Property on the rise

HOUSE prices in Mildura have had mild growth in the past year, despite a trend in the opposite direction for regional Victoria as a whole.

CoreLogic data from the 12 months to June revealed the median house price in the Mildura municipality grew 1.24 per cent to $403,962.

Mildura ranked ninth in regional Victoria, which overall was down 0.5 per cent.

Shepparton, Wodonga, the Latrobe Valley and Bendigo all grew, however major centres Geelong and Ballarat did not make the top 10.

CoreLogic head of residential research Eliza Owen said the lower overall regional prices were due to an increased number of sellers.

“The surplus of stock means that buyers have more choice and power in negotiating prices down, which creates a drag on overall value,” she said.

“I also think the state has had quite a strong reaction to the rise in interest rates.”

Mildura’s house values had increased an estimated 46 per cent since March 2020, according to CoreLogic.

Much of the country continued to experience a housing shortage.

Ms Owen said this had led to a significant rise in values for quite some time, despite the high interest rates.

“The property market in Australia is seeing this resilience in overall value,” she said.

“Nationally, the values have risen over the past 17 consecutive months.”

Melbourne was up 1.3 per cent for the 12 months to June for all dwelling types.