Mildura homes sell faster than most

MILDURA houses spent fewer than three weeks on the market on average before being sold in the 12 months to July this year.

According to property data and analytics company CoreLogic, houses in the Mildura municipality were for sale for just 18 days on average before being snapped up by savvy investors.

Only Wangaratta houses for sale spent fewer days on the market at 14 days, according to CoreLogic’s latest regional market update report.

Units in the Mildura region were also in high demand, lasting an average 19 days on the market before sale.

The data shows there were 1094 houses told in the Mildura region between July 2021 and July this year with a further 168 units going under the hammer.

The number of houses sold in the region was slightly down on the previous 12 months while unit sales increased by almost 21 per cent.

While median house values increased by 3.1 per cent to $412,467, units skyrocketed by 23.8 per cent to $279,528.

However, CoreLogic said it was now seeing a downward shift in values spreading among regional markets as the rising cost of living and increased interest rates put further downwards pressure on demand.

Making up 78.3 per cent of Australia’s unit supply, the combined capitals recorded a larger decline in unit values relative to the regional areas, falling -2.7 per cent since April.

By comparison, regional units, with a more affordable median value, have been somewhat more resilient, with values falling -1.3 per cent since peaking in June.

CoreLogic economist Kaytlin Ezzy said the current tightening cycle has seen the cash rate rise 2.25 per cent in just five months, the fastest increases seen since 1994.

“While Australia’s unit market has been somewhat more resilient to falling values than the detached housing segment, it has not been immune, with many households being sensitive to increased interest rates due to high debt levels along with high inflation,” she said.

“Despite the current decline being the fastest on record, it’s important to remember the context of the past two years.

“While capital city unit values are just 0.5 per cent higher than this time last year, they are still 7.7 per cent above pre-COVID levels.”