Shepparton property market performs strongly with sustainable growth rate: HTW residential
Shepparton’s market is being driven by a splash of spending on public infrastructure as well as a flurry of construction activity for private businesses, according to a recent Herron Todd White (HTW) residential report.
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
The report notes many local manufacturing businesses are expanding to larger scale premises, which is having a flow through effect on the whole market.
"As stated in previous Month in Review entries, the hospital expansion is bringing a wealth of jobs for both short term construction and ongoin medical staff, as is private sector allied health work, which is bringing population movements from outside the Goulburn Valley. This has been steady now for the past 12 to 18 months and will continue throughout 2020," the valuation firm said.
"The land situation in the area is tightening, with a number of larger estates being in their last stages.
"This will start to put upward pressure on land values, the likes of which we haven’t seen in over a decade. This will hit first home buyers the hardest as they make up a large chunk of the new home builder pool," the valuation firm added.
"Investors are still in the area chasing the strong yields that we have to offer, but the intensity the out of town investors brought six to 12 months ago has cooled off. Unit prices have started to bounce back with a couple of good results recently."
"Overall the market is still performing strongly with sustainable growth rates. Many agents are reporting sub 30 days on market and have been for an extended period."
A five year old dormer display home in Shepparton was sold for $480,000 in April.
The three bedroom, two bathroom house is situated at 72 Canterbury Avenue (pictured below).
It comes with two living areas, centrally located kitchen, study and large rear garden.
A current listing is a three bedroom house situated close to Shepparton CBD.
The 1/19 Middleton Street home (pictured below) has been listed with a price guide of $335,000.
It comes with open plan living, private patio area, kitchen, front courtyard and double garage.
Note regards COVID-19