At number 2321th in the list of Australian suburbs ordered by increase in median house value over the last year, Mitchell Park, 5043 is in the BOTTOM 50% with a property value increase of 0.00% recorded in median house prices.
While Mitchell Park,5043 ranked number 279th in SA for increase in median house value (annualised) increase, it is ranked 291th over the last 5 years.
Vendor discounting in Mitchell Park is giving property investors an average Vendor Discount of around -7.67%. This puts suburb at number 49th in SA when ranking the most discounted suburbs.
Mitchell Park, 5043’s gross rental yield is 4.91%
Mitchell Park has had a pretty average year for property investment returns compared to the rest of SA, giving investors a capital gain of -0.81% to date .
While Mitchell Park,5043 ranked number 73th in SA for increase in median house value (annualised) increase, it is ranked 19th over the last 5 years.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Mitchell Park, 5043. Typically our figures indicate that -8.32% is being offered, which puts this SA suburb at 103th most discounted overall in Australia.
Often selling an investment property can take time, and in Mitchell Park the average time real estate has been on the market is 64.1111 days.
Mitchell Park is 28th on a list of best yielding suburbs for rents in SA with a 5.57% return
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Unit market is shaken
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.