Suburb Profile Report for Mitchell Park SA (5043)

Mitchell Park House: Median price $450,000, Annual capital growth 1.92%, Number of sales 79, Weekly median advertised rent $405

Mitchell Park Unit: Median price $290,000, Annual capital growth 1.09%, Number of sales 19, Weekly median advertised rent $310

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

Source: Monthly data update for Feb 2020 as supplied by CoreLogic. Data is reported to the period ending Nov 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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SA has seen average median house prices change by 2.10% which means that Mitchell Park, 5043 has done well for property investors by showing a capital gain of 1.81% over the last year

If we look at median property appreciation over just the last three months, Mitchell Park has given property investors a paper return of -2.17%. This puts Suburb as 361 on a list of fastest fasting appreciating suburbs in SA

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.73% offered to property buyers. Sellers in Mitchell Park itself are offering an average vendor discount of -4.70% to real estate investors.

At number 584 in a list of fastest selling suburbs, Mitchell Park is in the TOP 20% of suburbs in Australia with an average of days on market 57.2115 for properties listed there.

With the median price for a house in Mitchell Park being $450000 and the advertised rent reaching $405 the gross rental yield for property investors calculates out to be 4.68%

With a capital gain of -18.31% for the last 12 months, Mitchell Park, 5043 has performed for property investments than its average annual 1.09% property growth over the last 5 years.

Over the longer term, Mitchell Park has seen property prices show investors a -2.68% return over the last 3 years. This is worse than over the last 12 months

Mitchell Park, 5043 is offering SA ‘s 21th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 40% of discounts offered by this SA.

Using the current median advertised rental of $310 and the average annual increase in value of a median property of 1.09%, investors should hope to achieve an overall return of 5.56%

Information supplied by:


September 2017

M
O

W
E

Unit market is shaken

Postcode: 5043

Median unit price: $325,000

Three-year growth: 17.3%

Rental yield: 4.8%

About 10km south of Adelaide, the suburb of Mitchell Park is struggling to maintain demand.

Apartment values nosedived by nearly 15% over the past year leading up to July 2017, with the June 2017 quarter alone showing a 12% decline. This leaves the median unit price at a very low $325,000.

Nonetheless, properties are not exactly languishing on the market as they sell by an average of 57 days after being put on sale. Moreover, rental returns are strong at 4.8%. Thus, even with the suburb’s poor growth, vacancy rates are actually tightening to an average of just 1.01%

Mitchell Park has its own railway station, and is surrounded by suburbs like Marion, which is rich in amenities like schools, parks and public transport.

Metrics i HOUSE UNIT
$450,000 $290,000
-2.17% -2.03%
1.81% -18.31%
1.92% 1.09%
$405 $310
79 19
4.68% 5.56%
57.2115384615385 53.8666666666667

Source: Monthly data update for Feb 2020 as supplied by CoreLogic. Data is reported to the period ending Nov 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Good (U)
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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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