park farm has been sold after being held by the same family for more than 100 years.

The farm has been purchased by a Melbourne-based property development group that has completed residential developments across Australia and overseas.

The farm sits in the Echuca West Small Lot Subdivision Plan with a proposed 1200-lot subdivision designed for Echuca’s future housing growth.

The price of the transaction remains undisclosed due to confidentiality agreements.

Nutrien Harcourts Echuca agent Andrew Miller brokered the deal.

Echuca has recorded a booming median house price over the past few years with a white-hot demand for property near the regional centre.

In the 12 months to June this year Echuca recorded the tenth highest median house price rise in the state with a 35 per cent increase from $459,500 to $620,250.

Land has been in short supply around the town with recent growth sprawling out toward the Echuca West area.

The 123ha Echuca Park farm has been sold after being held by the same family for more than 100 years

The landmark sale of Echuca Park marks one of the first steps in the Campaspe Shire Council’s plan to develop hundreds of hectares of farmland for residential homes.

In December last year Mayor Chrissy Weller said the precinct plan was expected to provide the next 40 years worth of residential land supply, with the capacity of 5000 new dwellings accommodating 14,000 residents.

In July last year the Campaspe Shire Council first proposed the plan to rezone farmland for the Echuca West Precinct Structure Plan.

Then in December last year, the Campaspe Shire Council passed a motion to rezone about 615ha of farmland for residential development in Echuca West.

The land is bounded by Stratton Rd to the west, Murray Valley Highway to the north, Northern Highway to the east, and Echuca West School Rd to the south.

Regarding residential housing in Echuca, Campaspe Shire Council interim CEO Tim Tamlin said more development was needed.

“Echuca has a massive shortage of residential land. Council initiated a scheme amendment to rezone Echuca West consistent with a previous Housing Strategy,” he said.

“The land is proposed to be rezoned to the Urban Growth Zone.

“Council is presently drafting a strategy in relation to residential land for the nine townships within the shire and other existing residential zoned land.”

Late last year the Campaspe Shire Council moved to rezone 615ha of farmland west of Echuca.

In July this year a proposed 300-home development in Victoria’s High Country at Bright by the Deague Group’s was approved by the Alpine Shire Council.

It was reported Deagues paid $35 million for a 40ha site at 805 Great Alpine Rd last year from Olympic skier Malcolm Milne.

Their $450 million proposed estate plans to have display homes ready next year and is to be built over the next four years.