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Melbourne
Mill Park is within 18km of the Melbourne CBD and becoming a sought-after area with new homes replacing traditional weatherboard builds. The suburb is popular with students and teachers who study and work at the nearby RMIT University campus.
Starting Price
Type
Suitability
Asset Class
$670,000
Townhouse
Experienced Investors
Residential
Annual Growth
Average Yield
Population Growth
House/Apartment Ratio
6%
4.0%
6%
140%
Top 5 Reasons Why This Is a Great Investment
Suburb poised for growth in the short and medium-term, with median house price sitting at $690k
Over the past 8 years, Mill Park’s annualized growth rate is 6.9% per annum
Current Vacancy Rate of 0.93% and rental estimate $550/week
$5 billion upgrades to La Trobe University, creating 20,000 new jobs over 10 years and educational facilities for 40,000 + students
$80 billion of rail projects including 90km Suburban Rail Loop that will connect suburbs to jobs, education, health services, and Melbourne Airport and New Bundoora Train Station
Our key measures explained by Dr Andrew Wilson -
Chief Economist at Wealthi.
Annual Growth
Annual growth is a measure of the price growth in median prices for the asset type we are recommending. For example, if we're recommending a house investment, we will use median house price growth adjusted for any anomolies in the data.
Average Yield
Yield represents the total median rental income divided by the median asset price over the period. Our preference is to work with data across a large sample, to reduce any issues with one-off transactions which could skew the data.
Population Growth
Population growth is a great long term source for measuring long term demand. This isn't an instant measure, there are often lags with government population growth measurements. So we're really looking at the long term here and trying to find areas where population growth is greater then recent price growth.
House/Apartment Ratio
We look for apartments in areas where the price gap with houses is large. This is a long term strategy where we believe, apartments will rise in value and close the gap relative to houses. Areas where the house price to apartment ratio exceeds 150% are generally attractive for apartment investors.
Mill Park