Shepparton Market Update 0407 057 036 2 nd H a l f 2 0 2 4 Matthew.Chilcott@prd.com.au
FUTURE DEVELOPMENTS
OVERVIEW In Q3 2024, Shepparton* recorded a median house price of $470,000, and a median unit price of $357,500. This represents 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 undersupplied house market. 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 home-owners who are looking to capitalize on their investments.
CHANGE FROM LAST
YEAR
HALF YEAR
Shepparton* will see approximately $174.3M of new projects commencing construction in 2024. Commercial
$1.7M Residential
Industrial
$8.2M
$20.9M
HOUSE SALE S
Mixed-Use
$42.0M
HOUSE ME DIAN PRICE
Infrastructure
$101.6M
HOUSE RE NTAL PRICE
UNIT SALE S
These projects will stimulate economic growth and create new job opportunities in Shepparton. This should have a spillover impact on the real estate market, in the form of higher demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
There are several residential projects planned for 2024, including :
$
•
55 Riverview Drive (17 dwellings)
•
155 Swallow Street (12 townhouses)
MARKET CONDITIONS
•
138 Sobraon Units (7 units)
•
32 Sobraon Street (9 townhouses)
SALES
•
25 Caspian Street (9 dwellings)
•
50 Ford Road (26 land lots)
•
128 Swallow Street (6 dwellings)
MEDIAN PRICE Q3 2024
$470K
$357K
MEDIAN PRICE Q3 2024
$480
AVERAGE DAYS ON MARKET Q3 2024
73
56
HOUSE
U N I T
RENTALS
$360
These projects will assist in answering some of the current demand.
AVERAGE DAYS ON MARKET Q3 2024
23
22
HOUSE
U N I T
14 Units/ Apartments
21 Townhouses
36 Dwellings
46 Lots