Mildura Property Market Update 1st Half of 2022
In Q1 2022, Mildura* recorded a median house price of $436,000, and a median unit price of $298,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 20.4% for houses and 22.9% for units. Total house sales decreased between Q1 2021 – Q1 2022, by -2.6% (to 190 sales), and increased by 12.5% (to 45 sales) for units. The house market is undersupplied as price growth is due to a high level of demand but low stock. The unit market is undervalued, as median price growth is alongside higher number of sales. Now is an ideal time for owners to capitalise on a highly demanded market.
Average vendor discounts between Q1 2021 and Q1 2022 have swung to a premium for units, to 0.9%, but have remained relatively stable for houses, at a discount of -0.9%. Market conditions in Mildura* have shifted closer to above the vendors’ asking price, especially for units. Strategic house buyers can still benefit from a discount, however time is limited.
Over the past 12 months, house rental yields in Mildura¥ increased to sit at 4.5% in March 2022. This was paired with a slight increase in demand for rental properties, up by 1.2% to 170 rentals in the 12 months to Q1 2022. Median house rental price has increased by 2.8% between Q1 2021 – Q1 2022, with a low 25 average days on the market.
2 bedroom houses have provided investors with +3.6% rental growth annually, achieving a median rent of $290 per week.
Mildura¥ recorded a vacancy rate of 0.6% in March 2022, which is well below Melbourne Metro’s 1.9% average. Vacancy rates in Mildura¥ have held steady over the past 12 months, indicating stability in its rental demand. These key indicators create a conducive and sustainable environment for investors, which proves beneficial despite the current increase in median sale price of houses and units in the past 12 months.
