Mildura PRD Market Update 2nd Half 2019

In Q3 2019, Mildura* recorded a median house price of $315,000, and a median vacant land price of $125,000. This represents annual (Q3 2018 – Q3 2019) growth of 13.3% for houses and softening of -7.4% for land. Total sales slowed annually, by -22.8% for houses to 125 sales and by -43.8% for land to 18 sales in Q3 2019. Limited land sales makes this data volatile, yet highly affordable. Median house price growth show confidence is returning in Mildura*.

Average vendor discount between Q3 2018 and Q3 2019 have widened to -5.8% for houses and to -5.2% for vacant land. Market conditions in Mildura* now further favour buyers, as vendors are willing to negotiate below their initial listing price. With such discounts available in an already affordable area, now is an ideal time to buy.

Over the past 12 months, house rental yields in Mildura* increased to reach a strong 6.0% in June 2019. This suggests the house rental market is in a very healthy position, which is supported by the increase in demand for house rentals across the same time period (up by 5.3% in the 12 months to Q3 2019, with 179 rentals).

3 bedroom houses have provided investors with +6.3% rental growth annually, achieving a median rent of $340 per week.

Mildura* recorded a vacancy rate of 0.7% in June 2019, which has remained steady over the past 12 months and is significantly below Melbourne Metro (2.0%) . This confirms a strong rental demand exists for properties in Mildura*.