Mildura house prices rise 2 per cent

Tierney Real Estate director Ryan Tierney says there was a positive outlook for Mildura, which was contributing to house price growth.

Tierney Real Estate director Ryan Tierney says there was a positive outlook for Mildura, which was contributing to house price growth.

HOME values are on the rise in Mildura, with the median house price returning to $260,000.

Real Estate Institute of Victoria (REIV) data showed a lift in prices during the final three months of last year, rising 2 per cent from a median of $255,000 in the 12 months to September.

Tierney Real Estate director Ryan Tierney said the momentum had carried into this year, with a busy January.

Mr Tierney said there wasn’t one segment driving the growth – instead, activity came from a mixture of first-time buyers, upsizers, downsizers and investors.

Low interest rates were another factor.

“There’s a positive outlook about Mildura,” Mr Tierney said.

“When people are nice and positive about the entire community as a whole, prices will drive north.”

Both Sydney and Melbourne have recorded house price declines in recent months.

Mr Tierney said there had been some interest from metropolitan investors looking towards other markets.

But he suggested Mildura Council look into a promotional campaign to talk up the benefits of Mildura as an investment destination.

“We all know how good it is but we’ve got to let others know,” Mr Tierney said.

“We’ve got to get the word out – there are a lot of people that don’t know that Mildura exists.”

Mildura’s median rent last year was $305 a week, according to the REIV data.

The town’s rental yield was 6.1 per cent – well above the regional Victoria average of 4.1 per cent.

Mildura’s prices hit $260,000 in June 2016 and have mostly stayed about $255,000 since.

Irymple continued to demonstrate a strong real estate market last year, recording a median price of $320,000.

Median house prices

Mildura: $260,000

Red Cliffs: $227,000

Irymple: $320,000

Robinvale: $200,000

Merbein: $191,000

Source: Real Estate Institute of Victoria

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