PROPERTIES on the NSW side of Sunraysia significantly increased in value last year, as the area’s “beautiful community” and growing assets drew in potential home buyers.
According to property research company CoreLogic, Gol Gol, Buronga and Wentworth had the largest value growth in Sunraysia last year, growing almost five times that of their Victorian counterparts.
The median dwelling value for Gol Gol, Buronga and Wentworth increased 10.6 per cent ($34,042) in 2022, while Irymple, Merbein, Mildura, Ouyen and Red Cliffs’ median value only increased 2.3 per cent ($9,034).
Paul Modica Real Estate owner Paul Modica said the local NSW property market was “booming”.
“After COVID, we had a couple of subdivisions that almost sold out in 12 months, which was unheard-of, in the past it would always take two maybe three years to fill the lots,” he said.
“There is high demand for new (properties).”
IRYMPLE: Price growth cools in ‘destination of choice’
Mr Modica said historically, properties on the NSW side of Sunraysia had sold for less than those in Victoria, but the area’s assets and lifestyle had caused prices to climb.
“I think people have gotten onto the fact that (the area has) easy access onto the river and the boat ramp, James King Park, it’s got a really, really beautiful community … good sporting clubs and good sporting facilities,” he said.
“(Buyers) are prepared to pay more than what they would’ve in the past to have that lifestyle.”
Gol Gol has the second highest median dwelling value in Sunraysia, currently sitting at $451,485.
The median value increased by 12.3 per cent last year.
One Agency director and sales agent Mark Thornton said Gol Gol had “absolutely exploded”.
“Five years ago, Gol Gol was only really popular for those who lived in Gol Gol or were already in NSW,” he said.
“Whereas, now, there are a lot of people in Mildura that are seeing it as a place they want to go to.
“With the quality of housing over on the river and in some of the large estates that offer so much, I think you will see that it will continue to grow.”
Buronga also had a large increase in value last year, ranked as the fourth most expensive town in Sunraysia, with a median dwelling value of $338,148.
The town’s median grew by 10.7 per cent over 2022.
Mr Modica said he always considered Buronga a “sleeping giant” due to its proximity to Mildura.
“I don’t know what the sales are like in the new subdivision (Grandview Rise), but I think it is proving to be quite popular,” he said.
“It is convenient to Mildura and the fact there is now an IGA at the Midway Centre and there are good sporting facilities, which people want, plus good schools, too … people are happy to move over if all those facilities are available.”*breakout box*
Median dwelling values in Sunraysia
Town – median value – 2022 increase
Irymple – $543,501 – 0.3%
Gol Gol – $451,485 – 12.3%
Mildura – $405,805 – 2.5%
Buronga – $338,148 – 10.7%
Red Cliffs – $323,440 – 3.8%
Merbein – $311,887 – 1.4%
Wentworth – $291,843 – 10%
Ouyen – $195,197 – 2.5%
