Property value increases in Mitchelton have tracked close to the QLD average of 0.88% over the last 12 months.
Mitchelton,4053 has offered an average of 1.45% return per annum in house price rises to property investors over the last three years.
LACK OF BUYER INTEREST may well be the reason that Mitchelton is offering property investors an average of -7.03. This rate of discount on properties puts Suburb at number 664th in terms of most discounted suburbs in QLD
Using the current median advertised rental of $475 and the average annual increase in value of a median property of 3.91%, investors should hope to achieve an overall return of 3.71%
If you compare the increase in value of investment property in Mitchelton, 4053 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this QLD suburb was -1.52%.
Taking the average capital gain, or increase in median house value, Mitchelton,4053 has racked up an average of -1.52% over the period. This ranks it number 1053th in the whole country for real estate investors looking at median house price increases.
The most recent median price for Mitchelton is $420000, with sellers offering an average of -6.12% off the asking price.
At number 947 in a list of fastest selling suburbs, Mitchelton is in the bottom 30% of suburbs in Australia with an average of days on market 92.3684 for properties listed there.
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Tight squeeze in hill suburb
Median unit price: $440,000
Vacancy rate: 1.6%
Three-year growth: 19.4%
Mitchelton, a hilly suburb 8km north-west of the Brisbane CBD, is known for its Queenslander-style homes. Although it’s a growth area, popular with families and home to Brookside Shopping Centre, the largest in Brisbane’s north-west, the property market in Mitchelton has ground to a halt, with houses gaining just 2.3% over the past year, and units a mere 0.6%.
The current median house price in $635,000, while the average unit is selling for $440,000. However, rental yields are strong, with units averaging 4.7% and houses 3.6%. The median advertised rent for units is $400 per week, while for houses it is $440 per week, and with a vacancy rate of just 1.6%, it’s proving to be a great choice for investors.