ACCORDING to the latest data from the Real Estate Institute of Victoria (REIV), Shepparton has the third largest rental yield for a three-bedroom house in regional Victoria.
As of June 2019, the median price for a three-bedroom house in Shepparton is $251,000, with the weekly median rent at $300. This equates to a 6.2 percent yield, comparable to that of a one-bedroom unit in Southbank.
The highest gross rental yield across the state was CBD Melbourne, with a gross rental yield of 6.7 percent for a one-bedroom unit with a median house price of $347,500.
For regional areas, ranking places with the highest rental yields has Moe, Stawell and Shepparton in the top three spots, followed by Wodonga, Mildura, Morwell, Churchill, Sale, Traralgon and Warrnambool.
While this comes as great news for landlords in regional areas, renters are finding properties available to rent are becoming more expensive and competitive. As a result, regional Victoria’s vacancy rate – which shows the percentage of properties available to rent – has been dropping considerably over recent years. The vacancy rate percentage is currently sitting at about 1.2 percent, down from 1.9 percent at the same time last year. According to REIV, a 3 percent average is considered to be a balanced market.