Analysis by property data firm CoreLogic provided to the Mail-Times showed the Hindmarsh Shire town had the third cheapest median house price of anywhere in Victoria in February. Sixteen houses were sold in town, most commonly for $95,900, over the previous 12 months.

The only two places cheaper to buy in the state were also in the Mallee-Wimmera. Minyip's median house price was $86,637 and Hopetoun's $91,055 over the same timeframe.

Deborah and Keith Stead moved to Jeparit months ago from Clare Valley, north of Adelaide.

Mr Stead retired from his job managing an export hay plant, while Mrs Stead worked at a boutique clothing shop. Mrs Stead, originally from Natimuk, said they moved to be closer to family.

"We retired in December 2017, and having never lived in a city before we decided we wanted a friendly little country town," she said.

Related: Wimmera-Mallee towns dominate Domain's list of cheapest places to buy a house in Victoria

"We looked at Horsham, Edenhope, Apsley, Warracknabeal, Naracoorte and even Millicent, but we went to Jeparit three times and we got a really good buy for the same price we would have paid in those other places," she said.

For $122,000 they received a three-bedroom, two-car space brick veneer home on Broadway. Mrs Stead said they were able to make some alterations with the money they saved.

"We could afford to pay for our house straight up, so we have no debt," she said.

"We've put in two split system air conditioners, bought new blinds for all the windows, put in solar panels, a new fence and a double wall oven."

"Because we had a pool table and dart board we thought we'd have to sell them before we came up, but we were lucky this house also had a games room out the back."

Though retired, the couple is still keen to contribute to town life.

Mrs Stead sells home-made tomato relish at one of the town's supermarkets, and said she and Keith were eventually looking at joining town committees or volunteering initiatives.

"There's a licensed supermarket with a takeaway menu, a medical centre, a chemist, a post office, so we can get anything we want from Jeparit," she said.

"We won't be moving on, we'll be living here for the rest of our lives. We are looking forward to the Hopetoun House Hotel reopening though."

In a pleasant coincidence, another family from Clare Valley the Steads knew moved to Jeparit six months ago.

"They live about four doors down from us, and they've also just retired and knew what they could afford with money to spare for renovations," Mrs Stead said.

Tony and Cheryl Simpson purchased a $173,000, four bedroom home in town three years ago, after finding their way to Jeparit from the other side of Victoria.

"We were living in the Gippsland area of Drouin," Mrs Simpson said.

"We looked at how much superannuation we were able to obtain, and we searched for properties in small towns that would offer us a home paid for outright. We also wanted a community that we could join and be a part of, so that if something happened to one of us, the other would have a support network."

"Ultimately, it was affordable - we still have money in the bank - we liked the house, and we couldn't get such good value anywhere else," Mrs Simpson said.

Mr Simpson, who grew up in Koroit near Warrnambool, said it was good to return to a small community.

"We've settled in and joined a few committees and things like that, so we're inputting to where we're living now."

Mr and Mrs Simpson said they hoped younger couples would eventually to move to town, and that spruiking the lifestyle benefits and increasing secure paid work would be key to this.

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