Mildura Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Mildura* recorded a median house price of $445,000, and a median unit price of $310,000. This represents annual (Q3 2023 - Q3 2024) median price growth of 6.7% for houses and a -7.0% softening for units. Comparing Q3 2023 and Q4 2024, total sales increased by 18.1% for houses (to 163 sales in Q3 2024) and 11.8% for units (to 38 sales in Q3 2024). There is strong demand for both property types, particularly houses, which created a buffer against current cash rate hikes - hence price growth. The unit market is slightly more affordable, however with no new supply planned for construction, buyers should act fast.
CHANGE FROM LAST
YEAR
Mildura* is set to see approximately $41.3M of new projects commencing construction in 2024.
HALF YEAR
Infrastructure
$41.3M
HOUSE SALE S HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
A key focus on infrastructure projects will improve liveability for residents and create local jobs during the construction phase. This can have an impact on the real estate market, as more people may choose to live in Mildura*. This can lead to a higher demand for housing stock.
UNIT SALE S UNIT ME DIAN PRICE UNIT RE NTAL PRICE
key infrastructure projects include:
$
•
Mildura Rural City Council Channel Lining & Pipeline Installation WW2024 (VIC State Government)
MARKET CONDITIONS
•
Mildura Specialist School Upgrade (VIC State Government)
SALES
•
Deakin Avenue Redevelopment (Local Government)
•
Tenth Street & Etiwanda Avenue Roadworks Intersection Upgrade (Local Government)
MEDIAN PRICE Q3 2024
$445K
$310K
MEDIAN PRICE Q3 2024
$480
AVERAGE DAYS ON MARKET Q3 2024
55
56
HOUSE
U N I T
RENTALS
$365
AVERAGE DAYS ON MARKET Q3 2024
20
20
HOUSE
U N I T
There is an absence of residential projects planned in 2024, thus there are no new houses or units in the horizon. With an increase in sales numbers in the past 12 months to Q3 2024 this suggests an undersupply is imminent. This will drive up property prices, for all stock types. Thus, buyers need to act fast as there is more competition in the market and their opportunity (at this current price in Q3 2024) is quite limited.