Mildura population growth set to assist housing price growth

Population growth has long been considered the key to whether house prices go up or down in the Mildura district, according to the valuers, Herron Todd White.

The biggest driver of the property market is whether the Mildura economy and lifestyle can attract people, it recently noted.

They noted data provided by Regional Development Victoria shows that in the past few years, the population of the Mildura Local Government Area has been growing at just under 1 percent per annum, compared to the Victorian state average of around 1.75 percent per annum.

The main industries in terms of employment are agriculture, retail and health care and social assistance.

"In the past two to three years we have seen an improvement in some of the key local farming industries, especially table grapes, almonds and citrus, and we are now starting to see the first shoots of an improvement in the wine grape industry.

"This confidence has increased demand for local service industries that support the local farming sector and for the next few years at least, it appears as though this segment of our local economy should grow.

"The retail sector is expected to maintain current levels of employment but is considered unlikely to grow," HTW said.

With regard to health care, Mildura has a higher than state average percentage of the population aged over 55 and is expected to continue to attract older people from smaller centres within a 300 kilometre radius due to the presence of good medical and recreational facilities and relative housing affordability.

"We feel that the local economy is currently enjoying a period of growth and that this will see our population grow at a faster rate than has been occurring in recent times.

"Housing that is attractive to retirees is expected to continue to see good demand, as will three or four bedroom homes that appeal to young families," the HTW report tipped.