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Preston vs Shepparton vs Morwell — which is best for growth?

Same eight metrics, scored against the same benchmark, ranked against a $1.00Mbudget. Look for where one suburb is materially ahead — that's the dimension that should sway your call.

  1. Preston

    VIC · 3072
    55Average
    Median
    $985k
    5y growth
    7.0%/yr
    GrowthStable but fully priced

  2. Shepparton

    VIC · 3630
    55Average
    Median
    $480k
    5y growth
    11.2%/yr
    GrowthStable entry · room to scale

  3. Morwell

    VIC · 3840
    58Average
    Median
    $314k
    5y growth
    11.9%/yr
    GrowthStable entry · room to scale

Metric breakdown

Each row scores 0–100 against a fixed benchmark. The leader on each row is highlighted.

Metric · weight
Preston
Shepparton
Morwell
Capital growth (5y)
weight 22%
707.0%/yr
10011.2%/yr
10011.9%/yr
Rental yield
weight 13%
412.1%
592.9%
713.6%
Rental demand
weight 10%
701.2%
402.4%
402.4%
Population growth
weight 12%
787.8%
787.8%
787.8%
Income growth
weight 12%
8822.0%
5213.0%
5213.0%
Construction pipeline
weight 15%
0–
0–
0–
Affordability
weight 8%
22% under cap
5252% under cap
6969% under cap
Supply tightening
weight 8%
90-8.0% YoY
25+5.0% YoY
25+5.0% YoY

Winner per dimension

Where each suburb leads the field, with the count of dimensions won.

  1. Preston

    3/8
    • Rental demand
    • Income growth
    • Supply tightening

  2. Shepparton

    0/8

    No outright lead on any single dimension.

  3. Morwell

    2/8
    • Rental yield
    • Affordability

Why Preston

Stable but fully priced

listings tightening 8.0% YoY, incomes +22.0% (5y).

Drivers
  • Supply tightening-8.0% YoY
  • Income growth+22.0% (5y)
  • Population growth+7.8% (5y)
  • Capital growth7.0%/yr
Risks
  • At top of budget (99% of cap)
  • Thin gross yield (2.1%)

Construction ·Metro Tunnel — Parkville Station6.4 kmRecently completed · 2025

Why Shepparton

Stable entry · room to scale

11.2%/yr capital growth, population +7.8% (5y).

Drivers
  • Capital growth11.2%/yr
  • Population growth+7.8% (5y)
Risks
  • No major construction project in this state

Construction ·North East Link — Bulleen156.9 kmConstruction · 2028

Why Morwell

Stable entry · room to scale

11.9%/yr capital growth, population +7.8% (5y).

Drivers
  • Capital growth11.9%/yr
  • Population growth+7.8% (5y)
  • Rental yield3.6%
  • Budget headroom69% under cap
Risks
  • No major construction project in this state

Construction ·Suburban Rail Loop East — Glen Waverley116.0 kmConstruction · 2035