The prediction comes from leading property analyst Terry Ryder, who said the resilience shown by regional economies in the face of pandemic restrictions and the mass adoption of remote working meant Shepparton homeowners can expect to see their assets grow in value.
“I call it the exodus to affordable living,” Mr Ryder said.
“It was a previous trend, but it’s been exacerbated by COVID-19 as more people realise they can work remotely and don’t need to be in big, expensive, congested cities.”
In previous years towns within one hour of Melbourne have experienced this ‘exodus’, but COVID-19 has caused Melburnians disillusioned by bright city lights to cast their nets wider.
Mr Ryder said the two biggest factors favouring regional property growth was the presence of the agriculture industry and migrants.
“Victoria is a very strong state economically because it’s a population leader, driven by overseas immigrants … the media is talking a lot about the effects of COVID-19 [on property values] but regional areas have been less impacted, especially where there is agriculture and wine country,” he said.
“Shepparton is a good example because it is a food bowl area.”
Cardamone Real Estate sales executive Brad Campbell said activity in Shepparton-Mooroopna was still “really, really good” despite Victoria’s stage three coronavirus restrictions and Melbourne’s stage four.
“The amount of buyers gives us confidence … despite the doom and gloom in Melbourne it is rock solid here,” Mr Campbell said.
“You’ve got a real combination of people who want to get out of town into lifestyle properties, others who want to downsize into town and retirees looking to snap up low-maintenance townhouses.”
Mr Campbell said Mr Ryder’s comments that agriculture and migrant populations were supporting property values were “absolutely correct”.
“The value increase in Shepparton happens right in front of your eyes and you don’t realise it’s gone up until you look back,” he said.
“There should be some good increases in the next two years and some really good growth in the next five to 10.”
Property in Kialla Lakes, the CBD, and near schools and shops are expected to see the biggest increases going forward but Mr Campbell said even “neat, well-presented” houses in commission areas were attracting plenty of investors looking for rental opportunities.
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