Kialla Lakes is the best area, north is second best. If you got a family go for Kialla is much nicer. Especially the area around warranga drive is very nice, it has got two lakes big park and is not far from shopping areas.
The new estates of Shepparton seem to be the best. Depending on how much you wan to spend, Kialla Lakes or Seven Creeks seem to be popular in Kialla and The Boulevard seems to be popular in the North. Its almost cheaper and better to build rather than buy established.