The median sale price of homes in Shepparton continues to show relative stability in a market that is often fraught with either spiking or cooling prices. The popularity of regional centres such as Shepparton comes down to not only the affordability so close to such an expensive market (Melbourne), but also the lifestyle Shepparton provides homeowners.
Shepparton experienced a decrease of -36 per cent in the volume of houses sold in April this year compared to in 2017, at 244 houses sold. On top of this decrease of supply, the market showed a slight cooling in alignment with the Melbourne market, with the median house price staying exactly where it was in April 2017 at $260,000. This is still just under 15 per cent higher than March figures for this year, indicating a fluctuation of prices in central Shepparton in the past year. Despite this, the median price of houses in Shepparton central has increased 8.3 per cent over three years (indicating steady but modest growth).
Shepparton North saw a 9.8 per cent increase compared to this time last year, reaching a median of $315,000, despite a low sale volume of 4.
Shepparton East houses saw a 58.8 per cent increase this April compared to April 2107, to reach a median sale price of $405,000, with a small sale volume of only 4 properties.
The median sale price of houses in Mooroopna in the west saw a 9.5 increase compared to this time last year, reaching a median of $230,000 and a sale volume increase of 23.1 per cent to 112.
The median sale price of units in April this year compared to April 2017 was a little different to houses. Those in Shepparton saw a 4.8 per cent increased difference, reaching a median price of $225,750.
The greater Shepparton area is constantly undergoing new developments, drawing more people from larger cities to invest in new homes being constructed. A new Shepparton Art Museum (SAM) is set to begin construction in late 2018, rail upgrades are planned between Seymour and Shepparton to improve connectivity with Melbourne, while ongoing roadworks such as the Goulburn Valley Highway Shepparton Bypass are also aimed at improving connectivity with major regional centres as well as Melbourne.
Lead image: Flickr