UNIT values across the Mildura municipality have soared by 16.5 per cent over the past year amid sobering new analysis of the region’s property market.
Leading property data company CoreLogic this week revealed the growth in the Mildura market had fallen short of other centres across regional Victoria.
“The Mildura market has seen dwelling value increases of 8.3 per cent over the 12 months to April, which is slightly lower than the greater regional Victoria market, which increased by 11 per cent in the same period,” CoreLogic head of research Eliza Owen said this week.
“CoreLogic analysed 43 LGA markets across regional Victoria and dwelling value growth across Mildura ranked number 37 by change in values over the year.
“Sales volumes in Mildura increased 7.2 per cent over the year, which is lower than the average uplift of around 25 per cent.”
However, Ms Owen said this was “still a very strong result for the region”, where values had had an average annual growth rate of 3.7 per cent over the past decade.
“Over the course of 2021, low interest rates are likely to sustain some demand across the Mildura market, though the growth rate has already started to slow,” she said.
“The 8.3 per cent uplift in the 12 months to April is down slightly from the 8.9 per cent growth rate observed in the 12 months to February 2021.”
One of the major positives in the market over the past year has been the double-digit increase in unit values.
According to CoreLogic, 113 units were sold in the 12 months to April, up 8.7 per cent on the previous year.
The median price of a unit was $220,362, an increase in value of 16.5 per cent, with a 20-day average time on market.
Collie & Tierney First National director Ben Ridley said he had “definitely seen a big uplift in inquiries for units over the last six months”.
“They are usually the last in the property market that grows. A standard home will increase in price quicker than units do,” he said.
“But when the value of units move, they do so quite dramatically, which is what these latest (CoreLogic) numbers show.”
Mr Ridley, along with other real estate agents Sunraysia Daily has recently spoken with, said the demand for houses across the region remained strong.
He said there was a “clear leading performer” in the property market.
“Irymple is still outstripping all other areas of the market (for sales) by a fairly big margin,” Mr Ridley said.
“Red Cliffs and Merbein are emerging markets that are hitting their straps and Mildura is always a consistent market.
“But Irymple is the one rocketing ahead with all the new developments and the larger blocks that are just a five to 10- minute drive out of town.”
CoreLogic’s latest data showed the median home value in the Mildura LGA was $340,047, up 7.1 per cent on the previous 12 months, with the average days on market for listed properties at 20 days.
The Richmond-Tweed region of New South Wales took top spot for capital gains across both house and unit markets, with 21.9 per cent and 15.5 per cent annual growth respectively.
Bunbury in Western Australia was the worst performer across both house and unit markets, with 3 per cent and -4.4 per cent yearly growth respectively.
