Ray White Rochester’s Stuart Wilson and Rob Hosking.
Photo by
Lua Ikenasio
Rochester has become one of Victoria’s strongest-performing property markets, with house sales rising almost 50 per cent in the past year as newcomers and returning locals embrace regional living.
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While sales activity has surged, Rochester’s median house price has recorded average annual growth of almost 11 per cent over the longer term, suggesting demand has remained resilient beyond short-term market fluctuations.
Ray White Rochester principal Stuart Wilson said buyers were increasingly looking beyond larger regional centres and cities searching for better value.
“We’re seeing strong interest right through the market now, even in the higher price brackets,” he said.
“Key features for Rochy is we've got great schools now, health services are A1, the V/Line train and position wise, you've got Rochester in between Echuca, Bendigo and Shepperton.
“There's a lot of pluses now, and it's still a safe town for younger families.”
The rise of remote work has allowed more people to relocate to towns such as Rochester, where they can downsize their mortgages while upsizing their properties.
FP Nevins agent Tony Hooppell.
While retirees still make up a large portion of the population, FP Nevins agent Tony Hooppell said more young families were entering the market.
“Of late, it’s been a lot of younger locals or local to the (Goulburn Valley) that have been moving into these homes now,” he said.
“It’s a younger demographic coming out into those lifestyle farms ... they’re starting their families, and some of them have gone away and come back.
“There seems to be a little bit of a push back to this area — they're coming back where home is.
“They want to find a good little farm where they can start or complete their families and grow there.”
Luke Ryan from Luke Ryan Real Estate.
Photo by
Lua Ikenasio
Although Rochester’s flood history remains part of the conversation with prospective buyers, Luke Evans from Luke Evans Real Estate said concerns around insurance and financing had largely eased.
“They haven’t forgotten about the floods. They’re just realising it doesn’t happen every day,” he said.
“(It’s) a misconception that insurance is a problem because it’s definitely not ... We've always been able to insure.
“A lot of people still ask the question (of floods) but we just explain to them, use local brokers, talk to local insurance companies because they’re the ones that know who to deal with.”
With stock tightening and demand remaining strong, local agents say discussions are under way with developers about future housing projects aimed at providing more options for singles, couples and young families looking to enter the market.
