Over the past year, median property prices in the Mallee region ranged from $442,000 for houses to $315,000 for units, with an annual compound growth rate of 1.8 percent for houses and 4.6 percent for units, according to realestate.com.au. Houses in Mildura have been renting for $450 per week, offering an annual yield of 5.5 percent, while units have leased for $330 per week with a yield of 5.6 percent.

In September, Mildura had 146 properties available for rent and 227 properties for sale, indicating a competitive market. Investor activity remains strong as more buyers recognise the value in this regional market.

High Rental Demand and Rising Prices

The rental market in Mildura is seeing record-high demand. In July, the Mildura office advertised 13 properties, receiving 709 inquiries, and conducted 19 open inspections, with 176 renters attending and 201 applications received. Vacancy rates are at historic lows, sitting at just 0.14 percent, and rental prices continue to rise, driven by an ongoing imbalance between supply and demand.

Rents have been climbing since 2021 and are expected to keep rising throughout 2024 and into 2025, due to the continued pressure on the rental market.

Mildura, located in north-west Victoria on the Murray River, about 600km from Melbourne and 380km from Adelaide, is a popular destination for a wide range of demographics, from singles and couples to families, downsizers, and retirees. The regional city offers a good range of properties, from units and houses to acreage homes. Its attractions—tourist spots, gastronomic experiences, and quality infrastructure—make it not only an appealing holiday destination but also a great place to live and work.

As the region's rental market continues to thrive, investors and renters alike are benefiting from the strong demand and rising property values.