Mill Park has had a pretty average year for property investment returns compared to the rest of VIC, giving investors a capital gain of 2.73% to date .
While Mill Park,3082 ranked number 223th in VIC for increase in median house value (annualised) increase, it is ranked 128th over the last 5 years.
Property investors looking for a bargain in Mill Park should be aiming for at least -7.34% off the asking price, which is the average vendor discount being achieved at the moment.
Giving property investors a a stable capital gain of 4.71% for the last year, Mill Park, 3082 is the 479th highest performer in Australia in this respect.
If we look at median property appreciation over just the last three months, Mill Park has given property investors a paper return of 5.66%. This puts Suburb as 49 on a list of fastest fasting appreciating suburbs in VIC
In the last year 31 properties changed hands in Mill Park, which puts it as the 236th most active market in VIC when comparing the number of sales per suburb.
A $360 per week rent on the median house gives suburb investors a gross yield of circa 4.01%, without taking into account capital value appreciation, which has been averaging out at 4.36%.
Information supplied by:
Stockdale & Leggo
03 9407 9100
0422 577 353
Property investors looking for a bargain in Mill Park should be aiming for at least -7.84% off the asking price, which is the average vendor discount being achieved at the moment.
Situated 18.62km from the CBD, Mill Park is one of Whittlesea localities in the postcode 3082.
Properties close proximity to RMIT Bundoora, South Morang train station, Westfield shopping centre and the stables shopping centre
Most sought after properties 3-4 bedroom homes up to $450,000 in value. This is the most popular price bracket for 1st home buyers.
Most common properties 3-4 bedroom homes of about 20 sq on an average block size of 550 sqm.
The stables shopping centre
Mill Park Leisure centre
St Josephs School, Mill park Primary,
Local industry and business
There are number of shopping centres in and around Mill Park- The stables shopping centre, Westfield Plenty Valley (bordering Mill Park), Rivergum Village Shopping centre
There is also number of medical centres available including a 24 hr super Clinique on Childs Rd.
We can identify a trend that shows buyers who cannot afford to buy in Bundoora (neighbouring suburb closer to the city with a median home price is currently $460,000 for a much older home) is actively looking to buy in Mill Park area. This buyer activity should push up the home values in Mill Park area over the coming years.
Blossom Park Drive
South Morang train station is also close to Mill Park