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PRD Real Estate Mildura  →  Research Hub  →  Mildura Property Market Update 2nd Half of 2021

Mildura Property Market Update 2nd Half of 2021

In Q3 2021, Mildura recorded a median house price of $370,000 and a median vacant land price of $135,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 8.8% for houses and a stable growth for land. Between Q3 2020 – Q3 2021 total house sales increased, by 8.5% (to 178 sales), however total land sales declined by -65.9% (to 28 sales). Market conditions indicate real returns in capital investment in the house market, as median price growth is alongside increased sales volumes. First home buyers can still benefit from an affordable land market and build their dream home

In Q3 2021, Mildura recorded a median house price of $370,000 and a median vacant land price of $135,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 8.8% for houses and a stable growth for land. Between Q3 2020 – Q3 2021 total house sales increased, by 8.5% (to 178 sales), however total land sales declined by -65.9% (to 28 sales). Market conditions indicate real returns in capital investment in the house market, as median price growth is alongside increased sales volumes. First home buyers can still benefit from an affordable land market and build their dream home

Average vendor discounts for houses have swung to a premium of 1.2% between Q3 2020 and Q3 2021. Market conditions in Mildura have now shifted to favour sellers, where buyers are willing to negotiate above the initial listing price. This is the first occurrence in the past 24 months, making now an ideal time to sell.

In September 2021, house rental yields in Mildura were recorded at an attractive 5.2%. In the 12 months to Q3 2021 the median house rental price was stable at $350 per week, in conjunction with low average days on the market of 22 days. Overall, this represents a healthy rental market in the Mildura area.

3 bedroom houses have provided investors with +2.9% rental growth annually, with a median rent of $350 per week.

Also in September 2021, the Mildura area recorded a record low vacancy rate of 0.6%, below Mildura LGA (0.4%) and well below that of Melbourne Metro (3.5%). Vacancy rates in Mildura are at record lows, and well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms it is a highly resilient rental market demand despite COVID-19 lockdowns, thus investors can be confident in their decision to invest in the Mildura area.

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