Mildura property interest on rise

MILDURA is riding on the crest of a property growth wave that doesn’t appear to be slowing any time soon.

And it is outside investment coming in that has buoyed the property market and local economy with data indicating future capital growth over coming decades.

The Professionals real estate principal Tony Roccisano said the current strength of the Mildura market had been confirmed by the sale of three local motels for a combined more than $15 million in the space of a few months — all to outside investors.

“When you have got outside people investing that sort of money in our real estate, it’s quite amazing,” he said.

“It just shows the confidence people have in this area because we’re growing so quickly.

“And our isolation is our biggest strength because when you look at places like Bendigo, Ballarat and Shepparton they would do a lot of their shopping in Melbourne where they might go to the footy, wine and dine and spend millions of dollars outside their home towns.

“Because we’re so far away from the city, everyone within a 200-kilometre radius comes to us so it’s a huge advantage and people probably don’t realise how strong our little community is.”

CoreLogic data showed the Mildura region had an annual property growth of 6.1 per cent last year driven by its appeal as a key agricultural and tourism hub.

Mr Roccisano said data indicated that Mildura was heading for future capital growth over at least the next 10 to 20 years.

“All the investors are sort of hitting this way and it looks like it is sustainable,” he said.

“So there’s a lot of money coming in to the region and that’s a very positive sign for small business as well.

“Our population is growing and I think that once you get to that 66,000 critical mass with our current birth rate I don’t think there’s anything holding us back.”

Mr Roccisano said many people were now looking to upscale their living arrangements with properties under $650,000 “flying out the door”.

“Those home-owners move up a price bracket and people move in underneath them so it does have a flow-on effect which is quite good for the community.”