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Mitchell Park, VIC 3355

Home » VIC Real Estate Data » Ballarat City, VIC » Mitchell Park, VIC 3355

If you’re looking to buy, rent, or invest in property, it’s important to do your research on the suburb first. This includes looking at house prices, real estate rental market data, and other advanced metrics. Here, we’ve compiled that information for Mitchell Park, VIC 3355 to help you make an informed decision about your property choice in this suburb.





Market Snapshot

This page provides an overview of the area’s real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this suburb. You are able to visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

Buy 

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Rent 

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Yield 

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Buy 

1BR

2BR

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Rent 

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Yield 

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Lower Risk RCS™

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Capital Growth RCS™

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Cashflow RCS™

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Essentials
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Yield chart
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GRC chart
Fundamentals
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IRSAD chart
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Renters to owners pie chart
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unit to houses pie charts
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Demand chart
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Inventory chart
Supply

Stock on Market

Inventory

Hold Period

Building Approvals

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SOM chart
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Inventory chart
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Inventory chart
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Hold chart
Demand

Days on Market

Vacancy Rate

Clearance Rate

Search Index

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DOM chart
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Inventory chart
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Index chart
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Auction chart

How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.

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0 thoughts on “Mitchell Park, VIC 3355”

  1. The total adult population (15 years or older) of Mitchell Park 3355 VIC is 731, with a median age of 37. Of those, 38.30% are married, 13.82% are divorced or separated, 42.95% are single and 4.92% are widowed.

    The average household size is 2.5 people per dwelling, and the median household monthly income is estimated to be $6,904. The median monthly mortgage repayment for households in this suburb is $1,387 which is 20.09% of their earnings.

    Source: ABS Census Data (2021)

  2. Nestled in the state of Victoria, the suburb of Mitchell Park 3355 is home to an estimated 526 households. As we head into Q3 of 2023, the housing market in this cosy suburb presents some intriguing figures for potential property investors and buyers.

    Houses in Mitchell Park are typically priced at around $501,623 with a median weekly rent at approximately $392. This translates into an indicative yield of a healthy 4.06%, suggesting a strong return for cashflow-focused investors. It’s worthy to note that yield rates surpassing the 3% market prerequisite are generally deemed attractive in property investments.

    The socio-economic conditions of Mitchell Park, as shown by the IRSAD score, are indicative of moderate wealth and skilled labour with a respectable score of 909 out of a possible 1217. Furthermore, the renter to owner ratio is at a promising 27%. A ratio below 30% is favourable as it means less competition amongst landlords and a reduced risk of rental market saturation.

    Mitchell Park shows an impressive units to houses ratio of 0%. This tilt towards houses over units augments the appeal of the market as it suggests long term tenancies and stability, thereby maintaining higher rental yields.

    The affordability index records 28 years, showcasing an investment-friendly climate with high affordability for residents. A value below standard 30 years mortgage period is usually deemed favourable for any market.

    From a supply viewpoint, Mitchell Park boasts a moderately low stock on market Percentage of 0.38% and an inventory level of 2.0 months, both of which hint at a balance between supply and demand. The building approvals Ratio indicates a healthy growth in the housing sector with a ratio of 1.52%.

    In terms of demand, houses in Mitchell Park tends to stay on the market for an average of 46 days. Equally noteworthy is the Vacancy Rate, which, at 1.48%, suggests a reasonably high demand for properties. Also, the buy search index of 4 remains within the neutral range, suggesting moderate interest from potential buyers.

    In essence, while Mitchell Park displays some encouraging real estate market statistics in most areas, it’s essential to interpret these within a broader context. Remember, while some metrics may fall within the unfavourable domain, it’s the combination of most favourable factors that establish a suburb as a lucrative investment opportunity. It’s factors such as these that drive the RCS (Relative Composite Score) utilised by HtAG Analytics to simplify property market analysis.

    It’s important to note that the above analysis provides a snapshot of current value metrics but doesn’t consider metric trends, which can also significantly influence investment decisions. Moreover, some metrics have greater importance than others based on various factors, a nuance that must be understood for a holistic analysis.

    Join HtAG Analytics to visualise these metrics trends, and gain a deeper understanding of their importance. By becoming part of HtAG Analytics, you will be empowered to make informed decisions, discerning which metrics are more significant in the context of your property investment strategy.

    This content serves to inform and does not constitute investment advice. Property investment involves risks and uncertainties, and professional advice should be sought before making any investment decisions. By leveraging expert guidance, potential investors can ensure a comprehensive understanding of the complex property investment landscape.

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