Mildura Property Market Update 1st Half of 2021

In Q1 2021, Mildura recorded a median house price of $350,000 and a median vacant land price of $185,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 10.2% for houses and significant 40.2% growth for vacant land. Between Q1 2020 – Q1 2021 total sales increased, by 4.4% for houses (to 167 sales) and by 6.1% (to 35 sales) for vacant land. Median price growth alongside increased sales suggests real returns on capital investment in Mildura. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have significantly tightened to -1.1% for houses. Market conditions in Mildura have shifted towards a seller’s market as buyers are willing to offer closer to the first asking price. This makes it a perfect opportunity for vendors to sell their home.

In March 2021, house rental yields in Mildura were recorded at a healthy 5.2%. In the 12 months to Q1 2021, the median house rental price increased by 8.3% to $360 per week, due to low stock levels coupled with high demand. This places Mildura as a strong rental market, wherein investors are encouraged to enter the market to sustain supply levels.

4+ bedroom houses have provided investors with +5.3% rental growth annually, with a median rent of $400 per week.

Also in March 2021, Mildura recorded a significantly low vacancy rate of 0.7%, which is on par with Mildura LGA (0.7%) and well below that of Melbourne Metro (4.4%). Vacancy rates in Mildura remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% throughout COVID-19 and continued to decline since December 2020. There is still an influx of rental demand in the area, creating a highly conducive investment market for investors.