Echuca, Morwell, Stawell: Where regional Vic house prices boomed in 2022

New data shows regional Victorian property prices have held firm as rising interest rates cool demand across the state. See our searchable graphic.

House prices in regional Victoria leapt almost 8 per cent in the past 12 months, despite a demand declining later in the year.

Real Estate Institute of Victoria data shows the median regional house price reached $610,000 at the end of 2022, up from the $565,000 recorded in December 2021.

The regions also outperformed the metro market for the December quarter, experiencing a 0.9 per cent increase in median prices compared with the city’s 1.6 per cent drop.

Across the state a number of regional towns recorded staggering price growth in 2022.

Echuca’s median house price increased the most, topping the charts with a whopping 28.8 per cent increase to $670,000.

Towns such as Morwell (25 per cent), Kyabram (22.8 per cent) and Sale (21.7 per cent) also recorded some of the highest median house price growth seen in regional Victoria.

Ray White Echuca principal Lynn Hall said widespread demand from buyers pushed house prices to last year’s heights.

“I have been in the industry for more than 20 years and it was some of the biggest price growth we have seen,” Ms Hall said.

“Prices increased for a variety of reasons with a lot of people including retirees and families relocating to the area.”

But with interest rates rising and demand for housing declining, Echuca recorded just a 2.7 per cent increase in the median house price in the final quarter of 2022.

Ms Hall said sales volume had fallen in the region as the new year began, but prices were remaining steady.

This home at 23 Chelsworth Drive, Echuca, is for sale for more than $1 million.

“There continues to be no indication of price decreases.”

While prices were relatively steady across much of the state, towns such as Kyneton (10.6 per cent), Stawell (8.7 per cent) and Kyabram (7.8 per cent) recorded major growth in the final quarter of 2022.

Elders Real Estate Stawell senior sales consultant Ross Matthews said prices in the region are likely to flatten in 2023.

“There was a lot of buyer interest, including those from Melbourne, but by mid-year it had started to slow a little bit,” he said.

“Prices haven’t gone back down but they have stopped going up and I would expect prices to remain steady.”