MILDURA South and Irymple continue to grow at a rapid rate amid an $80.6 million pipeline of new houses approved for the region so far this financial year.
Latest building approvals figures released by the Australian Bureau of Statistics show 247 new houses were signed off over the past eight months in the Mildura local government area.
There was a slight dip in February’s new home approvals with 32, after a peak of 44 in November and 41 in October.
Nearly four in every 10 approvals were in Mildura South, with 93 new homes getting the tick, ahead of Irymple (54), Red Cliffs (44), northern Mildura (38), Merbein (12) and six in other parts of the region.
There were 16 approvals for other dwellings so far this financial year.
The new figures come after Mildura enjoyed a bumper year of growth in the 2020 calendar.
There are usually 400 new dwellings built each year in Mildura, but the ABS data showed there were more than 500 in 2020.
“This has been on par with the busiest year we’ve had since we started operating in 1986,” Lockstar Homes owner Paul Lock said earlier this year.
There was also fresh analysis released on Friday by an independent property expert showing how well Mildura’s property market had performed since 2016 compared to major centres around Australia.
“Mildura’s 30 per cent increase in median house price over the past five calendar years outperformed seven out of eight capital cities,” Propertyology head of research Simon Pressley said.
“Hobart was the only capital city with a higher rate of capital growth for detached houses.
“Underpinned by agriculture, viticulture and tourism, Mildura’s solid economy, affordable housing and sensible housing supply policy, Propertyology has always considered Mildura one of Australia’s most understated property markets.
“The evidence of the last 30 years is that Mildura is incredibly low-risk, it produces steady and sustainable growth while still being very accessible for new entrants.”
Another property data company, CoreLogic, reported that house values in north-west Victoria had increased by 11.6 per cent in 2020.
According to Propertyology, the average house price in Mildura had increased from $245,000 to $312,000 over the past five years.
Mr Pressley predicts the local property market will remain strong this year.
“Propertyology regards current property market fundamentals of Mildura to still be very promising,” he said.
“Whether a first-home buyer, an existing homeowner looking to take advantage of dirt-cheap interest rates and upgrade their home, or a property investor, it is an exciting time for Mildura real estate.”
