Data released on Friday by the Real Estate Institute of Victoria listed median house prices across the state.
After recording an 18.1 per cent growth in prices over the past 12 months, the median house price in the Shepparton postcode dropped 1.2 per cent - down $4000.
The median house price in Shepparton is now worth $342,500, although the data used by the REIV for Shepparton said less than 50 sales were recorded in the quarter, skewing data.
Across the Greater Shepparton local government area, where house prices over the past year have risen a whopping 28.3 per cent, there was a 1.4 per cent drop in median house price, to $393,000.
Greater Shepparton has had the highest median house price growth of any local government area in Victoria with more than 50 sales in the past 12 months.
Peter Cardamone Real Estate principal Peter Cardamone said he was shocked to see median prices in Shepparton go down over the last quarter and said the period from January to March was as busy as last year had been.
“It craziness to the stage where we're getting back to people but we're struggling to keep up,” he said.
“It'll reverse, it'll go up two or three or four per cent in the next quarter."
Growth was patchy across the region, with some parts of the Goulburn Valley recording stagnant or slight drops in median house price, while areas like Echuca, Benalla and Campapse continued strong growth.
Seymour house prices didn't move, staying at a median $340,000 for the second quarter in a row, while the median property price in Cobram dropped nearly $10,000 to $302,000, down from $311,500 in December 2020.
Kyabram houses similarly dropped in price by 2.1 per cent to $285,000, although less than 50 properties were sold in the quarter.
House prices in Cobram have lost 10 per cent of their value in the past 12 months, according to the REIV.
Prices in the Moira Shire local government area have risen by 8.2 per cent to a median $355,000 in the past three months.
House prices in Strathbogie - including Nagambie, Euroa and Violet Town - rose a mammoth 14.1 per cent across the first quarter of 2021, although less than 50 properties were sold in the region in that period, skewing the data.
Echuca bucked the trend across the region, with median house prices rising $15,000 - a quarterly bump of 3.3 per cent.
House prices on the Victorian side of the Murray have risen 16.3 per cent in the past 12 months.
Units in Echuca have risen 5.4 per cent in the past three months to a median $328,950.
Houses in Campaspe grew by more than five per cent, cracking the $400,000 price barrier.
Campaspe house prices rose from $382,000 in December to $402,000.
Median house prices in the centre of Benalla rose 2.5 per cent to $333,000, while prices in the Benalla Rural City local government area grew by 4.1 per cent to $346,250, up more than 20 per cent annually.
Median house prices in metropolitan Melbourne reached $1 million for the first time, with a typical house sold for $1,004,500 in the first three months of 2021.
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