Mildura prestige market showed strong results despite COVID-19: HTW
Staff reporterDecember 7, 2020
The Sunraysia property market has continued to show strong sale volumes and prices despite the COVID-19 pandemic, according to the November report from valuation firm Herron Todd White.
HTW found that the majority of sales continue to be properties around the median sale price of $315,000 with very few listings over $750,000 being offered to the market.
Although house prices have continued to steadily rise, sales over $750,000 are infrequent in the local market, however with rising building costs and an expectation that interest rates will remain low, HTW anticipate that sales over this price point will become more common.
"The majority of residential sales over $1 million involve properties that have direct frontage to the New South Wales side of the Murray River in the townships of Gol Gol and Buronga, with only the occasional sale on the Victorian side of the border reaching these levels," according to Jake Garraway a HTW Residential Valuation Manager.
"A sign of the currently strong demand is the sale last month of 73 Billabong Road, Nichols Point, which achieved a sale price of $1.345 million at auction, the highest sale price within the region on the Victorian side of the border since the sale of 10 Wingillie Street, Mildura for $1.5 million in 2015."
"Although heavily influenced by the property’s proximity to the river, with only a narrow strip of Crown land separating it from the Murray River, the sale of 73 Billiabong Road, Nichols Point indicates that buyers are still willing to spend in this high end of the market," Mr Garraway concluded.