Mildura residential property market showing no signs of slowing: HTW

Mildura residential property market showing no signs of slowing: HTW
Mildura residential property market showing no signs of slowing: HTW

The residential property market in the Mildura region shows no signs of slowing, according to the June report from the valuation firm Herron Todd White.

The region's selling periods remain comparatively low, often below 30 days, which contributes to agents having a shortage of listings, it noted.

The main sector to see growth is the upper end of the market, with a higher than normal number of sales occurring above $600,000

Many of these sales are in the surrounding semi-rural areas of Irymple, Nichols Point and Gol Gol.

This sales activity points to strong confidence in the local economy and is likely to also reflect a bit of a rub off effect, with some buyers having sold properties in metropolitan areas.

The valuers have noted, "a dramatic improvement in rural land values has been providing an impetus for older farmers to plan their retirements and we expect that this will bolster demand for better standard homes."

"In the past month, we have seen several examples of this occurring, including the sale of a riverfront property at Gol Gol for over $2 million", the report stated.

Values appear relatively stable in the lower end of the market, while mid-range properties appear to have risen by around 4% to 5% over the past two years.

"Building activity remains strong, with a number of residential subdivisions selling quite quickly", according to the HTW valuers.

The value of serviced lots has risen faster than established housing over the past few years due to a limited supply, which has helped developers recoup the higher cost of completing subdivisions.

The valuation firm forecasts that it is unlikely the current strong conditions will weaken during the remainder of 2018 and that while it appears that the Melbourne market has peaked, they expect that the Mildura market will continue to improve or at least remain stable.

Tags: 
Residential Market Mildura

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