Mildura Property Watch Q1 2014

The following property watch is an overview of the historic and current residential market trends of the Mildura Area for a ten year period ending December 2013. Mildura is a regional city in northwestern Victoria and seat of the Rural City of Mildura local government area. It is located in the Sunraysia region on the banks of the Murray river providing a flourishing and dynamic area while maintaining a national reputation of a significant agricultural and horticultural region.

Mildura prides itself in diversified food and beverage processing, advanced manufacturing, transport and storage, mining and renewable energy providing further economic incentive for its population.

In this report, we analyze data on the Mildura housing market to provide historical information on what has occurred over the past 10 years and provide a positive forecast for the market moving forward.

The house price point has displayed seasonal trends in twelve months to December 2013, due in part to inconsistency in demand for the less than $210,000 price points. Mildura house market recorded a total of 931 transactions in twelve months to December 2013 which is an improvement in a five year transactional average of 596 settled transactions. A look at the house median price in five years since 2009, shows an annual growth rate of 2.8 percent to close the December 2013 with a median price of $229,250. In a twelve month period, the market share for houses have impressively increased by 13.2 percent which is a mountain leap when compared to the five year growth rate of 1.2 percent. A price point analysis over the past twelve months has indicated fluctuations with a marginal increase in the market share for the $210,000 and $370,000 price points.

The unit market of Mildura recorded a total of 192 settled transactions in twelve months ending December 2013, to record a massive improvement on the five year transactional average of 102 settled transactions. The unit median price stood at $115,000 to close December 2013 with a highly impressive annual growth rate of 32 percent in the market share over the same period.