Mildura Property Factsheet 1st Half of 2019
Mildura* recorded a median house price of $306,250 and $233,250 for units in Q1 2019. This shows an annual (Q1 2018 – Q1 2019) significant price resilience of 14.5% for house and 3.7% for units. When compared to the Mildura* 2nd Half 2018 Research Factsheet, which reported an annual (Q3 2017 – Q3 2018) median price change of 9.4% (house) and 10.5% (unit), properties in Mildura* have strengthened as vendors are achieving great results in property transactions.
Mildura* recorded a median house price of $306,250 and $233,250 for units in Q1 2019. This shows an annual (Q1 2018 – Q1 2019) significant price resilience of 14.5% for house and 3.7% for units. When compared to the Mildura* 2nd Half 2018 Research Factsheet, which reported an annual (Q3 2017 – Q3 2018) median price change of 9.4% (house) and 10.5% (unit), properties in Mildura* have strengthened as vendors are achieving great results in property transactions.
In comparison, the Rural City of Mildura (LGA) recorded a higher median house price of $285,000 in Q1 2019, representing an annual growth of 8.8% between Q1 2018 – Q1 2019. Units are also headed towards a healthy market with a median price of $215,000, representing annual price resilience of 0.9% during the same time frame. This further suggests Mildura* is beginning to favour a premium market for both houses and units when compared to the LGA.
The median rental price for both houses and units strengthened over the past 12 months to Q1 2019. Houses recorded an annual strengthening of 4.8% to $330 per week whereas units strengthened by 13.0% to $260 per week. Investors are currently benefiting from low average days to sell on market, for both houses at 22 days and units at 21 days. Astute investors need to take this opportunity to enter the market, particularly as vacancy rates were recorded at a 0.8% low in December 2018. Vacancy rates were largely on par with Mildura Regional LGA’s but well below that of Melbourne Metro’s vacancy rate of 2.2%. Investors are also benefiting from extraordinary rental yields for both houses (5.5%) and units (5.0%) in Mildura*, proving investors with further confidence in the market.
Mildura* is set to invest approximately $78.8M in new projects across the 1st half of 2019. Commercial projects account for the majority of this ($45.0M or 57.1%). This is followed by infrastructure ($26.3M or 33.4%) and residential projects ($7.5M or 9.5%). The combination of these types of projects will increase further demand and create employment opportunities.
