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498 Walnut Avenue, Mildura VIC 3500

$$915,000

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$915k - $961k Transparent Transparent Listing Based on an openly advertised listing price.

House 4 Beds 3 Baths 2 Cars 2994 m² 327 m²

Listed: 2 hours ago

Overview

Situated in one of Mildura's established family neighborhoods, this impressive property offers a substantial 2,994 square meter landholding zoned General Residential Zone 1 (GRZ1), presenting significant development opportunities in line with the surrounding precinct’s active growth. The site’s prime location on a main road enhances accessibility while maintaining a quiet residential appeal, making it very attractive for developers or investors looking to benefit from the area’s sustained housing demand.

The existing home is thoughtfully designed to combine comfortable living with functional spaces. A spacious blackwood kitchen with modern appliances and generous storage options anchors the home’s practical day-to-day use. Formal living and dining rooms with bay windows add character and abundant natural light, while multiple informal living areas offer flexibility for family dynamics or entertaining guests. Climate control throughout ensures comfort year-round.

Four bedrooms accommodate family and guests comfortably, with the master suite featuring a walk-in robe and ensuite bathroom for privacy. The additional bedrooms are fitted with built-in robes, and a fourth bedroom is adaptable for use as a study, supporting various lifestyle needs such as remote working or hobbies.

Additional assets include a substantial 40 by 20 meter powered shed with concrete flooring, lighting, and electricity—providing an excellent space for a home business, workshop, or extensive storage. A double lock-up garage with internal access furthers convenience and security.

The allotment is fully fenced and designed for low maintenance, freeing residents to enjoy the benefits of this home without extensive upkeep. Importantly, the site comes with a secure lease, generating income until July 2027, providing investment stability as plans develop.

This property appeals particularly to developers, investors, and families seeking a blend of immediate income potential and promising long-term growth within a well-established residential context.

Local Market Insights

In Mildura, Quiet Listings observed 48 new houses entering the market over the last 30 days, up from 46 during the previous 30-day period, with an average advertised asking price of $561,021. The property type mix of listed properties is predominantly Houses at 57%, followed by land (21%), and home for sales (8%). The most active agency for houses in the Mildura area is currently Ray White, representing 42% of new listings, followed by First National with 19%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.