According to CoreLogic’s latest regional market update, Shepparton’s median house value is $456,331.
To put it into perspective, the median personal yearly income in Shepparton was $35,308 in 2021, according to the Australian Bureau of Statistics.
Adjusted for inflation, this amount is approximately $39,743.
This indicates that the average person would need 11.5 times their annual salary to afford a median-priced house.
Back in 2016, the median house price was approximately $257,000, while the median personal yearly income was $29,380.
In 2016, a median-earning individual would have needed 8.75 times their annual salary to afford a median-priced house.
According to May 2024 data from CoreLogic, the median rental value is $472 per week, while the median personal weekly income is $679.
This implies that in 2024, the average person would spend 69.5 per cent of their income on rent.
In 2016, the median weekly rent was $210, and the median weekly income was $565, meaning the average person spent just under 37 per cent of their income on rent — a 30 per cent increase over time.
Several sources, including RealEstate.com and Savings.com, recommend spending a maximum of 30 per cent of your pay on rent.
Comparing the 2024 data to 2023, there is a 2.7 per cent increase in median house value and a 7.4 per cent increase in median rent value.
However, over five years, house prices have increased by 49.5 per cent, and rent prices have risen by 39 per cent.
Looking around the state, Bendigo experienced a 0.9 per cent decrease in median house value compared to this time last year, now at $546,103.
The latest income data for Greater Bendigo suggest a $44,720 median yearly personal income.
A Bendigo person with median income would need 12.2 years to save enough to buy the median house if they saved all their income, and 1.2 years for a 10 per cent deposit.
However, the percentage of the median pay for the median rent is lower than Shepparton.
The Bendigo median rent price is $466 per week and the median income is $860, so rent is 54.1 per cent.
Further south in Geelong, the median house price is $728,127, a 0.8 per cent decrease from this time last year.
According to the latest ABS data, the median personal yearly income is $47,656, meaning the median person needs 15.25 times their annual income to pay for the median house.
The median-earning person spending would spend 57.2 per cent of their weekly income on the median valued rental.
The median weekly personal income is $916, and the median rent is $524 per week.
Moving north-west, Mildura has a median house value of $428,684, a 3.4 per cent increase from 2023 and a 51.7 per cent increase from 2019.
The median yearly personal income, according to the latest ABS data, is $41,540, meaning the median house price is 10.3 times the median income.
In Mildura, the median weekly income is $798, and the median rent is 58 per cent of that at $442 per week.
Compared to the Australian and Victorian average, all four regional areas have a lower than median weekly income, with the state median at $935 and the nation’s median at $937.
CoreLogic is an independent provider of property data and analytics.