The month in review: Regional Vic
By Herron Todd White
May, 2010
ECHUCA
Out of towners have historically placed a floor in the
Echuca Moama market on the basis that it is a holiday
destination and has solid demand from outside buyers -
particularly from Melbourne. The lower end of the market
is dominated by 1960s weatherboard dwellings which
provide modest accommodation and are considered
to represent the historical ‘holiday house’. There is often
strong demand for updated period style dwellings
(c1910-1930) which are commonly purchased by ‘outside buyers’ at levels above what locals might be prepared to
pay. Pricing levels are generally in the vicinity of $250,000
to $300,000 for updated accommodation offering three
bedrooms and one bathroom in reasonable proximity to
the CBD.
Those interested in investment units would be well
advised to do their research - two investors have recently
realised losses of $60,000 (22%) and $70,000 (25%) for
units purchased at the end of 2006 and resold in early
2010 following a classic case of two-tier marketing.
Anyone considering buying into the local market will
also need to consider the proposed ‘mid western’ option
for the new bridge while the shire has also recently
announced a study into the release of future residential
land to the west.
MILDURA
Mildura has traditionally had a steady residential market
that until the past three years had seen consistent value
increases over the previous decade. The Mildura market
has not had a boom then bust market mentality, although
the market softened noticeably between 2007 and 2009
due predominantly to the water crisis and local and national economic factors. A more promising outlook
presently exists.
The Median price for a house in Mildura is around
$198,000 and 95% of housing ranges between $120,000
and $350,000 in value. The cheapest sale recently is a
two bedroom ex Housing Commission house for $70,000
(refer photo). The highest price paid for a house without
riverfront within the town boundary is $875,000, (which
occurred nearly 10 years ago). There are more highly
valued properties in the town but none have sold. The
highest price paid in the region is $2.9 million for a
riverfront property at Gol Gol. Recent sales data shows
that most sales of houses have been in the lower to
medium price ranges of the market and the top end of
the market has been flat.
The least expensive towns within 100km radius of Mildura
would be the farming service towns of Ouyen (pop 1400),
Robinvale (pop 3000), Dareton (pop 600), where average
house prices are in the vicinity of $100,000, $120,000
and $75,000 respectively. The market at Ouyen has
improved dramatically recently following the extensive
Mineral Sands mining that has commenced nearby. The
market at Robinvale conversely has contracted following
the demise of Timbercorp, which has resulted in no new
almond plantations being developed nearby. The town
of Dareton has always had a soft market influenced by
social and welfare problems in the area.
Prestige residential property in and around Mildura is
almost solely property fronting the magnificent Murray
River, and mostly at the NSW town of Gol Gol, 7km east
of Mildura. It is the region’s ‘Toorak’ and has the two
premium riverfront subdivisions referred to as Carramar
Drive and Riverbend Estate. Riverfront properties in
these estates have a land value of around $900,000 and
most developed properties are in the $1.5 million to $3
million-price range.
As an overview the recent rains and improved water
catchments combined with an improving economic
outlook may see improved value levels in the short
term. Prospects of a $400 million casino/entertainment
complex in the city are improving and this may have a
very positive affect on Mildura’s property market in the
short to medium term.
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