With a capital gain of -6.72% for the last 12 months, Mill Park, 3082 has performed for property investments than its average annual 6.47% property growth over the last 5 years.
The five-year average increase in median property values for Mill Park,3082 has given property investors a potential capital gain of 46.89% across each of those five years.
Property investors looking for a bargain in Mill Park should be aiming for at least -5.94% off the asking price, which is the average vendor discount being achieved at the moment.
Advertised rents are around the $390 mark per week – giving a return of 3.24% based on the median price in Suburb
At number 1171th in the list of Australian suburbs ordered by increase in median house value over the last year, Mill Park, 3082 is in the BOTTOM 30% with a property value increase of -9.14% recorded in median house prices.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Mill Park has increased when compared to the 5 year average annual rate.
Using the current median advertised rental of $360 and the average annual increase in value of a median property of 4.30%, investors should hope to achieve an overall return of 4.43%
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