Regional VIC

The Smartline Report – October Edition

The month in review: Regional VIC

By Herron Todd White
October 2016

Demand for housing in Mildura is greatest in the $225,000 to $450,000 price bracket. Buyers in this range are predominantly owner occupiers and comprise a mix of first home buyers and people trading up from cheaper first homes. It is difficult to find a well maintained dwelling for less than $200,000 in Mildura, however cheaper houses can be found in some of the surrounding towns.

The volume of sales above $500,000 is relatively low, however there is generally buyer interest if properties have good outdoor living areas, shedding or swimming pools. Selling periods for properties priced above $600,000 are often longer than three months, but there are exceptions. Often we find that buyers of more prestigious housing are people relocating to Mildura for either work or retirement purposes and this group is generally able to act quickly when they see a property that suits their needs.

Most agents are reporting a distinct lack of stock across the board but particularly in the standard $300,000 to $400,000 price bracket. This is having some interesting impacts on the market including an increasing number of off market transactions as agents have buyers ready along with upward pressure on pricing and in some instances some increased pricing for rural residential properties in close proximity to town.

The tighter supply conditions has been seen through most market segments with several significant larger sales which appear to have been buoyed by lower interest rates and an expectation that they will remain low in the short term. These include several sales in excess of $1.2 million in recent times and another property which has allegedly just gone under contract for $2.75 million.

In the Sale and general Wellington areas, the $250,000 to $350,000 continues to perform consistently. First home buyers and young families generally dominate this market segment, purchasing circa 1970 to 1990, 3- to 4-bedroom brick veneer properties in established locations. The higher end properties, generally being those with asking prices over $650,000, tend to experience longer selling periods, with few buyers active in this market segment. Slowing activity in offshore and onshore gas and oil operations based in nearby Longford tends to impact this market segment.

Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2016. Australian Credit Licence Number 385325

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