Suburb Profile Report for Mill Park VIC (3082)

Mill Park House: Median price $530,000, Annual capital growth 6.76%, Number of sales 331, Weekly median advertised rent $360

Mill Park Unit: Median price $384,500, Annual capital growth 4.68%, Number of sales 64, Weekly median advertised rent $325

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

At number 470th in the list of Australian suburbs ordered by increase in median house value over the last year, Mill Park, 3082 is in the top 20% with a property value increase of 15.22% recorded in median house prices.

Over the longer term, Mill Park has seen property prices show investors a 32.50% return over the last 3 years. This is worse than over the last 12 months

LACK OF BUYER INTEREST may well be the reason that Mill Park is offering property investors an average of -6.04. This rate of discount on properties puts Suburb at number 200th in terms of most discounted suburbs in VIC

Advertised rents are around the $360 mark per week – giving a return of 3.53% based on the median price in Suburb

If you compare the increase in value of investment property in Mill Park, 3082 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 6.81%.

Across a shorter period, Mill Park, 3082 has seen a median price increase of 2.53% over the last quarter.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.22% offered to property buyers. Sellers in Mill Park itself are offering an average vendor discount of -2.99% to real estate investors.

Property investors should expect to get $325 weekly from the median priced house in this suburb.

Sugath Warnasuriya Information supplied by:

Sugath Warnasuriya
Stockdale & Leggo

M 03 9407 9100
O 0422 577 353

W www.stockdaleleggo.com.au/southmorang
E sugath@stockdaleleggo.com.au
Investment property in the suburb has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -2.59%.

A 23.44% growth in median value for property investors in Mill Park,3082 puts this suburb at number 472th in terms of best performing suburbs in VIC.

Property investors looking for a bargain in Mill Park should be aiming for at least -7.84% off the asking price, which is the average vendor discount being achieved at the moment.

Situated 18.62km from the CBD, Mill Park is one of Whittlesea localities in the postcode 3082.Full summary
Property investors looking for a bargain in Mill Park should be aiming for at least -7.84% off the asking price, which is the average vendor discount being achieved at the moment.
 
Situated 18.62km from the CBD, Mill Park is one of Whittlesea localities in the postcode 3082.
 
Selling points 
 
Properties close proximity to RMIT Bundoora, South Morang train station, Westfield shopping centre and the stables shopping centre
 
Most sought after properties 3-4 bedroom homes up to $450,000 in value. This is the most popular price bracket for 1st home buyers.
 
Most common properties 3-4 bedroom homes of about 20 sq on an average block size of 550 sqm.
 
Top amenities
 
The stables shopping centre
Mill Park Leisure centre
St Josephs School, Mill park Primary,   
 
Local industry and business
 
There are number of shopping centres in and around Mill Park- The stables shopping centre, Westfield Plenty Valley (bordering Mill Park), Rivergum Village Shopping centre 
 
There is also number of medical centres available including a 24 hr super Clinique on Childs Rd.
 
Recent Changes
 
We can identify a trend that shows buyers who cannot afford to buy in Bundoora (neighbouring suburb closer to the city with a median home price is currently $460,000 for a much older home) is actively looking to buy in Mill Park area. This buyer activity should push up the home values in Mill Park area over the coming years. 
 
Best Streets 
 
University Drive
Research Drive 
Blossom Park Drive
Development Blvd 
Montana Way 
 
Public Transport
 
Bus 
South Morang train station is also close to Mill Park 
 
Main Arteries
 
Plenty Road
Childs Road 
Close
HOUSE UNIT
$530,000 $384,500
4.13% 2.53%
15.22% 6.81%
6.76% 4.68%
$360 $325
331 64
3.53% 4.40%
60.18 44.68

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
Find a mortgage broker in Mill Park VIC
Demographics
Total population 30517
Median household income ($/weekly) 1367
Median age of persons 35
Median housing loan repayment ($/monthly) 1600
Average household size 3.1
  • Census Count Percent(%)
    5-14 years 4122 13.5
    25-34 years 4028 13.2
    35-44 years 4438 14.5
    45-54 years 5097 16.7
    55-64 years 3476 11.4
    Others 9356 30.7
    Age Group
    Census Count Percent(%)
    Registered Married 12556 53.7
    Not Married 9646 41.3
    Defacto Relationship 1179 5.0
    Social Marital Status
  • Census Count Percent(%)
    Australia 19491 66.8
    Germany 1029 3.5
    Indonesia 740 2.5
    Japan 1070 3.7
    Other 1308 4.5
    Others 5530 19.0
    Country of Birth
    Census Count Percent(%)
    Buddhism 887 3.1
    Christianity 21282 74.5
    Hinduism 747 2.6
    Islam 1358 4.8
    No Religion 3844 13.5
    Others 451 1.6
    Religious Affiliation
  • Census Count Percent(%)
    $800-$999 780 9.1
    $1,000-$1,249 935 10.9
    $1,250-$1,499 870 10.1
    $1,500-$1,999 1363 15.9
    $2,000-$2,499 1028 12.0
    Others 3613 42.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 9770 41.4
    Not in the labour force 7338 31.1
    Employed, worked part-time 4694 19.9
    Employed, away from work 925 3.9
    Unemployed, looking for work 882 3.7
    Person Characteristics
  • Census Count Percent(%)
    Professionals 2352 15.3
    Technicians & trades workers 2372 15.4
    Clerical & administrative workers 2618 17.0
    Sales 1948 12.7
    Labourers 1563 10.2
    Others 4531 29.5
    Occupation
    Census Count Percent(%)
    Pre-school 431 5.6
    Infants/Primary 2508 32.5
    Secondary 2442 31.6
    Technical or Further Educational Institution 707 9.2
    University or other Tertiary Institutions 1382 17.9
    Others 246 3.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 28062 95.5
    Semi-detached, row or terrace house, townhouse 781 2.7
    Flat, unit or apartment 525 1.8
    House or flat attached to a shop, office 10 0.0
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 4129 43.9
    Fully owned 3499 37.2
    Rented 1735 18.5
    Other tenure type 37 0.4
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals