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7 Oct 20

MILDURA NAMED AMOUNG AUSTRALIA'S HOTTEST HOUSING MARKET

Mildura has been crowned the “second-hottest market in Australia” by a leading property researcher — pipped only by Queensland’s playground of the rich.

Propertyology head of research Simon Pressley named Noosa and then Mildura as the nation’s leading markets at the moment, with Bendigo not far behind.

Mr Pressley said he spoke to agents from more than 30 cities across Australia last week, to get “on-the-ground verification” of his own analysis showing regional markets were booming amid coronavirus conditions.

The anecdotal evidence he collected suggested Mildura house prices had stacked on about 15 per cent so far this year and Bendigo, more than 10 per cent, just trailing Noosa’s 20 per cent.

Another property data provider, realestate.com.au, puts Mildura’s median house price at $325,545 off the back of 4 per cent annual growth.

Realestate.com.au also found Mildura units had experienced the biggest median price boost of any Aussie region in the three months to August 31, of 39 per cent to $255,000.

“Mildura is officially experiencing boom conditions,” Mr Pressley said.

“It’s one of the most productive agricultural provinces in Australia, … and there’s actually a really nice lifestyle out there.

“We’ve spoken to locals about how people are relocating from Melbourne, Darwin and Adelaide because they’ve brought forward retirement and, believe it or not, chosen Mildura as the place they want to retire.”

Mr Pressley said a “a dire shortage of housing” also underpinned the market’s strength, noting there was “almost nothing for sale” while the city’s rental vacancy rates were among the nation’s lowest at about 0.4 per cent.

Alongside Mildura, Bendigo and Noosa, Mr Pressley identified strength in Canberra, New South Wales’ Orange and Coffs Harbour, Tasmania’s Launceston and Burnie, South Australia’s Mount Gambier, and Western Australia’s Karratha.

He noted these regions all had low levels of available housing stock, low vacancy rates, and strong activity from first-home buyers and local owner-occupiers making the most of low interest rates to upgrade.

“Lots of buyers are also influenced by the work-from-home phenomena, and the COVID-19 impact on the economy is nothing like in Melbourne and Sydney,” he said.

“Call me an idiot if you want, but in excess of 20 per cent price growth over the next 12 months in several locations will not surprise me in the slightest.”

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