ACCORDING to leading property market analytics, Greater Shepparton’s housing market has had an enviable start to the year, but its initial momentum remains tenuous. With demand remaining high, supply remains critically thin resulting predictably in ever rising prices, fierce competition and sadly, little solace for new buyers.
Median house prices at the outset of the year range from $500,000 to $530,000. Enticing for investors, with rental yields pushing above 5 per cent, but grim for renters. With such untenable conditions set against a backdrop of unchanging regional incomes, local families are increasingly feeling the squeeze.
Major projects like the Shepparton South–East Precinct Structure Plan (PSP), set to deliver more than 2,900 homes along with new community facilities, parks and a primary school for about 7,000 residents, offer hope of long–term relief but he question remains whether this and other developments can come online quickly enough.
Although the PSP has been a long time in the pipeline, finally being approved by the Minister for Planning in June last year, the newly endorsed plan will guide development over the next 20 to 30 years.
Analytics from Real Estate.com & HTAG.com
