As one of regional Victoria’s most industrious cities, Shepparton has consistently been recognised as a strong investment opportunity for property developers. The city’s many culinary, historic, and cultural attractions make it a vibrant tourist destination for both local Victorian and interstate travellers. Shepparton’s thriving localised economy also attracts many business owners, particularly within the tourism, hospitality, and arts and culture sectors.
Shepparton’s city centre has also been the site of many residential and commercial development projects in recent years, providing ample opportunities for new property investors and tenants. If you’re looking to make the move to Shepparton and enjoy all the benefits of regional living plus the added commercial opportunities that this growing satellite city presents, then here’s what you need to know.
Shepparton’s strong economy provides minimal barriers for renters
For those looking to rent in Shepparton, prepare to enjoy lower rental rates when compared to metropolitan Melbourne, plus larger average property sizes and perhaps even more affordable insurance cover for renters when looking at cost per square metre. These benefits for regional living in Shepparton are, however, balanced out by reduced connectivity and accessibility when compared to metropolitan areas, and a less diverse job market.
This isn’t to say that there aren’t professional opportunities in Shepparton. Shepparton’s position in the Goulburn Valley (aka, the ‘food bowl of Victoria’), aids in supporting the city’s flourishing local economy. Although Shepparton does provide more job opportunities than other surrounding townships and city centres across the Goulburn Valley and Greater Shepparton region, young people looking to rent in Shepparton should be advised that the majority of jobs available fall within the hospitality sector, with opportunities in viticulture, food production, local restaurant and cafe scenes, and across other food service providers and culinary/cultural tourist attractions.
There are also a wide range of education sector jobs available in and around Greater Shepparton, including primary and secondary teaching positions. If you’re looking to gain experience as a classroom teacher in regional Victoria, Shepparton may be an ideal place to seek employment.
Pro tip: browse through local Shepparton jobs listed here on The Adviser, or across local forums and noticeboards to ensure you’ve lined up employment before your big move.
Shepparton Ranks Once Again on Canstar’s 10 best suburbs in regional Victoria
Alongside boasting a thriving localised economy with a healthy influx of tourist activity annually, Shepparton is also recognised for its lower than average property prices. Canstar’s recently published list of the 10 best regional Victorian suburbs to invest in this year reported that the median house price in Shepparton is still under $500,000, which makes Shepparton an ideal investment hub for first homebuyers who are looking to take advantage of government concessions like the First Home Owner’s Grant and stamp duty waivers on all properties valued at $600,000 or under.
Despite median house prices being so low, the Shepparton property market has still experienced an 8% increase to median property pricing as recorded across 600 different residential property sales over the last 12 months. This means that Shepparton is definitely a market on the rise, so entry level investors can get their foot on the ladder with minimal competition when compared to metropolitan Melbourne markets.
With Shepparton’s market only projected to grow further, the region’s median house price of >$500,000 will likely become a thing of the past in the next few years. Even so, Shepparton’s ongoing economic growth will likely continue to support the city’s booming real estate market, ensuring a steady influx of buyers and renters alike.
What is Shepparton’s renter to owner occupier ratio?
Shepparton’s lower house prices are ideal for attracting first home buyers and beginner real estate investors. Does this mean that Shepparton is also an ideal location for owner occupiers? Well, yes.
In fact, according to Your Investment Property magazine in their Shepparton suburb profile, the most recent numbers on the city’s renter to owner occupier ratio is essentially sitting quite close to 1:1, with 58.20% of the homes in Shepparton being owner-occupied in 2021, as opposed to 58.60% in 2016. These figures are also only expected to have declined from there, meaning that Shepparton is slowly skewing more towards residential tenants over owner occupiers.
Why are there more renters in Shepparton? There are a number of reasons, including Shepparton’s tourism, hospitality, and food service sector opportunities, with plenty of agricultural sector apprenticeships also available year-round.
Alongside this, more property development projects in Shepparton are building townhouses, units, and even apartment complexes, with this smaller, more affordable accommodation attracting students and young professionals to the region. This has resulted in Shepparton’s city centre skewing more towards tenants over owner occupied properties.
Embrace country living with cultural delights in Shepparton
Whether you’re renting or owner occupying, the quality of life reporting and resident satisfaction rates across Greater Shepparton are still trending positively, so Shepparton isn’t just an affordable and accessible property market – it’s also a great place to live.
For young people looking to make a tree change, Shepparton provides all the delights of regional living with all the security of city amenities. Add to this the region’s high-performing local schools, and Shepparton is also being more commonly considered as an ideal location for those looking to raise their children in regional Victoria.
Want to see what Shepparton’s property market has to offer? Explore Shepparton property listings online to find your next regional investment opportunity – or to find your dream country Victorian homestead.
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