Anyone bought in Mildura?

[jusnliz]

Drove up to Mildura on weekend for a wedding and was pleasantly suprised. The place was really busy (maybe all tourists?) The shopping centres were busy. I could've have mistaken it for Christmas shoppers!! The place is really green. I am from Bendigo and just wanted to jump down on the lawn and roll around . There were lots of families to be seen. Apparently there was a mardi gras in town, but not sure how much of crowd that would draw. Have just been scanning through net and can find lots of BV under $200K. Now that the toxic waste dump has been dumped, does anyone have any views of CG in Mildura in coming years?
Only have one IP In Bendigo, and wanting to expand my portfolio.

 

[aussierogue]

No secret

G'day - I think you will find that Mildura has been over the last few years the fastest growing country town in Victoria. So yes there were probably a few tourists in town but the population has also grown and continues to grow. Retirees apparently flocking there. Good wine, food, burgeoning cafe culture, Murray river, established infrastructure, new developments, cheaper housing all part of the benefits. I looked at buying there 3 years ago but didnt just because i was already committed to a few properties down here in Melbourne.

 

[JFisher]

Hi Jusnliz
I live in Mildura and have been involved in the construction industry here for over 15 years. We have only just recently decided to buy and keep instead of build and sell!
I wasn't aware of the mardi gras so it was obviously only a small affair. However Mildura does host many important events every year and has a large tourism following. It has quietened in the last 6-12 months a little due to the rising fuel prices.
Mildura has a large agricultural and horticultural network. We have also been earmarked for two solar tower developements one at Boundary Bend and the other at Tapio Station (recent doubts on this). Also just completed is the groundwork for the Mildura Marina which will first inland Marina in the Southern Hemisphere complete with 5 star motel and 3 types of villa and apartment housing. There are also 15 residential lots in the man made island in the centre; in which they used sections of our old bridge to make a new one. I think the hype of the marina has kept feelings positive in the area but we will be starting stage 4 water restrictions after Easter so our gardens may not look quite so good on your next visit.
Here are a couple of good RE contacts I will list the names below and tell them that we recommended them as good agents.
Rico D'Amico - Roccisano Real Estate - ph 03 50211900
Daniel Cawood - Stockdale & Leggo - 03 50235000
Sunraysia Pest Control - 03 50221822 - Corey Brown.

If I can be of any further assistance let me know. Jump on the council website www.mildura.vic.gov.au and check out any other facts/figures you need.

Julie Fisher
Daryl Fisher Homes

Oh there is a couple of area's in Mildura to stay away from so make sure you do your DD, ask the agents, or give us a call if you get serious about something and I'll mark the area's on a map for you.

 

[Nikola22]

My partner and I moved from Melbourne to Mildura in 2005 for one year due to a work commitment.
We were also pleasantly surprised. This place is literally a desert, yet it is probably the greenest place in Australia! Palm trees galore along with thick green grass everywhere you go (courtesy of the Mighty Murray). There are fabulous restaurants and a massive Shopping Centre (Centro) that is growing by the minute (it tripled in size the year we were there).
Anyone who doesn't know Mildura well should be aware that there is a 'good side' and 'bad side' (thats how the locals describe it). The town is split down the middle by 'Deakin Avenue', The side the CBD is on is classified as 'The West Side', this is by far the preferred side. Most homes advertised for sale that are on the West side will state so, as it is a big plus.
I'm sure there are bargains to be had on the other side, and certainly pockets that are decent, but I worked in a Real Estate Agency the year we were there and a very common request from both tenants and purchasers was "I'm looking to buy/rent on the West side only".
Rental return is much better than in the capital cities. We bought a unrenovated 2BR weather board house on the West side close to the city on 750sqm for $137,000. When we left (about 8 months later) we were able to lease it for $185pw! I'm not sure about growth, I don't think prices have moved much since we were there, and if you watch the net you will notice properties sitting on the market for months on end. But the loss of the Toxic Waste Dump and the New Marina could make things more interesting.

Definately a place to look at as the return will help you hold while waiting for prices to go up.

 

[JFisher]

The east side of Mildura may have had not had a great reputation in the past but things have changed in the past year. As the Marina is being built around that area ( which you are referring to as the bad side) there has been renewed interest in the areas from Deakin to San Mateo Ave between 7th St and 9th st. Many small homes here are being bought and developed or bought and rented to take advantage of the Marina development; and these old homes are getting good prices. There has also been a big push for inner city living with quite a few townhouse and villa developments. I think the best buys will be made by those who who have a bit of vision and now that there is such a big development happening some of the old perceptions about the area will soon be gone.

The areas to avoid in Mildura consist of two housing commision areas (far east side) and two new housing areas on the west/south side so it doesn't really matter where you buy; just do your due diligence and ask the above agents to do the right thing by you (and the people who referred them). For interest sake the new development on the West side has had substantial structural movement in much of the residential developement due to the high clay content of the soil. Movement and subsidence are not covered in warranty (owner then pays to fix). This damage may continue due to the drought and water restrictions effecting the sub soil moisture further. Further to this many people bought and built there in the boom and overcapitalized, which now, knowing about the soil problems, have added to the problem of moving stock there. All these factors would now be reflected in valuations also. We were offered a block of land there for cost and our REA told us not to touch it as he would have trouble selling the spec home we intended to build on it. There is also some new development near the waste facility and we had the opportunity to buy some blocks of land in there also but where warned by a friend (REA) not to buy it also but he wasn't allowed to tell us why. We have since heard there could be some salinity issues in the soil.

Mildura would be no different to anywhere else, the good, the bad and the the ones that provide opportunity.

Julie Fisher
Daryl Fisher Homes