Mildura Property Market Update 1st Half 2025
Mildura, in Victoria, offers an affordable cost of living and a welcoming, multicultural community. Additionally, its hot summers and cool winters, and proximity to stunning natural landscapes make it an ideal place for outdoor enthusiasts.
Property Trends
In Q1 2025, Mildura recorded a median house price of $482,500 and a median unit price of $344,500. This represents an annual (Q1 2024 – Q1 2025) price growth of 1.0% for houses and 8.3% for units. Comparing Q1 2024 and Q1 2025, total sales grew by 15.4% (to 165 sales in Q1 2025) for houses and by 14.6% (to 47 sales in Q1 2025) for units. This confirms a highly demanded market for both property types and an ideal time for owners to capitalize on their investments. Furthermore, the upcoming developments is limited to infrastructure projects, with no new dwellings or townhouses or units in the pipeline. This suggests prices will rise further; thus, home buyers need to act fast.
Project Development
Mildura is set to see approximately $525.3M of new projects commencing construction from 2025 to 2026. No residential projects are planned, which means there are no new houses or units the horizon. And yet, there has been higher sales numbers in the past 12 months to Q1 2025, which reflects strong and sustainable market demand. There is a widening gap between demand and supply, which will most likely drive-up median prices across all property types.
Rental Market & Growth
House rental yield in Mildura was 4.5% as of March 2025, higher than Mildura LGA’s 4.0% and Melbourne Metro’s 3.1%. This was paired with a 7.8% growth in median house rental price in the past 12 months to Q1 2025, at $485 per week, together with a 57.9% surge in the number of houses rented (to 251 rentals in Q1 2025). The same pattern can be seen in the unit market. This confirms there is a highly demanded rental market for both property types. With a more affordable entry price than Melbourne Metro, Mildura is an ideal investment alternative for investors.
Vacancy Rates & Property Investment
Mildura recorded a vacancy rate of 1.1% in March 2025, below Mildura LGA average’s 1.2% and Melbourne Metro’s 1.5%. Vacancy rates have increased in the past 6 months, due to investors re-entering to the rental market. However, a 1.1% vacancy rate is still well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, indicating quicker occupancy of rental properties in Mildura. This creates a conducive and sustainable environment for investors; even with higher house and unit sale prices in Q1 2025.
