Mildura market sees continuing value growth: HTW residential

Buyers in Mildura are still active, with recent sales showing some value growth continuing throughout the first half of 2019, according to the latest Herron Todd White (HTW) report. 

A search of RPData records indicates the number of sales of houses in the Mildura postcode is running at around 50 to 55 per month, a slight reduction on the average 65 per month during
the first part of 2018.

"Values still appear to be increasing slightly - we think at somewhere around 3% to 4% per annum - and selling periods are generally less than 45 days," the valuation firm said. 

Demand remains strongest for modern homes, with buyers showing a preference for homes that are less than 20 years old, although there are still a good number of sales of older homes occurring.

The report notes that finding evidence of recent re-sales is always a challenge, however one example is 6 Felix Court (pictured above), which has just sold for $351,500, after previously selling in late 2017 for $305,500.

It comes with three bedrooms, separate lounge, central family home and meals area, and kitchen overlooking the yard. 

Presentation was slightly better this time around, however the improvements were largely unchanged.

There is also some evidence suggesting re-sales of houses in the $450,000 to $550,000 bracket have recorded lower growth rates over the past six months, suggesting that while buyers are still active, the market is evenly balanced at this level.

The HTW report suggests there have been noticeably fewer sales of prestige homes during 2019.

"It is not yet clear whether this is due to fewer properties in the $800,000 to $1.5 million bracket being put to the market, or whether buyers are being more cautious at this upper end of the market. Probably both factors are at work," the valuation firm said. 

The Henry, a craftman designed and built home at Mildura was sold for $820,000 in February.

Set on a 2000 square metre block, The Henry at 513 Riverside Avenue (pictured above) comprises four bedrooms plus study, three living areas, large entertaining area, chef's kitchen, and double lock up garage.

Other features include 9ft ceiling height, solar hot water and large trademan's shed.