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Mill Park, VIC 3082
Suburb profile: median house and unit prices, rental yield, capital growth, vacancy and demographics
Data updated
Median House
$855,000
market range $800K-$925K
Median Unit
$590,000
market range $500K-$625K
Gross Yield (units)
4.8%
1yr Growth (houses)
+3.5%
market range -2.5% to +10.0%
Investment snapshot for Mill Park
Mill Park has enough public data for first-pass screening across yield, vacancy, price and supply signals.
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Mill Park market and investor summary
In Mill Park, VIC 3082, the median house sells for around $855K. House prices have moved +3.5% over the past year and +9.8% over three years. At 1.7% vacancy, it is a tight rental market that favours landlords.
Living in Mill Park: people, income and schools
Mill Park is home to around 28,712 people, a count that has slipped about 4% over five years. At a median age of 40, it reads as skewed a little older, and 75% of homes are owner-occupied. Owner-occupiers dominate, so stock turns over slowly and listings can be thin when you are trying to buy.
The typical household income runs to around $90,000 a year (about $1,740 a week). On socio-economic measures it ranks around the national middle on the ABS advantage index (6 out of 10). At current prices a median house runs to a steep 9.5 times local household income, so affordability is a genuine constraint on local buyers. Incomes have risen about 16% over five years, which tends to underpin what local buyers can pay.
Families have 49 schools within roughly 5km to choose from, testing a little above the national school average on ICSEA. Mill Park sits about 19 km from the CBD. Some errands can be done on foot, though a car still helps; the suburb scores 50 for walkability and 8 for transit out of 100. Fixed broadband is delivered over the NBN's Fibre to the Premises.
- Population
- 28,712
- -4% over 5yr
- Median age
- 40 years
- Median household income
- $90,000/yr
- Households renting
- 23%
- Family households
- 79%
- Socio-economic rank
- 6/10
- ABS advantage index
- Schools within 5km
- 49
- avg ICSEA 1054
- Unemployment
- 4.5%
- Distance to CBD
- 19 km
- Walk score
- 50/100
Demographic, school and socio-economic figures are sourced from the ABS Census, SEIFA and ACARA. Property metrics reflect PropRadar's latest data.
Properties in Mill Park
View all →Frequently asked questions about Mill Park
What should I check before investing in Mill Park?
Mill Park has enough public data for first-pass screening across yield, vacancy, price and supply signals. Unit gross rental yield of 4.8% gives a usable rent-to-price starting point. Tight rental market (1.7% vacancy) gives landlords pricing power and low rental downtime. Compare those signals with nearby suburbs and individual listings before relying on the suburb-level view.
What are typical property prices in Mill Park?
The median property price in Mill Park, VIC 3082 is $855K for houses and $590K for units.
What rental yield does Mill Park show?
The gross rental yield in Mill Park is 4.8% for units. Gross yield is calculated as annual rent divided by property price, and it doesn't account for expenses or tax.
What does recent house price growth show for Mill Park?
House prices in Mill Park are up 3.5% over the past year and up 9.8% over three years. Capital growth is a key driver of total investment return, so pair it with rental yield to get a full picture.
How tight is the rental market in Mill Park?
The current vacancy rate in Mill Park is 1.7%. A rate under 2% generally signals a tight rental market. This suburb's rental market is very tight, with landlords typically holding strong bargaining power and low rental downtime.
How many people live in Mill Park?
Mill Park has a population of approximately 28,712 residents, with a median age of 40.
What schools are near Mill Park?
There are 49 schools within roughly 5km of Mill Park. Their average ICSEA is a little above the national mean of 1000. ICSEA is the ABS measure of a school community's socio-educational advantage.
Is Mill Park affordable to buy in?
A median house in Mill Park costs about 9.5 times the median local household income (a high multiple that makes the suburb a stretch for median local earners). The ratio compares the median house price with annual household income; it is a rough affordability gauge, not a substitute for your own borrowing assessment.
Is Mill Park's population growing?
The population of Mill Park has fallen about 4% over five years. Population growth feeds underlying housing demand, so it is worth weighing alongside price and yield.
How far is Mill Park from the CBD?
Mill Park is about 19 km from the CBD.
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