Suburb Profile Report for Mitchell Park SA (5043)

Mitchell Park House: Median price $460,000, Annual capital growth 3.95%, Number of sales 71, Weekly median advertised rent $380

Mitchell Park Unit: Median price $327,500, Annual capital growth 5.27%, Number of sales 44, Weekly median advertised rent $298

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Giving property investors a a stable capital gain of 7.60% for the last year, Mitchell Park, 5043 is the 1607th highest performer in Australia in this respect.

A 15.00% growth in median value for property investors in Mitchell Park,5043 puts this suburb at number 190th in terms of best performing suburbs in SA

Vendor discounting in Mitchell Park is giving property investors an average Vendor Discount of around -4.35%. This puts suburb at number 344th in SA when ranking the most discounted suburbs.

Often selling an investment property can take time, and in Mitchell Park the average time real estate has been on the market is 54.87 days.

Mitchell Park, 5043’s gross rental yield is 4.30%

With a capital gain of -14.27% for the last 12 months, Mitchell Park, 5043 has performed for property investments than its average annual 5.27% property growth over the last 5 years.

Over the longer term, Mitchell Park has seen property prices show investors a 17.07% return over the last 3 years. This is worse than over the last 12 months

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Mitchell Park, 5043. Typically our figures indicate that -4.97% is being offered, which puts this SA suburb at 791th most discounted overall in Australia.

On average over the past year, suburb has had 3.67 sales per month, which equates to 44 per year.

Situated 8.30km from the CBD, Mitchell Park is one of Marion localities in the postcode 5043.

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Mitchell Park was picked out by APM as one to watch, thanks to its consistently strong performance: 11.5% growth in the 12 months to March and 11.2% average annual growth over the past 10 years. Going by these stats, its median house price has gone up by $42,500 in one year to reach $412,500. Full summary

Mitchell Park was picked out by APM as one to watch, thanks to its consistently strong capital growth performance.

Capital growth should also be fuelled in the medium to long-term by local initiatives, such as the redevelopment of the Marion Westfield and the new billion dollar Tonsley Park precinct. This second project in particular will be of interest to investors. Right next door to Mitchell Park, Tonsley Park’s state government sponsored mission is to create thousands of new jobs and attract 8,000 students to its $125m education centre.

While it’s a good 10km south-west of the CBD, Mitchell Park has good accessibility thanks to the Tonsley railway line and Marion Road, both of which can get residents into the city in around 20 minutes.

It’s an area that has gone through a substantial redevelopment programme in recent years, says Magain Real Estate sales consultant Andrew Boswell, with former South Australian Housing Trust maisonettes being sold off to private developers. Areas such as Bahloo Avenue, McFarlane Avenue and Merchant Avenue have been transformed as a result.

“There are also new developments going on that are attracting young professionals and what’s left of the first homebuyer market,” he says, pointing to David Avenue and Richard Avenue as a couple of areas to watch.

The area does well for local amenities, with the Park Holme Shopping Centre being within walking distance and Brighton and Glenelg Beaches being a short drive away. Local schools include Hamilton Secondary School, Sacred Heart Middle School and Clovelly Park Primary.

Flinders University, the Flinders Medical Centre and Flinders Private Hospital are also all within a couple of kilometres, while the recently completed state swimming centre is bringing in enquiries from parents who are looking to move close to their child’s training facility, says Boswell.

He notes that the suburb’s currently attracting a high proportion of investors and young families, pointing out that there are still a lot of properties on 650 to 700 m2 blocks that have room for children but also scope for development.

The rental market here is strong, he adds: “There’s good access to the city and the bay, so we don’t have much of a problem finding good tenants here.”

The proportion of renters in the suburb came in at 36% during the 2006 Census. This figure is expected by SQM Research to skyrocket to 49% by 2016, suggesting that – if the area’s vacancy rate stays low – rents will be pushed north in the coming years.

Close
Metrics i HOUSE UNIT
$460,000 $327,500
1.10% -17.35%
7.60% -14.27%
3.95% 5.27%
$380 $298
71 44
4.30% 4.72%
54.87 58.97

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
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Demographics
Total population 5206
Median household income ($/weekly) 787
Median age of persons 38
Median housing loan repayment ($/monthly) 1529
Average household size 2.1
  • Census Count Percent(%)
    25-34 years 859 16.5
    35-44 years 643 12.4
    45-54 years 621 11.9
    55-64 years 590 11.3
    65-74 years 502 9.6
    Others 1991 38.2
    Age Group
    Census Count Percent(%)
    Not Married 2111 52.4
    Registered Married 1590 39.4
    Defacto Relationship 331 8.2
    Social Marital Status
  • Census Count Percent(%)
    Australia 3364 69.1
    Croatia 121 2.5
    Indonesia 135 2.8
    United Kingdom 275 5.7
    Other 345 7.1
    Others 626 12.9
    Country of Birth
    Census Count Percent(%)
    Buddhism 160 3.5
    Christianity 2742 59.3
    Hinduism 89 1.9
    Islam 249 5.4
    No Religion 1302 28.1
    Others 84 1.8
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 303 14.5
    $400-$599 262 12.5
    $600-$799 274 13.1
    $800-$999 203 9.7
    $1,500-$1,999 203 9.7
    Others 845 40.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1869 45.4
    Employed, worked full-time 1230 29.9
    Employed, worked part-time 693 16.8
    Unemployed, looking for work 173 4.2
    Employed, away from work 153 3.7
    Person Characteristics
  • Census Count Percent(%)
    Professionals 446 21.5
    Technicians & trades workers 255 12.3
    Community & personal service workers 254 12.3
    Clerical & administrative workers 327 15.8
    Labourers 249 12.0
    Others 542 26.1
    Occupation
    Census Count Percent(%)
    Pre-school 65 5.7
    Infants/Primary 334 29.5
    Secondary 226 19.9
    Technical or Further Educational Institution 121 10.7
    University or other Tertiary Institutions 334 29.5
    Others 54 4.8
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 3373 69.3
    Semi-detached, row or terrace house, townhouse 994 20.4
    Flat, unit or apartment 501 10.3
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1079 48.6
    Being purchased 565 25.4
    Fully owned 558 25.1
    Other tenure type 19 0.9
    Tenure Type
Census 2011, ABS
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Recent sales & rentals