By Herron Todd White
Mildura Property Updates
Low-interest rates and strong buyer confidence continue to see many first home buyers prepared to by-pass the cheaper end of the market and look instead to buy modern or even new homes in the $300,000 to $400,000 price bracket. Many younger buyers appear to prefer housing with modern touches, located in newer subdivisions in Mildura. These homes tend to be on smaller lots, often less than 700 square metres and often don’t have sheds or pools, but do have good presentation, reverse cycle air-conditioning and a modern fit-out.
The desire for more room is usually the motivation for many property owners to upgrade. These second home buyers are generally looking for homes which include better ancillary improvements and possibly more living space. Mildura’s long hot summers make good outdoor living areas appealing and the better housing in Mildura will always have at least 35 square metres of preferably east or south-facing pitched roof verandah, built to complement the style of the dwelling.
The presence of a pool, space for a basketball ring or good shedding is also highly regarded by many of these buyers, who are usually families with children and who have started accumulating things such as boats and caravans. This segment of the market is typically in the range of $450,000 to $700,000.
More affluent home buyers have traditionally been drawn towards larger homes which have frontage or views over the Murray River or other water bodies such as Kings Billabong or Lake Hawthorn. The limited supply of such properties creates some scarcity, which has helped maintain the value of these properties. The more basic housing in these waterfront locations starts at around $750,000, with Mildura’s most expensive house sale in recent times being a prestige home on a 6,397 square metre lot with good river frontage at Gol Gol, which sold for just under $2.5 million.
Many of the better waterfront homes were built in the 1970s and 1980s, and so buyers wanting a waterfront address will purchase due to the quality of the river frontage and location rather than the standard of the dwelling. They will then renovate according to their financial capacity.
An interesting trend over the past four to five years has been the emergence of buyers willing to purchase prestige housing which does not have river frontage. These buyers don’t want to move into an older style, often relatively small home, even if it does have river frontage, and have a preference for modern, large homes with above-average standard ancillary improvements. In recent times we have seen a handful of sales each year in off-river locations at prices over $1 million. The right home for these buyers will be over 300 square metres in size and usually on at least 1,500 square metres of land.