IT’S the “destination of choice” for Sunraysia’s home buyers, but Irymple has recorded one of the smallest annual value increases in the region.
Irymple finished 2022 with a median dwelling value of $543,501, the highest in Sunraysia, according to property research organisation CoreLogic. But the value had only increased by 0.3 per cent in the 12 months to December 2022.
This compared to Gol Gol’s significant price growth of 12.3 per cent and a 10.7 per cent increase at Buronga. Ouyen was the only local town to record a decline at -2.5 per cent, while Mildura recorded a 2.5 per cent increase and Red Cliffs a 3.8 per cent increase. Merbein recorded a 1.4 per cent increase.
One Agency director and sales agent Mark Thornton was surprised by this figure, but said Irymple had shown the majority of its “incredible” growth before COVID, when other area values were steady.
“Pre-COVID, there was a lot of growth in that area because of the developments and infrastructure that was going in Irymple,” he said.
“But Irymple has still been a big mover in the real estate area.”
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Despite its low annual growth, Irymple’s median dwelling value increased 3.7 per cent in the three months to December 2022, which was an increase higher than any other Sunraysia town in that time.
Mr Thornton predicted these increases would continue this year after the steadier 2022, due to the town’s growing popularity.
He said properties for sale in Irymple often spent less days on the market compared to dwellings in other Sunraysia towns.
“When you are talking to potential buyers about where they want to go … Irymple is the destination of choice,” he said.
“If we are going to get any growth in the district this year, which I think we will see values still going in the right direction, I think Irymple will be right up there.”
Mr Thornton said Irymple had a lot of attractive features for home buyers, which made it popular.
“There is a really strong demand for a new retiree market, families, big blocks and in Irymple there is still lots of building and land that is about to open up,” he said.
“People when they come to Mildura from outside of town to downsize into town, Irymple is just that nice step closer.
“It is not in the centre of Mildura, it is that nice little quieter area of Sunraysia that still has everything you need.”
All Sunraysia towns included in CoreLogic’s data recorded a quarterly increase in values, except Ouyen.
The area’s increases have defied the recent national-wide decrease in house prices, which is largely occurring in capital cities.
CoreLogic found that the number of markets that recorded a quarterly decline increased to 80.7 per cent.
Mr Thornton said it had been “unreal to see so much growth in Sunraysia in the last two or three years” as the area was not known for capital growth or significant increases.
“We don’t see the big downturns in the market that they do in the cities,” he said.
“If you look back over the last 20 to 30 years, we have been really steady and there is no reason that won’t stay the same.
“The results from our recent open inspections show that there is still strong demand, so there is no reason why the market would go backwards. It is good for Sunraysia homeowners to know they are sitting on an asset that should stay or increase.”
