VIC Mildura VIC 3500

I live in NSW and I'm planning to buy my first IP in Mildura (value under 250k). Would like some advices or thoughts about this suburbs, any area/street I should avoid and recommend a good BA? Thanks.

 

Honestly for what you get id just go to Adelaide for a bit more, or Bendigo/Ballarat. Prices have moved a bit here. Disclosure: I live here but invest elsewhere. But i can try to help if it fits your strategy.

 

Hi Touristy. Thanks for your advice. Cash flow is quite important to me. I would consider any areas that I can achieve a good balance of both rental yield (over 5%) and capital growth. Any suggestions which suburbs I can start my research with? I will need a good BA help me to start my journey.

 

Sorry. I mean which areas I should start to look in Adelaide?

 

My budget is under 250k (I find it hard to find anything close to major cities except in regional areas), rental yield over 5%, I prepare to hold it up to 10 years. I'm hoping to achieve a reasonable capital growth rate. I will check out Bendigo & Ballarat as you suggested. Thanks.

 

I'd look at Ballarat and Tas if you are looking at that price point and are concerned with yield. Remember that a high yield on a cheap property is often offset by rates, body corp fees, insurance and maintenance. These fixed costs tend to be similar on both $250k properties and $500k properties.

 

Hi Beelzebub, I would like your opinions about investing in Mildura. Thanks.

 

i own a few in Mildura. If yield is what ya looking, then ya go ahead. CG might take long time, but it's a booming town though, lots of activities and good prospects.

 

Hi ATANG, any "no go" zones in Mildura that you know of? Please recommend me a good BA if you happened to know any in the area. Thanks.

 

Yes, don’t look at the east side of town. Full of housing commission and druggos.
The west area is best. You will get a few near the hospital on the west side that doctors like to rent while they are in the area for their 2 year tenure. The south side, where I live, is okay too

 

One thing to watch in Mildura is houses that have been flooded. Mildura had a problem with stormwater flooding a while back and a lot of houses had water through them in areas where you would never expect it. Not something you can just look up on a flood map either. Search for Mildura flooding on youtube to get an idea of the worst affected streets.

 

I'm a newbie in property investing and trying to learn. I'm not a risk taker, procrastinate is my biggest problem. Thanks to both @dodger21 and @Willy for sharing such valuable information. Pardon me my grammar as english is not my main language.

 

Bought my 1st property in 2015 in Mildura.
I was chasing cashflow with long term CG potential (>20 years) and Mildura looked perfect.
Only thing I would change is to have bought a property at or below the median. I went $50K (20%) above the median for a newer property.

Rent has been a bit volatile, dropping from $340pw to $300pw through 3 tenants since I've owned it. House has had zero maintainence issues and lovely depreciation on the upside.

 

Hi Shawn, thanks for taking your time to share your experience. Do you mind to te me how much capital growth of your IP now? What is your thoughts of this suburbs in 5 years time?

 

@Miss M if you're not a risk taker, then why are you investing in property? Investing in property is a HUGE risk.

 

Hi @Miss M, value of my Mildura Property has only increased $10K in 2 years ; though I'm sure you could find other who bought at or around the median who have fared slightly better.

My thoughts on the Mildura Market is that CG will be slow. It may take another 5 years for the median to crack $300K .. or longer.

 

Hi folks, great thread.

I did a cursory read of Mildura's listing on Wikipedia (something I encourage ANY investor to do during their early/first stages of research).

The listing mentions the citys biggest industry as being horticulture (known as 'Victoria's food bowl'). With the states' population growing rapidly, someone will need to feed all of these people so maybe Mildura will continue to do well! Also I didnt realise how big the population was. 36,000 but when neighbouring/nearby Wentworth is added, it is 50,000+.

Wikipedia also mentions tourism (Murray river steam and paddle boat cruises?). Question to those who live or invest there: outside of ag and tourism; are there any other major employment industries/employers?

 

To answer @private_number, I came to realisation of investing is the only way to create wealth and to be able to live comfortably without relying on age pension. I didn't come from a rich or well educated family or expect any big inheritance. I guess invest in property is a lower risk option compare to share market. They both have pros and cons.

 

Hmm, leaving for Mildura tomorrow. May even do the tourist thing like browsing in estate agent windows and then, after seeing what's on offer, thinking along the lines of Michelangelo's response to the Pope of "YOU want WHAT on the plucking ceiling!?"

 

There are two hospitals and emergency services personnel seem to go there just for a 3 year or so tenure so they seem to rent a lot, as opposed to buying.
But ag is the main employer in town