Millgrove is a small locality in Victoria within the Yarra Ranges local government area (postcode 3799). The area has roughly 1,666 residents and a settled mid-life population, with a median age of 40. Households earn a median income of $62K per year, with an average household size of 2.3 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.7% 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 technicians & trades, community & personal service, labourers. Employment in the area leans toward healthcare and construction. The top ancestries reported are English, Australian, Irish.
Millgrove has a median house price of $593,000, holding roughly steady year-on-year. The current median weekly rent is $600. This gives a gross rental yield of approximately 5.3%. The median monthly mortgage repayment is $1,300.
Millgrove is served by 1 school, including 1 primary. The average ICSEA score is 923, which is below the national average of 1,000. Public transport access includes 5 bus stops. The crime rate in the Yarra Ranges LGA is moderate at 5,164 incidents per 100,000 population.
From an investment perspective, Millgrove shows a gross rental yield of approximately 5.3%, rated as high yield. Property prices sit below the state median ($593K/$875K), which can point to relative value. The price-to-income ratio of 9.5x is considered moderate. House prices have moved +0.4% year-on-year. Population growth of +0.7% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.