Australia's regional towns are witnessing a phenomenal boom, evolving into prime business and investment hubs powered by a surge in economic and population growth. This is drawing in a new generation of property investors and new businesses.

Across the board, this momentum is propelled by a growing number of individuals relocating to regional areas, enticed by the allure of affordable housing, a more relaxed lifestyle, and ongoing infrastructure improvements.

Nestled in north-western Victoria, Mildura showcases this growth with its thriving agricultural epicentre. Celebrated for its bountiful citrus fruits, grapes, and almonds, alongside breathtaking wineries, Mildura has drawn a new generation of workers, students and tourists.

Beyond its agricultural prowess, the region has undergone a renaissance, heightened by a booming tourism industry and a robust economy boasting an impressive annual economic output of about $7 billion. More than $1 billion stems from manufacturing output alone. 

Mildura, a regional city in northwest Victoria, is experiencing significant economic and infrastructural growth, driven by strategic initiatives across sectors such as tourism, agriculture, retail, and office spaces. The city's population is projected to grow to an estimated 62,600 by 2036​.

Our most recent sales show commercial property transactions are achieving sub 5.0% yields with demand particularly focused on medical, industrial, fast food and large format retail.

Correlating with the strong demand are substantial plans for expanding industrial and office spaces across the Mildura region, including detailed strategies for major infrastructure development​.

The industrial sector itself is bolstered by key businesses contributing significantly to the region's economic base. 
Since the pandemic, Mildura has become a key centre for distribution and warehousing with more manufacturing moving back to Australia

Recently completed industrial developments include the Bathurst Park Estate providing state-of-the-art accommodation attracting interest from national and global brands.

The rising cost of building and land is leading to substantial growth in rents. Over the past decade industrial land prices have grown four-fold to reach an average of $300 per square metre​. Rents have also increased with tenants willing to pay a premium for quality space.

Tourism is a key growth area for Mildura, with the Mildura Rural City Council implementing a new Economic and Tourism Development Framework to boost this sector. This framework includes collaborations with local businesses and tourism boards to enhance Mildura's appeal as a destination​​. Infrastructure projects like the redevelopment of Mildura Airport are pivotal in supporting both tourism and business travel, making the region more accessible and connected​.

Australia's regional towns, including Mildura, are becoming prime investment hubs due to economic vitality and population growth.

Mildura's growth is underpinned by strategic planning, significant investments in infrastructure, and leveraging its agricultural and tourism strengths. These efforts are designed to ensure sustained economic development and an improved quality of life for its residents, making it a promising destination for both investors and new residents.

By Wendy Thomson, Burgess Rawson General Manager - Victoria