As property prices escalate across country Victoria, homes in the Goulburn Valley are still among the more affordable.
CoreLogic data shows dwelling values across regional Victoria jumped an average 8.3 per cent in the past 12 months, while in the Goulburn Valley, prices rose 7.4 per cent to the end of February.
One of the regional centres in the Goulburn Valley, Shepparton has a median house value of $306,430.
And, with a lower quartile value at $252,022, Shepparton offers an extremely affordable entry point to the market, according to CoreLogic research director, Tim Lawless.
However, rising demand for the low supply of homes for sale has pushed up house values in Shepparton by 4.8 per cent in the past three months.
“This is the fastest pace of quarterly growth since 2012,” Mr Lawless said.
Barry Plant Shepparton director, Matthew Chilcott said the property market is the strongest in nearly two decades and is showing no signs of slowing down.
“Strong demand and the lack of stock are placing enormous pressure on prices,” Mr Chilcott said.
“Some homes are not even being advertised before they are snapped up.”
He pointed to a knockdown three-bedroom house on a large 1594sq m block at 102 Sobroan St, Shepparton, which attracted multiple buyers in the short time it was on the market.
The property, in a residential growth zone, sold for $460,000 to a local investor who plans to develop the site.
“The buyer paid more than $50,000 above the owner’s expectations to secure the home,” Mr Chilcott said.
In Kialla, a modern three-bedroom house on a substantial 877sq m block at 17 Wendouree Drive, recently sold to a local buyer for $450,000.
“This ideal family home drew strong interest and sold well,” Mr Chilcott said.
The property was snapped up at a price beyond the vendor’s expectations because it is in the popular Kialla Lakes Estate and features a third living area, quality fixtures and fittings, plus an outdoor entertainment zone.
Mr Chilcott said all types of properties were in hot demand in the area, including vacant blocks and large family homes.
The Shepparton office’s listings range from a 1009sq m vacant block at 131 Waverley Avenue, Merrigum, priced at $95,000, to a seven-bedroom house at 13 Wyndham Street, Shepparton, on the market for $745,000.
Currently under offer are a three-bedroom house on a 929sq m block at 15 Archibald Street, Lockington, priced at $235,000, and a renovated two-bedroom house at 51 Grutzner Avenue, Shepparton, on the market for $285,000.