Mildura Property Market Update 1st Half of 2020
In Q1 2020, Mildura recorded a median house price of $311,000, and vacant land median price of $165,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 2.0% for houses and 16.2% for vacant land. Between Q1 2019 – Q1 2020 total sales slowed for house, by -19.9% to 129 sales and by -55.2% to 13 vacant land sales. The property market in Mildura is showing signs of resilience, particularly for vacant land. There is a unique opportunity for house owners, whereby they can be more confident of their property value.
The average days to sell a house in Mildura declined in the 12 months to Q1 2020, to 47 days. This indicates buyer demand is on the rise as homes are being sold quickly. Buyer activity also increased for vacant land, as average days to sell declined to 102 days.
House rental yields in Mildura were recorded at 5.6% in December 2019, which is above City of Mildura LGA (5.3%) and significantly above Melbourne Metro (2.8%). Over the 12 months to Q1 2020 house median rent recorded a growth of 1.5% at $335 per week, and median unit rental price also strengthened by 1.9% to $265 per week.
4+ bedroom houses have provided investors with +8.6% rental growth annually, achieving a median rent of $380 per week.Mildura recorded a vacancy rate of 1.1% in December 2019, which has fluctuated over the past 12 months and is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. It is also well below that of Melbourne Metro of 2.5%. This confirms there is a healthier demand for rental properties in Mildura, and with a more affordable entry price compared to Melbourne Metro, makes it an ideal area for investment.