Shepparton 2H Property Market Update 2nd Half 2024
Shepparton offers a relaxed lifestyle with affordable housing and no peak hour traffic, making it an ideal place for those seeking a peaceful environment. Additionally, its vibrant cultural scene and proximity to Melbourne provide a perfect blend of rural charm and urban convenience.
Property Trends
In Q3 2024, Shepparton recorded a median house price of $470,000 and a median unit price of $357,500. This represents an annual (Q3 2023 – Q3 2024) median price increase of 5.1% for units, whilst median house price has remained relatively stable. Comparing Q3 2023 and Q3 2024, house sales declined by -12.6% (to 159 sales in Q3 2024), suggesting an undersupply. In contrast, unit sales rose by 18.2% (to 26 sales in Q3 2024), indicating robust demand, which created a buffer against higher interest rates; hence price growth. This is beneficial to owners who are looking to capitalise on their investments.
Project Development
Shepparton will see approximately $174.3M of new projects commencing construction in 2024. There are several residential projects planned, which will supply 21 townhouses, 14 units/apartments, 36 dwellings, and 46 lots to the market.
Rental Market & Growth
House rental yields in Shepparton were 4.3% in September 2024, higher than Northern Victoria (4.0%) and Melbourne Metro (3.1%). This was paired with a 9.1% growth in median house rental price in the past 12 months, at $480 per week, along with a 13.8% increase in the number of houses rented, to 214 rentals in Q3 2024. The unit rental market shows a similar pattern to the house rental market. This confirms there is a highly demanded and competitive rental market overall, offering an attractive and more affordable (to Melbourne Metro) investment option.
Vacancy Rates & Property Investment
Shepparton recorded a vacancy rate of 1.9% in September 2024, above Northern Victoria’s 1.0% and Melbourne Metro’s 1.7% average. Vacancy rates in Shepparton have increased in the past 12 months, due to investors re-entering the market. However, a 1.9% vacancy rate is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy. This confirms Shepparton as a conducive environment for investors.
