Latest news on land, residential, commercial and for lease property
There are always plenty of questions by property investors that can be fired at real estate agents no matter if the property market is good, bad, or indifferent.
Our Goulburn Valley magazine caught up with seasoned property expert, Rocky Gagliardi, who has been in the game for more than 25 years and heads up a team of 28 with Darren Scott at Gagliardi Scott Real Estate.
Rocky says he has seen tremendous change across the Goulburn Valley. Shepparton itself has come of age with a much more vibrant social culture, which in turn is attracting many expats to return to Shepparton and the wider Goulburn Valley. “The coffee culture has gone through the roof. People are looking for a better lifestyle and that’s what Shepparton and the wider Goulburn Valley can offer,” he said.
Rocky, says that land has steadied in its price growth in recent months coming off an insatiable demand during COVID.
Regarding blocks of land, Rocky says: “There is currently quite a lot of reselling of blocks of land due purely to the economics of higher interest rates and an increase of the cost of building. Currently there’s a reasonable amount of land available. However, looking to the medium term (3-4 years), that will change, there will be a shortage of land if land isn’t opened to meet the next wave of demand. “There’s also the challenge to developers with the increase in the cost of development.
“Existing homes are holding their value well and for the first time in Shepparton’s history there are now many homes valued at over $1M and several in the $1.2M – $2M category,” he says. Rocky says that an average home build (land and new home) today is around the $800,000 mark.
On the commercial property front, Rocky says sales are still strong, but yields (rental income) have come under pressure. There is continued strong enquiry for sheds and warehouse-style buildings and in particular the development of these types of buildings from Sydney and Melbourne investors. A good example is the Industrial Road development on New Dookie Road, opposite the Shepparton Saleyards.
Rocky added, “There are approximately 80 premises for lease in the Shepparton area, and the market is quite stable.” Gagliardi Scott Real Estate continue in most cases to lease commercial property with a reasonably quick turnaround.
