Is it expensive to live in Mill Park?

Buying a house in Mill Park sits well above what local households reported at the last Census. The median house price of $833,750 works out to about 9.2 times a typical local household's annual income at the last Census (annual income = $1,735 a week × 52 weeks). Renting is less stretched than buying but still significant. A house rent of $560 a week is about 32.3% of a typical local household's weekly income at the last Census, a sizeable share, while a unit rent of $495 a week is about 28.5% of that weekly income, a moderate share. If you're renting rather than buying, the rent share is the figure that will matter most to you. Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Is Mill Park a good place to invest?

Unit values in Mill Park rose a solid 7.1% over the past year while house values increased 5.0%, so units led on capital growth. Rents showed a similar pattern: unit rents grew a modest 3.1% and house rents edged up 1.8%, meaning the rent a unit earns rose faster than the rent a house earns over the year. If rental income or capital growth is what matters to you, these are the figures to weigh up; whether that balance suits your plans depends on your goals and circumstances. This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

Get a property report and suburb profile for any property in Mill Park

Please enter your address and select an option from the list.

Join the 2.6 million Australians* who use our services every year.

Mill Park suburb profile

Mill Park is a well established north-eastern Melbourne suburb built up with broad, tree-lined streets and mostly single-family brick homes from the late twentieth century alongside pockets of more recent townhouse development. It suits families and first home buyers who want established neighbourhood character, with plenty of local parks, sports ovals and playgrounds and walking tracks that link to surrounding green corridors. The suburb has everyday shopping strips, community facilities and schools within easy reach, and is served by a network of buses and major roads that connect to nearby train stations and larger retail centres on the urban fringe.

Mill Park property market performance

Property growth+6.1%Past 12 months

Mill Park has relatively few recent unit sales, so there isn't enough data to publish a reliable median unit price. The median house price is $833,750, up a solid 5.0% over the last 12 months.

There were 88 house sales and 10 unit sales over the last 3 months. Houses sold in a median of 36 days over the last 12 months and units in a median of 34 days, so they sold in a similar time.

The rental market in Mill Park saw house rents edge up a slight 1.8% to $560 a week over the last 12 months, while unit rents rose a modest 3.1% to $495 a week.

	Houses	Units
Median price Past 3 months	$834K	N/A
Change in value Past 12 months	5.0%	7.1%
Sold Past 3 months	88	10
Median days on market Past 12 months	36	34
Average rent Past 12 months	$560	$495
Change in rent Past 12 months	1.8%	3.1%

5 year median price trend for houses and units

Access homes before they're listed for sale

Build a buying brief and get first access to properties that aren't yet on the market.

Mill Park demographics

The community numbers 28,712 people, with a median age of 40. The typical household receives $1,735 a week, roughly $90,220 a year.

Families dominate the mix: couple families with children are the largest group at 49.4%, and together with couple families without children (33.0%) they make up about four in five families. One-parent families account for 16.1% and other families 1.4%.

Homes in Mill Park are predominantly owner-occupied, with about three in four owned (39.8% owned outright and 36.9% owned with a mortgage) while 23.3% of dwellings are rented.

Mill Park infrastructure, key developments and investment opportunities

Mill Park has seen a major upgrade to its community leisure offer with the Mill Park Leisure Centre redeveloped into a larger aquatic and recreation hub. The council-led project delivered new pools, an expanded 25-metre pool, warm-water pool with spa and sauna, upgraded change facilities, a café and an expanded gym as part of the $25 million redevelopment delivered by the City of Whittlesea.

Melbourne Water is upgrading the Mill Park wetlands in The Lakes Reserve, with earthworks and drainage works completed and a staged revegetation program to restore wetland plants. Council planning documents and strategies also identify active-travel links from Mill Park Lakes to South Morang and advocate for rail-capacity improvements on the South Morang line. The Transport Accident Commission has approved a City of Whittlesea “Safer Streets to walk or ride to School in Mill Park” project, and Plenty Parklands Primary School is listed for modernisation in the State capital program.

Suburbs near Mill Park

Some popular suburbs near Mill Park include:

How does Mill Park compare to nearby suburbs?

Median house prices: Mill Park’s median house price is 8.3% higher than South Morang’s.
House price growth: Over the past 12 months, house prices in Mill Park have grown 0.2% higher than in Bundoora.
Unit price growth: Over the past 12 months, unit prices in Mill Park have grown 4.4% higher than in South Morang.
Selling speed for houses: Properties in Mill Park are selling 16.3% faster than in Bundoora.
Selling speed for units: Properties in Mill Park are selling 15.0% faster than in Bundoora.
Investment considerations: In Mill Park, the rental yield for house is 11.7% lower than the Melbourne average, while the rental yield for units is 16.1% lower.
House price growth: Over the past 12 months, house prices in Mill Park have grown 18.1% lower than the average rate of growth across Melbourne.
Unit price growth:Over the past 12 months, unit prices in Mill Park have grown 9.1% lower than the average rate of growth for units across Melbourne.

Common questions about Mill Park

Is Mill Park a nice place to live?
Mill Park is a well established north-eastern Melbourne suburb of broad, tree-lined streets and mostly single-family brick homes, with pockets of newer townhouses. The community of 28,712 has a median age of 40 and is weighted towards families — couple families with children are the largest group — and most homes are owner-occupied rather than rented.

Day-to-day life centres on local parks, sports ovals, playgrounds and walking tracks that link to surrounding green corridors, with shopping strips, schools and community facilities within easy reach. The Mill Park Leisure Centre has been redeveloped into a larger aquatic and recreation hub, wetlands work is under way, and local projects include active-travel links, a school modernisation listing and a "Safer Streets to walk or ride to School" initiative. Whether Mill Park suits you depends on the kind of neighbourhood you want.
Is it expensive to live in Mill Park?
Buying a house in Mill Park sits well above what local households reported at the last Census. The median house price of $833,750 works out to about 9.2 times a typical local household's annual income at the last Census (annual income = $1,735 a week × 52 weeks).

Renting is less stretched than buying but still significant. A house rent of $560 a week is about 32.3% of a typical local household's weekly income at the last Census, a sizeable share, while a unit rent of $495 a week is about 28.5% of that weekly income, a moderate share. If you're renting rather than buying, the rent share is the figure that will matter most to you.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
Is Mill Park a good place to invest?
Unit values in Mill Park rose a solid 7.1% over the past year while house values increased 5.0%, so units led on capital growth. Rents showed a similar pattern: unit rents grew a modest 3.1% and house rents edged up 1.8%, meaning the rent a unit earns rose faster than the rent a house earns over the year. If rental income or capital growth is what matters to you, these are the figures to weigh up; whether that balance suits your plans depends on your goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

Choose the right real estate agents in Mill Park

Currently, there are 136 real estate agents working in Mill Park—but not all agents deliver the same results. The right agent could make a huge difference to your final sale price.

Only 5 out of these 136 agents sold 29.6% of all properties in Mill Park over the past year. Choosing one of these top-performing agents means tapping into proven expertise for a better sale outcome.

Real estate agents in Mill Park typically charge a commission of 1.54% to 2.94%. Negotiating a fair commission rate and the right structure can motivate your agent to work even harder, helping you sell for more and potentially saving you thousands of dollars.

Get a head start and compare top local agents in Mill Park

Not quite ready to sell?

Property report

Suburb and property report

Completed by independent professional experts not a computer.

Get a free property report

OpenEstimates

Digital estimate for your property

Compare your property to three recent sales to get a digital estimate.

Get a comparative estimate

Navigate the market like a pro

Navigate the market

Get an understanding of the market signals you should keep an eye on.

Understand your local market