Mildura anyone

Hi guys,

Been doing some digging on Regionals and MILDURA keeps coming up as somewhere with potential. Reasonable growth and good yield and entry price for a typical 4 bedroom is cheaper than other regionals of similar size.

Most commentators have Mildura as either watch closely and others with good potential. I am looking for something that is going to cost me $300,000 or less, close to positive as possible and with the growth ticking over for next 7-10 years. Don't want much I know. I see vacancy rates in Mildura is 0.56% which is fantastic. Growth expected at about 7% this year - another great result.

Anyone got thoughts on Mildura ? Any areas better than others, new - V old,

I currently hold properties in Townsville, South Australia, Sydney, Medowie NSW so trying to get in as light as possible with some potential. Cant afford to enter Sydney market again but hoping something in Mildura might balance my portfolio out and give me some kick.

Cheers.
 
Being a small town gal I jumped at your post expecting to see budget around $ 150-200k, but$300k in Mildura? I don't know much about the place, other than the usual p epidemic headlines, and one visit. I just think $ 300k seems like a lot for Mildura but I note that you said 'up to'. I'd look overseas in US, UK or NZ if I couldn't do better than steady growth in that higher price bracket as a comparison,but up to you. I may be missing potential good growth drivers and no idea what vulnerabilities the town has so will be interested in opinions..
 
I've lived there for 18 years and my parents all their life. If you have specific property examples I may be able to give you some context.
 
I'm also looking at the Mildura/Irymple area... looking to buy a few units to add to my portfolio as they are pretty cheap there and the rental yields are great, which would result in positively geared investments. Vacancy rates are very low too, which is excellent.

I know capital growth won't be the best in Mildura/Irymple, but I'm mainly looking at rental yield and long term, positively geared investments.

If I can get 3 or 4 units all positively geared, I'll hold until retirement and enjoy the rental income generated :)
 
If you want some help I live in irymple, work in Mildura. Just ask.

Cheers

Hi Touristy,

What's Irymple like? I presume most people there work in Mildura?

How's the growth in the suburb?

I'm potentially looking at some young 2BR units there, which is just down the road from Mildura, on Fifteenth St :)

Might drive up this weekend to take a look around...
 
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Irymple is great. Great lifestyle. Mildura shops just down the road. Nothing bad to say at all. Investment wise may not have the best CG but yield is good generally. Would buy more but don't want to be too exposed to any one market.

Might want to stay off the main 15th street though. And just the usual DD with units etc.
 
I roughly looked into it a few months ago, it has boomed substantially these last few years I wouldn't buy there now because I'd be afraid it's already peaked. The town next door (close to SA border) also boomed over 30% these last 12 months.

From what I've heard the west side of the main road is desirable and the east very rough, I saw homes on the east side for 80k (would require a full reno and re-stump) sounds like easy money if you were to positive gear it. But I think you'd need like 20 or so properties for this strategy to be viable, you'd probably only make $50 or so a week per property after all the costs!
 
Hmmm... OK.

I was looking at a block of 4 units in Irymple. They're about $150k each (about 6 years old) and each unit generates $215/week income. It'd be a positively geared, long-term investment.
 
Mildura growth

I'm also from Mildura.
Good place to buy for positive rental yields, I think.
We purchased five years ago and are almost breaking even now with a 100% loan.
Mildura still hasn't peaked but it's starting to move. It had a strong move from around 1999-2004 and has sat fairly steady since then. It is likely to move again... I still think there's time to purchase.
Irymple is cheaper to purchase, but doesn't really have a town 'hub'. It is positioned on a highway and is mainly a through road to Mildura. Has a few shops but no shopping centre. Does have a brand new supermarket built on the highway though.
I think you'd be better off looking at West side Mildura, though some East side properties are still worth purchasing, particularly if they are near the CBD.
Happy to do a desk top review of any houses/locations if you're interested.
 
Irymple on paper looks good, eg high yields, spill over/radial suburb, but even though its pretty much next to mildura, in terms of liquidity id be a bit careful as if you have to sell or when it comes time to, you might struggle

and mildura being on the not so big side of regional town size, id personally be a bit wary
 
Be careful about buying on 15th st in Irymple, parts of it were severely flooded back in around 2010. I used to work out in Irymple and the place I worked at was under a foot of water
 
Just checked the latest HTW report and according to them, Mildura is at the recovery stage of the property cycle.

Not a bad time to buy some property there and ride the rising market. Whenever that will be :p
 
prices have not moved in the 2 or 3 years i been looking. I dont think there moving for a while
its fantastic for buy and reno and revalue

There was one recently for $70000 it required a shizz load of work but woulda been a good deal
 
I have this weird gut feeling that parts of East Mildura are getting rejuvenated and standing some chance of CG in the coming years along with CF for now.

Chardonnay Avenue and Etiwanda Parklands are two new estates coming up on the Eastside and the land prices there seem to be quite similar to land prices on the West of Mildura.

Any local care to comment? Thanks!
 
Some great cashflow deals getting around. Particularly in the cheaper properties 7% + yield.

How much CG are people forecasting and how long do we think it will take?
 
Hi all,

Update : I am headed to Mildura this weekend. Would love to meet with fellow SS members ?

Any pubs/clubs to check out or good restaurants while I'm there?

S.
 
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