Mitchelton has had a pretty average year for property investment returns compared to the rest of QLD, giving investors a capital gain of 0.45% to date .
The five-year average increase in median property values for Mitchelton,4053 has given property investors a potential capital gain of 18.75% across each of those five years.
Property investors looking for a bargain in Mitchelton should be aiming for at least -3.67% off the asking price, which is the average vendor discount being achieved at the moment.
Situated 8.50km from the CBD, Mitchelton is one of Brisbane (C) localities in the postcode 4053.
Investment property in Mitchelton 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 -4.68%
Mitchelton,4053 was ranked 789 in Australia by increase in median property value over the quarter.
State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.19% offered to property buyers. Sellers in Mitchelton itself are offering an average vendor discount of -7.98% to real estate investors.
Residents and property investors in Mitchelton have been waiting around 107.368 days to sell a property.
Property investors should expect to get $400 weekly from the median priced house in this suburb.
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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.