Red Cliffs has had a A very good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 8.75% to date .
While Red Cliffs,3496 ranked number 32th in VIC for increase in median house value (annualised) increase, it is ranked 179th over the last 5 years.
Sellers are offering property buyers an average discount of -7.50% to buyers in Red Cliffs at the moment, which is less than average for the rest of VIC.
On average over the past year, suburb has had 5.42 sales per month, which equates to 65 per year.
The VIC suburb of Red Cliffs, 3496 is in the Mildura (RC) local government area.
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House prices skyrocket
Median house price: $229,000
Three-year growth: 30.9%
Rental yield: 6.4%
Located at the northern end of the Mallee region, Red Cliffs is named, appropriately, for the crimson cliffs to the east of the suburb. It is also home to low-priced houses with a median value of just $229,000.
Aside from its affordability, Red Cliffs offers remarkable growth potential as well. Prices have risen consistently and strongly since the five years to July 2018, with the past 12 months alone recording a whopping 16.2% growth.
Red Cliffs obtains water from the Murray River via one of Australia’s largest irrigation pumping stations. The suburb is known for its production of grapes and citrus fruits, which are often sold dried. The restored Red Cliffs railway station is a hub of local crafts, and the suburb has many historical sites for tourists to visit, including the “Big Lizzie” machine and the Red Cliffs Museum and Heritage Room.