Mildura economy pickup benefiting property market: HTW

Mildura economy pickup benefiting property market: HTW
Mildura economy pickup benefiting property market: HTW

The Mildura economy has picked up in the past few years, largely attributed to stronger returns being experienced by the local farming sector and is starting to benefit the local property market, according to HTW’s February 2017 update.

The valuation firm says that producers of table grapes, citrus and almonds in particular have reinvested their profits by expanding their farms and upgrading machinery.

This investment has filtered through the wider economy.

The improved conditions have contributed to the housing market in Mildura continuing to tick along steadily.

“While capital gains have been modest over the past one to two years, there has been some growth evident, particularly for family homes in the $300,000 to $550,000 segment,” HTW says.

“We expect that 2017 will see a continuation of this trend.

“Buyers are a mix of people moving to Mildura for either employment or retirement and locals looking to upgrade to more substantial homes.

“Buyers in this segment are looking for three or four bedroom, modern homes in better locations.

“The presence of well designed outdoor living areas remains on the top of buyers’ wish lists.

“Meanwhile, the most noticeable increase in value has been for vacant land.”

The report says that the cost of completing land subdivisions has increased in recent years.

However developers have managed to recoup these cost rises through a combination of smaller lot sizes and higher sale prices.

“$100,000 is becoming the norm for a 39 700 square metre serviced lot in Mildura and larger, rural residential lots in preferred areas are now selling for over $150,000,” HTW says.

Values in outlying towns generally track below Mildura, with the exception of Irymple and Gol Gol.

These two satellite towns are within 8 kilometres of Mildura, have good amenities and are popular with families.

There are a number of residential subdivisions currently under way in these two towns which are expected to satisfy demand for new housing in these areas in the short term.

Rents have risen modestly during the past year or so and it appears that the rental market is relatively evenly balanced at the moment.

“We expect this situation to continue throughout 2017 as a result of the relatively large number of rental homes constructed in recent years,” says HTW.

For the average price of $250,750 a house can be purchased such as the one at 5 Havard Court, Mildura (above) that is available from between $250,000 to $275,000.

For the average price of $180,000 a unit can be purchased such as the one at 1/325 San Mateo Avenue, Mildura (below) that is available from between $160,000 to $176,000.

Mildura economy pickup benefiting property market: HTW

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