Mitchelton is an average performer in QLD when comparing median price capital growth over the last year. Mitchelton gave property investors a average capital gain figure when compared to the rest of the state, with 5.77%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Mitchelton has increased when compared to the 5 year average annual rate.
Our latest figures would indicate that property sellers in Mitchelton are currently offering property investors an average price cut of -4.90% below the asking price at the moment.
At number 387 in a list of fastest selling suburbs, Mitchelton is in the TOP 20% of suburbs in Australia with an average of days on market 41.4932 for properties listed there.
With the median price for a house in Mitchelton being $687500 and the advertised rent reaching $465 the gross rental yield for property investors calculates out to be 3.52%
Giving property investors a an unimpressive capital gain of -2.96% for the last year, Mitchelton, 4053 is the 1214th highest performer in Australia in this respect.
Mitchelton,4053 was ranked 397 in Australia by increase in median property value over the quarter.
Often selling an investment property can take time, and in Mitchelton the average time real estate has been on the market is 44.9286 days.
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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.