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Mill Park, a suburb in Melbourne's North is primed for growth

Real estate & property news
24 April 2024
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‘Rising star’ northern suburbs tipped for the next boom

An auction hotspot with affordable properties in Melbourne’s north is tipped for a home price surge.

Mill Park is among 10 Melbourne suburbs set to boom towards the end of this year, according to the Rising Stars 2024 report by Canstar and Hotspotting.

It has also tipped price surges in Ascot Vale, Brunswick East, Collingwood and Northcote in the coming September quarter.

The “rising star” status is based on the suburb’s sales activity, price and rental growth, vacancy rates and infrastructure spending.

Barry Plant Mill Park-South Morang Director Jay Moxon, who is Mill Park born and bred, has also worked in the suburb for 17 years.

“The market in Mill Park is buoyant and resilient, with strong demand and a consistent supply of properties,” he said.

“Homes are affordable, offer more bang for buck, and have growth potential.”

Auction clearance rates were usually between 90-95 per cent, according to Mr Moxon.

“More often than not, clearance rates here tend to be a little higher than the rest of Melbourne,” he said.

“For example, over the past five Saturdays, 16 out of 17 properties sold at auction.”

Mr Moxon noted that over the years, the market boomed when there was significant infrastructure development, such as the expansion of the Westfield Plenty Valley shopping centre.

The extension of the South Morang train line to Mernda and the re-development of the Mill Park Leisure centre had also made a positive impact on the market, he added.

The suburb offered all types of buyers a good choice of properties, from apartments to luxury homes, such as the multi-generational showpiece at 6 Laurina Turn, pictured above and below, which sold for $1.42 million.

6-laurina-turn-mill-park-vic-3082 facade

First-home buyers and investors have their pick of entry-level properties, including the three-bedroom house at 11 Pickworth Drive, pictured below, that drew four bidders and sold to a young couple for $775,000.

11-pickworth-drive-mill-park-vic-3082- facade

Inspections were well attended and auctions continued to attract multiple bidders, according to Mr Moxon.

“If a property is tracking well and is ticking the boxes, it will attract at least 50 groups at inspections and three to four bidders,” he said.

Buyers seeking affordability, value and growth were drawn to homes in Mill Park, according to Barry Plant Mill Park-South Morang agent Larry Li.

The suburb’s location, particularly its proximity to La Trobe and RMIT university campuses in neighbouring Bundoora and Kingsbury, was also a drawcard.

“Those who are priced out of these neighbouring suburbs are looking at Mill Park, where they can get a similar home for a lesser cost,” Mr Li said.

The median price for houses in Mill Park was $765,000, while units were priced at $490,000, according to the Canstar/Hotspotting data.

Neat and move-in ready properties are in hot demand, including the three-bedroom unit at 2/247 Betula Avenue, pictured below, that had four bidders and sold to a first-home buyer for $620,000.

2-247-betula-avenue-mill-park-vic-3082- facade

Mr Li said entry-level buyers, including downsizers, were eyeing the renovated three-bedroom rear unit at 2/5 Romeo Court, pictured below, which is up for auction on May 4 with $545,000-$595,000 price hopes.


Also scheduled for auction on May 4, the four-bedroom house at 44 Kingston Town Crescent, pictured below, priced at $620,000-$680,000, attracted 39 groups at the first inspection.


“They were mainly first-home buyers and investors,” Mr Li said.

Real estate & property news
24 April 2024
Save Article

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