Today, that foundation is broadening. Agriculture remains central, but the local economy has diversified significantly to include logistics, healthcare, education, and advanced manufacturing. This economic mix, combined with Shepparton’s strategic location in northern Victoria is driving a new wave of public and private investment, elevating the city as a regional growth centre with long-term commercial appeal.
Underpinned by a diversified economy encompassing agriculture, logistics, health, education and advanced manufacturing, Shepparton is drawing increased attention from investors seeking affordable entry points and long-term growth potential.
The region’s economic momentum is undeniable. According to the latest figures from economy.id, Greater Shepparton’s Gross Regional Product (GRP) reached nearly $5 billion in the year to June 2024, a 4.5% increase on the previous year.
Contributing around 0.85% to Victoria’s Gross State Product, Shepparton is playing an increasingly important role in the state’s broader economic picture.
Public investment is keeping pace. The 2024/25 Greater Shepparton City Council budget commits nearly $70 million to capital works, including road upgrades, stormwater infrastructure, and new community facilities. These works are designed to support the city’s liveability and functionality, while laying the groundwork for sustained development.
Strategically located in north central Victoria, Shepparton benefits from its position on major freight and transport routes. It’s also increasingly seen as a regional alternative to metropolitan centres, offering growth without the price pressures of capital cities. This appeal is evident in the surge of commercial activity across key sectors.
Healthcare, hospitality and large-format retail have seen notable expansion. New developments and refurbishments, including upgrades to medical centres, new bulky goods outlets and repurposed office space, reflect a maturing market supported by strong demand and investor confidence.
That confidence also extends to land acquisition. A recent purchase of approximately 13 hectares on Doyles Road by a private investor group signals long-term belief in the region’s trajectory.
The site forms part of a future residential precinct expected to deliver thousands of new dwellings and generate hundreds of jobs. It’s a trend echoed across the region: forward-looking investors are banking land in strategic growth areas ahead of future development.
Recent commercial transactions further illustrate the depth and resilience of Shepparton’s market. CBRE from CBRE, in conjunction with Gagliardi Scott, recently sold the I-MED Radiology facility on Nixon Street, underpinned by a renewed 10 year lease to Australia’s largest medical imaging provider.
Another deal saw the sale of a fully leased office building on Welsford Street, located near the city’s new $79 million law courts precinct, with buyers attracted to its strong tenancy profile and central location.
Industrial assets are equally in demand. The Cleanaway facility on Old Dookie Road recently sold to an international investor for $7 million, achieving a 5.89% yield, a clear sign of confidence in regional industrial offerings.
With continued infrastructure investment, a growing population and a broadening economic base, Shepparton is evolving into a key regional commercial hub.
For investors seeking stability, strong yields and national tenant covenants, the city now offers compelling value in one of Victoria’s fastest-growing corridors.