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Demand in Mildura boosted by city families and corporate farmers

Multi-million dollar sales and quality listings spur regional city’s growth

The rise in home sales in Mildura is being matched by a demand for agricultural, industrial and commercial properties.

Interest from local and out-of-area buyers have spurred house price growth over the past 12 months, Barry Plant Mildura director Tense Venneri said.

“It is the strongest market I have seen in my career here, with a shortage of supply and rise in demand in all types of properties,” the industry veteran noted.

“It took 23 to 60 days to sell a property previously but days on market are now down to between seven and 30 days, with a rise in off-market sales as well.”

Mr Venneri said Mildura and the surrounding areas are attracting many families relocating from Melbourne, together with downsizers and retirees, for lifestyle and affordability reasons.

This demand from out-of-area buyers plus strong interest from locals for housing has resulted in new areas opening up with larger, quality homes.

“Mildura has attracted many investors from the city in the past but we are now seeing locals who left for the city returning to settle back here,” Mr Venneri said.

“Affordable houses have seen investors get a good return on investment and also strong capital growth.”

Mildura, he added, has a strong rental housing market with a vacancy rate below 1 per cent.

“There is growth in employment in health, education, tourism and agriculture,” he said.

The median house price stands at $370,000 and climbing, with some new homes in the $900,000-$1 million price range, Mr Venneri said.

“There was a recent $3.2 million house sale and also sales of $1 million-plus homes and more prestige listings,” he added.

Mildura records between 600-700 house sales a year, with the population of more than 60,000 growing strongly as well.

Barry Plant Mildura is among the top agencies in the region, chalking up 300 sales annually, according to Mr Venneri.

He noted the increasing presence of corporate farmers plus more industrial and commercial property buyers.

“We recently had a $1.1 million commercial sale, the sale of a table grape farm for more than $6 million, and a similar $6 million sale in 2020,” Mr Venneri said.

The $6.25 million sale in July for 130 Stoll Road, Tol Tol, which produces quality table grapes on 102 acres, is among the highest prices achieved for such properties, Mr Venneri said.

The agency also recently sold 546 San Mateo Avenue, Mildura, for $1.77 million, with the 2.02ha site offering development potential a short walk from the shopping district.

More sales are also being made via the agency’s database of buyers keen to snap up the limited supply of both affordable and more expensive homes, he added.