Mildura Property Market - Summer Update - February 2025
As we head towards the end of February 2025, Mildura's residential property market continues to demonstrate resilience and growth, even as regional Victoria faced broader challenges in the previous year. In 2024, regional Victoria was noted as Australia's worst-performing property market. Not Mildura however, as mentioned last month, our local property market continues to buck this trend, with local house prices holding firm.
Over the past 12 months, 680 houses were sold in Mildura, with a median sale price of $445,000, reflecting an annual growth of 3.5%. Properties typically remained on the market for 27 days before sale. This steady performance is further underscored by the recent sale of a property we have had at 270 Sixteenth Street which just sold in 4 days (February 2025) with 20 in-person viewings, 30 video walkthrough requests, 11 written offers received, 3 above the top of the marketing range, highlighting current demand for homes, especially brick veneer homes under $500,000.
Looking ahead, several exciting events are poised to enhance Mildura's appeal. In April 2025, the "Trail of Lights," a large-scale installation by renowned artist Bruce Munro, will debut on Lock Island. This exhibition will feature 12,500 illuminated 'fireflies' and is expected to attract over 100,000 visitors in its first two years, significantly boosting local tourism and, by extension, the property market.
Additionally, "Mildura's Longest Lunch," an annual culinary event, is set to return in March 2025. This event showcases the region's finest produce and wines, drawing food enthusiasts from across the country. Coupled with the upcoming Easter tourism season, these events are anticipated to increase short-term rental demand and elevate Mildura's profile as a vibrant community, potentially leading to increased property interest.
In economic developments, the Reserve Bank of Australia has recently announced a reduction in the cash rate. This move is expected to lower borrowing costs, making home loans more affordable and potentially stimulating buyer interest in the property market. For investors, reduced interest rates can enhance rental yield prospects, making Mildura an even more attractive option for property investment. A s discussed previously, in my 20 plus years of real estate I have never seen so many buyer agents desperate to secure quality investment for clients in our region, combine this with the ever low vacancy rates for nice homes for rent below $550 per week, we don't see this demand changing anytime soon.
As we head towards, the tail end of Summer and get closer to our very busy Easter tourism period, Mildura continues to be a popular locale for both homebuyers and investors in 2025.
