Mill Park is a well-populated suburb in Victoria within the Whittlesea local government area (postcode 3082). It is home to about 28,712 residents, with a settled mid-life population and a median age of 40. Households earn a median income of $90K per year, with an average household size of 2.7 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +2.9% year-on-year at the LGA level. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 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, clerical & administrative, technicians & trades. Employment in the area leans toward healthcare and retail trade. The top ancestries reported are Australian, English, Italian.
Mill Park has a median house price of $790,000, which has risen modestly by 0.6% year-on-year. Units have a median price of $643,000 (+24.2% YoY). The current median weekly rent is $530. This gives a gross rental yield of approximately 3.5%. The median monthly mortgage repayment is $1,748.
Mill Park is served by 6 schools, including 5 primary, 1 secondary. The average ICSEA score is 1041, which is around the national average of 1,000. Public transport access includes 11 rail stations, 141 bus stops. The crime rate in the Whittlesea LGA is moderate at 7,048 incidents per 100,000 population.
From an investment perspective, The gross rental yield works out to roughly 3.5%, which reads as moderate yield. Property prices are near the state median ($790K/$875K). The price-to-income ratio of 8.8x is considered moderate. House prices have moved +0.6% year-on-year. Population growth of +2.9% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.