Shepparton Market Update 1st Half 2024
0407 057 036 Matthew.Chilcott@prd.com.au
FUTURE DEVELOPMENTS
OVERVIEW
In Q1 2024, Shepparton* recorded a median house price of $500,000 and a median unit price of $337,500. This represents annual (Q1 2023 – Q1 2024) median price growth of 8.7% for houses and 8.9% for units. In this time house sales surged, by 21.1% (to 184 sales), indicating robust demand that provided a buffer against the cash rate hikes. However, total unit sales dropped by -40.7% (to 16 sales), which suggests there is an undersupply. Thus, now is an ideal time for investors to capitalize on their investments. With only townhouses and land lots in the pipeline for the 1st half 2024, buyers must act fast, before further price increases.
CHANGE FROM LAST
YEAR
HALF YEAR
Shepparton* will see approx. $44.6M of new projects due to commence construction the 1st half of 2024. Commercial Industrial Residential $3.5M $1.9M $5.7M Infrastructure $2.6M
HOUSE SALES HOUSE ME DIAN PRICE
Mixed-Use Projects $31.0M
HOUSE RE NTAL PRICE
UNIT SALE S
25 projects are planned for the 1st half of 2024, with few supplying housing stock. A main mixed-use project planned is 517-523 Wyndham Street Punthill Apartment Hotel Shepparton ($30.0M). It will construct a hotel with 88 serviced apartments & associated offices, and a conference space.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$
Key infrastructure projects include Goulburn Valley Health refurbishment and Marlboro Drive Road upgrade.
MARKET CONDITIONS MEDIAN PRICE Q1 2024
$500K
$337K
MEDIAN PRICE Q1 2024
$470
SALES
AVERAGE DAYS ON MARKET Q1 2024
75
56
HOUSE
U N I T
RENTALS
$350
Key residential projects include:
AVERAGE DAYS ON MARKET Q1 2024
26
21
HOUSE
U N I T
•
155-157 Swallow St – 12 townhouses
•
50 Ford Rd Subdivision – 26 lots
•
The Outlook Mooroopna Residential Subdivision – 20 lots
Although there are new stock in the pipeline, it is mostly land lots and townhouses. There is still an absence of new stand-alone dwellings, which with the current high demand has the potential to create an undersupply. This will further push up house prices.
12 Townhouses
46 Lots