Located in South Australia within the Mitcham local government area, Springfield is a small locality (postcode 5062). It is home to about 548 residents, with an older-leaning population and a median age of 48. Households earn a median income of $235K per year, with an average household size of 2.8 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +1.0% year-on-year at the LGA level. SA employment has moved +2.1% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. SA also had 23 Commonwealth-backed major projects under construction, 2 underway, and 11 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, managers, clerical & administrative. Employment in the area leans toward healthcare and professional services. The top ancestries reported are English, Australian, German.
The median house price in Springfield is $1.8 million, having declined steeply by 26.5% over the past year. The current median weekly rent is $750. This gives a gross rental yield of approximately 2.2%. The median monthly mortgage repayment is $3,234.
Springfield is served by 1 school, including 1 combined. The average ICSEA score is 1133, which is well above the national average of 1,000. Public transport access includes 1 bus stop. The crime rate in the Mitcham LGA is below average at 2,555 incidents per 100,000 population.
From an investment perspective, The gross rental yield works out to roughly 2.2%, which reads as low yield. Property prices are above the state median ($1.8M/$950K), placing it in the premium segment. The price-to-income ratio of 7.7x is considered moderate. House prices have moved -26.5% year-on-year. Population growth of +1.0% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.