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Mitchelton's property market is characterised by a notable divergence between houses and units. The median house price of approximately $985,000 reflects a slight annual decrease of 3.00%, suggesting a recent cooling in this segment. Conversely, the unit market is experiencing robust growth with a median price of $550,000 and a substantial annual increase of 15.79%. This trend indicates an evolving market preference, potentially driven by factors such as affordability and changing lifestyle needs.

Mitchelton's property market is characterised by a notable divergence between houses and units. The median house price of approximately $985,000 reflects a slight annual decrease of 3.00%, suggesting a recent cooling in this segment. Conversely, the unit market is experiencing robust growth with a median price of $550,000 and a substantial annual increase of 15.79%. This trend indicates an evolving market preference, potentially driven by factors such as affordability and changing lifestyle needs.

Sales Activity

The sales volume over the past year shows a healthy market with 97 houses and 44 units sold. The quicker sale of units, averaging 19 days on the market compared to 28 days for houses, underscores a higher demand for units. This could be attributed to demographic shifts, affordability factors, or a preference for low-maintenance living.

Rental Market and Yields

Mitchelton’s rental market presents attractive opportunities, particularly for units. The median weekly rent for units is around $495, coupled with a strong rental yield of 4.95%. Houses offer a median rent of $625 with a yield of 3.56%. The higher yield for units suggests they may be a more viable option for investors focusing on rental income.

The population in Mitchelton grew by 6.7% from 2011 to 2016, with the predominant age group being 30-39 years. The demographic is largely made up of professional couples with children, reflected in the median household income of $1,837 per week. This demographic profile is influential in shaping the housing demand and could be driving the growing interest in units.

Community and Lifestyle

Mitchelton offers a lifestyle that balances urban convenience with suburban tranquillity. Covering 4.2 square kilometres and boasting 17 parks, the suburb caters well to families and outdoor enthusiasts. The community vibe is strong, with local events and a supportive neighbourhood atmosphere enhancing the appeal of the suburb.

Investment Potential

Given the positive trends in the unit market and the evolving demographic profile, Mitchelton presents a promising investment landscape. The growth in unit values and rental yields indicates a burgeoning market segment, likely to appeal to both long-term investors and those seeking rental income opportunities.

Suburbs near Mitchelton

Surrounding Mitchelton are several vibrant suburbs, each offering their own unique lifestyle. Neighbouring areas like Gaythorne, Everton Park, and Arana Hills provide varied real estate opportunities, appealing to those looking for residential choices near Mitchelton's unique mix of historical charm and modern living.