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:
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.