Mildura Residential Property Market Overview – January 2024 - January 2025

The residential property market in Mildura, has demonstrated continued resilience and stability, despite broader challenges affecting other regional areas of the state. As of January 2025, Mildura's housing market continues to attract attention from both local and interstate buyers due to its affordability, lifestyle offerings, and steady price growth.

The median house price in Mildura currently stands at approximately $460,000, representing a 5% annual growth rate. This performance stands in contrast to the broader regional Victoria market, which saw a slight downturn in 2024. For comparison, regional Victoria experienced a 2.8% overall decline in housing prices last year, largely due to higher interest rates and cooling demand in certain areas. However, Mildura has bucked this trend, driven by factors such as limited housing supply, sustained buyer interest, and its appeal as a lifestyle destination.

Mildura's real estate market benefits from its relative affordability. With housing prices significantly lower than metropolitan Melbourne’s median, Mildura has become an attractive option for first-time buyers, retirees, and investors seeking value for money. Additionally, the city's vibrant local economy, supported by agriculture, tourism, and infrastructure projects, has contributed to steady demand in the property market.

In the past 12 months, approximately 673 houses were sold in Mildura, with an average time on the market of just 30 days. This quick turnover highlights the strength of demand and the competitive nature of the local housing market. Additionally, rental properties remain in high demand, with low vacancy rates and rising rents providing solid returns for investors. The median weekly rent for a three-bedroom house in Mildura is just over $400, reflecting strong rental yields of 4.7% on average.

The growth in Mildura’s property market has been underpinned by infrastructure projects and urban development. Improvements to local roads, schools, and healthcare facilities, coupled with Mildura’s well-established position as a regional center, have enhanced its livability and appeal. Furthermore, the area's proximity to the Murray River and abundant outdoor recreational opportunities continue to attract both families and retirees.

While interest rate hikes in recent years have slightly tempered buyer activity in some parts of Australia, Mildura has maintained a balanced market. The combination of relatively low borrowing costs compared to historical averages and stable price growth has provided confidence to buyers and sellers alike.

Looking ahead, Mildura’s property market is expected to remain stable in 2025, with the residential property market expected to keep performing well, offering a compelling mix of affordability, lifestyle, and investment potential. With its stable growth and consistent demand, we expect Mildura to continue to be an attractive option for homebuyers and investors seeking opportunities in regional Victoria.