Mildura Property Market Update 1st Half 2026
Mildura 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 2026, Mildura recorded a median house price of $600,000 and a median unit price of $452,500. This represents an annual (Q1 2025 – Q1 2026) median price surge of 23.7% for houses and 27.5% for units. Comparing Q1 2025 and Q1 2026, total sales grew by 14.8% (to 194 sales in Q1 2026) for houses and declined by -16.7% (to 35 sales in Q1 2026) for units. This confirms a highly demanded market for both property types and an ideal time for owners to capitalize on their investments. Further, future development projects are limited to infrastructure projects, without any new dwellings or townhouses or units in the 2025 and 2026 pipeline. Thus, home buyers need to act fast.
Project Development
Mildura is set to see approximately $519.4M of new projects commencing construction from 2025 to 2026. There are no residential projects planned in 2025 and 2026. This suggests that there are no new houses, townhouses, units, or vacant land lots in the horizon. Yet, there has been higher number of houses sold over the past 12 months to Q1 2026, reflecting a highly demanded market. Higher house prices are likely in Mildura.
Rental Market & Growth
House rental yield in Mildura was 4.5% in March 2026, slightly lower than Mildura Local Government Area (5.0%) but higher than Melbourne Metro (3.1%). Further, this was paired with a 6.1% growth in median house rental price in the past 12 months, at $520 per week, along with a significant 19.0% increase in the number of houses rented, to 301 rentals in Q1 2026. This confirms there is a highly demanded and competitive house rental market, which benefits investors. Furthermore, Mildura offers an attractive and more affordable investment option to Melbourne Metro.
Vacancy Rates & Property Investment
Mildura recorded a vacancy rate of 1.5% in March 2026, slightly above Melbourne Metro (1.4%). Vacancy rates in the past 12 months have increased, due to investors re-entering the Mildura rental market. However, a 1.5% vacancy rate is still well below the 3.0% benchmark, suggesting quicker occupancy of rental homes in Mildura. This creates a conducive environment for investors, even with a higher house sales price (thus, entry price) in the past 12 months to Q1 2026.
