Torrens Park is a smaller suburb in South Australia within the Mitcham local government area (postcode 5062). With a population of 2,687, the suburb has an established demographic with a median age of 43. Households earn a median income of $113K per year, with an average household size of 2.5 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 education. The top ancestries reported are English, Australian, Scottish.
Median house prices in Torrens Park stand at $2.3 million, having jumped by 68.6% over the last twelve months. The current median weekly rent is $625. This gives a gross rental yield of approximately 1.4%. The median monthly mortgage repayment is $2,167.
Torrens Park is served by 1 school, including 1 combined. The average ICSEA score is 1146, which is well above the national average of 1,000. Public transport access includes 23 bus stops. The crime rate in the Mitcham LGA is below average at 3,796 incidents per 100,000 population.
Looking at the investment signals, Gross rental yield sits at around 1.4% (low yield). Property prices are above the state median ($2.3M/$950K), placing it in the premium segment. The price-to-income ratio of 20.8x is considered stretched. House prices have moved +68.6% 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.