News

Greater Shepparton property prices on the rise

By James Bennett

The Greater Shepparton property market has enjoyed a decent spring period, according to real estate agent Kevin Hicks.

Mr Hicks said the market continued to improve and he expected it to stay strong.

“Some of the properties that have been on the market for some time have sort of caught up — even if we thought they were too dear two or three years ago.

“The residential market continues to be buoyant because of the demand for numbers,” he said.

“Shepparton continues to be in the hot spot for long-term improvements with fast rail and freeway destined to come one day.”

Mr Hicks said the infrastructure on the distant horizon drew people into the market to invest in the Shepparton region.

He said the commercial sector was also improving.

The average Greater Shepparton property price increased by $20 000 (7.4 per cent) in the most recent quarter, according to the Real Estate Institute of Victoria.

Kialla was the highest priced area during the quarter ending September 2019, with the average home price being $450 000. Mooroopna's average was $270 000, $500 ahead of Shepparton's average. Tatura experienced a slight decline in average price, from $264 000 to $259 000.

The overall quarterly percentage growth in the Greater Shepparton region was a lot stronger than surrounding areas including Moira, Wangaratta, Strathbogie, Benalla, Greater Bendigo and Campaspe.

Mr Hicks said real estate agents were competitively "fighting" over listings.

“That's a good sign for vendors,” he said.

“The market has improved marginally, not dramatically, but it has been a good lift."

Mr Hicks said there had also been good rural property purchases.

With sale rates expected to slow for the Christmas and new year period, the focus now turns to next year.