The report highlights 10 regional locations that strike a balance between affordability, price growth and rental yield — and Greater Shepparton is among them.
In fact, Shepparton is one of just three Victorian centres to make the list.
Wodonga and Greater Bendigo are the other two to make the list.
PRD’s report shows Greater Shepparton recorded a median house price of $490,000 in 2024 — significantly lower than Melbourne’s median of $853,000 in the same report. Other sources, such as Domain, place Melbourne’s median even higher, at approximately $1.03 million.
Greater Shepparton has experienced steady population growth, with over 2300 people relocating to the area between 2018 and 2023.
Its relative affordability, consistent price appreciation and strong rental returns have positioned it as one of PRD’s top-performing regional markets.
The report said that over the past decade, median house prices in Greater Shepparton had increased by more than 90 per cent.
It also highlighted that the price of vacant land had soared by more than 120 per cent and that units were up by 82 per cent.
Dash Barolli, director at Barolli Real Estate in Shepparton, pointed to a noticeable rise in interest from out-of-state buyers.
“There’s a lot of investors in the 350k to 550k range of properties,” he said.
“A lot of people want to invest in the area, as Shepparton is affordable and has a good value.
“In the 350k to 550k range, properties are selling fast while anything in the 600k market just stabilised and is staying where it was at.”
With demand holding steady and prices remaining accessible compared to Melbourne, Shepparton continues to attract buyers seeking value beyond the city.
The PRD report said that after a quiet 2022 and 2023, house sales rose by 30 per cent in 2024, while the median price was up 3.2 per cent.
As regional migration trends persist, local agents report that the market shows no signs of slowing down.
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