Mid-range house prices up

MEDIAN house prices have shot up in Sunraysia over the past year, and Merbein saw the biggest jump in the region.

Sales data from the Real Estate Institute of Victoria also showed an increased number of reported sales in Merbein, Red Cliffs, Mildura and Irymple.

REIV regional director Damian Portaro said buyers’ advocates had been propping up the market in recent months, in ways not seen before.

“These are buyers’ agents who are working on behalf of clients, normally investors, and most of them are from Melbourne,” he said.

“They are heavily in between that $400k to $600k bracket, anything between $350k and $550k, they are all over.

“It’s good for property prices, it’s good for demand, it reduces some supply.”

The biggest increase in sales activity was in Irymple, where 95 homes were sold last year, compared to 69 in 2023.

The median house price remained relatively stable, however, increasing from $570,000 to $575,000, about $20,000 less than the average house price in regional Victoria.

A total of 618 homes were sold in Mildura last year, compared to 500 in 2023, and the median house price grew from $435,000 to $465,000.

The average house price in Red Cliffs began to eclipse $400,000 in 2024, as prices rose by 13.4 per cent on average.

The most change came in Merbein, however, as the median house price jumped from $310,000 to $352,691.

In the last three months, homes for sale in Mildura had a clearance rate of 70 per cent and spent an average of 42 days on the market, well below the regional average of 63 days.

Mr Portaro said the blue chip market, consisting of $1 million plus properties in Sunraysia remained strong, while there hadn’t been much competition growth for homes valued over $600,000.

“Mildura has been earmarked for growth amongst buyers’ agents,” he said.

“It doesn’t mean it’s only investors buying it, but if they come into the market, they force competition.

“I think they’re here to stay, I don’t believe in three months time the switch will just turn off.”

Mr Portaro also said localised interest in the mid-range housing market meant benefits for buyers and sellers were stabilising.

“If you asked me that a year ago, data showed its a buyer’s market, but now it’s a bit more balanced, a bit more normal,” Mr Portaro said.