mill park

3082, Victoria

Real Estate & Property Information

Median
Price Rank
343

mill park Suburb Profile & Review

A vibrant and booming residential area in Melbourne's north, Mill Park is home to an endless supply of shopping centres such as the Stables Shopping Centre and Westfield Plenty Valley. Mill Park's excellent suburban lifestyle appeals to young families and professionals alike, and with easy access to superior tertiary institutions, including La Trobe University and RMIT's Bundoora campus, it also attracts singles and students.

Idyllic parks such as Redleap Reserve and Kelynack Reserve break up pockets of retail and commercial precincts, offering residents a pleasant blend of city living and quiet suburban life. For coffee, locals favour Shuga Cafe, Sputino Cafe and Viviere Cafe, while Nova Vista Restaurant offers some sublime Italian dining.

Though there is no train station within the suburb itself, a tram line runs directly down Plenty Road and takes approximately forty-five minutes to reach the inner city. The Northern Ring Road is also mere minutes away. The fitness conscious are well catered to with the Hendersons Road Drain Trail and the Darebin Creek Trail, which offer scenic routes past wetlands, creeks and open countryside. Mill Park's visually stunning $8 million library is its proudest claim to fame, attracting people from all surrounding suburbs for its unique architecture and first-class facilities.

mill park Demographic Data

$ 410,000 Median House Price

34 Minutes Average Commute

35 Median Age

30,517 Population

50.67 % Female

49.33 % Male

8426 NO OF FAMILIES

1.9 AVG CHILDREN PER FAMILY

0.9 AVG MOTOR VEHICLE PER DWELLING

What this means

The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in mill park, Victoria.

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mill park Demographic Data

The demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.

It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.

mill park Median House Prices

  • 2008 $ 307,000
  • 2009 $ 327,000
  • 2010 $ 365,000
  • 2011 $ 415,000
  • 2012 $ 410,000

What this means

Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.

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mill park 5 Year Median House Prices

Here we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in mill park have performed, and it usually indicates how they will perform in the future.

Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term mill park property price predictions.

mill park Market Property Types

  • 94 % Seperate House
  • 3 % Semi Detached
  • 3 % Flat or Unit
  • 0 % Other Dwelling

What this means

The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.

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mill park Market Property Types

Typically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.

This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.

mill park Income & Mortgage Stats

  • $ 1,367 Median Weekly Household Income
  • $ 1,600 Median Monthly Mortgage

What this means

This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in mill park

Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.

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mill park Income & Mortgage Stats

To calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%

Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.

mill park Sold Property Prices

mill park Real Estate Experts

In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.

mill park Related Local Blog Posts

Immigrants Are Pushing House Prices Higher

Much of Australia’s history and success has been built on the back immigration but are the current intake levels too high and how are they impacting prices?

Hangover Stock Brings About Buying Opportunities

This week Melbourne’s auction market has been tested with over 1200 properties reportedly going under the hammer over the weekend. Although both Domain and the REIV show clearance rates at nearly 70%, this on the surface seems good but in actual fact is 10% down for the same time last year. Speaking to a number of agents around town confirms….

Where is The Property Market Heading?

There has been a lot of “white noise” surrounding the Sydney and Melbourne property market over the last few months and it has taken me a while to determine which way things were actually going to go. Is the Australian property market heading down the gurgler or is this just a glitch?

Property Market Trends in Melbourne Which Could Affect Prices

In this final edition we look at what how the Melbourne property market has fared and what whether we are likely to see any changes in property prices, demand for property and economic drivers.

New Research Shows Consumers Who Don’t Own A Home Could Be Worse Off in Retirement

New Research released last week by Roy Morgan shows that people who don’t own a home have become worse off in terms of their net wealth and are jeopardising their retirement.

Is Australian Housing Heading for a Hard Landing or a Financial Cliff?

From my experience and talking with real estate agents the Melbourne market has softened no doubt, but are we heading towards a financial cliff?

mill park Restaurants

  • Tian's Sushi & Noodle Bar6/5 Bush Boulevardmill park VIC 308203 9404 3388
  • Tara Thai5/5 Bush Boulevardmill park VIC 308203 9436 6161
  • Shuga502 Plenty Roadmill park VIC 308203 9436 0500

mill park Cafes

  • Michel's Patisserie Plenty Valley1/415-481 McDonalds Roadmill park VIC 308203 9437 8976
  • Shuga CafeMill Park Plaza, Shop 502, 520 Plenty Roadmill park VIC 308203 9436 0500
  • Mrs Fields Plenty Valley415-481 McDonalds Roadmill park VIC 308203 9404 4285

mill park Schools

  • St. Francis of Assisi Primary School290-312 Childs Roadmill park VIC 3082(03) 9407 3100Catholic Primary School
  • Findon Primary SchoolCuthbert Drivemill park VIC 3082(03) 9404 1362State Primary School
  • Mill Park Primary SchoolBlamey Avenuemill park VIC 3082(03) 9404 3337State Primary School

mill park Childcare

  • ABC Learning Centre156-160 Centenary Drmill park VIC 3082
  • Happy Faces Child Care Centre136-140 Centenary Drmill park VIC 3082
  • Mill Park Heights CCC31 Morang Drivemill park VIC 3082

mill park Kindergarten and Preschools

  • Blossom Park Kindergarten59 Azalea Avenuemill park VIC 3082
  • Centenary Drive Kindergarten68 Centenary Drivemill park VIC 3082
  • Mill Park PreschoolRear 7 Mill Park Drivemill park VIC 3082

mill park Sporting Centres and Clubs

  • Coburg, Mill Park Reservemill park VIC 3082Baseball Club
  • Blossom Park Tennis Clubmill park VIC 3082Tennis Club & Courts
  • Mill Park Tennis Club, Jenkins Reservemill park VIC 3082Tennis Club & Courts

Find out How Much your House is Worth in mill park

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