Mulgrave suburb profile
Mulgrave is a well-established suburb in Melbourne's southeast, approximately 21km from the CBD. Known for its family-friendly atmosphere, Mulgrave offers a mix of residential, commercial, and industrial areas. The suburb is home to several parks and recreational facilities, providing ample opportunities for outdoor activities. Mulgrave is also conveniently located near major roads such as the Monash Freeway and EastLink, ensuring easy access to the city and surrounding areas. With a variety of schools, shopping centres, and community services, Mulgrave is a popular choice for families and professionals seeking a balanced suburban lifestyle.
Mulgrave property market performance
Current median dwelling price$926,500Past 3 months
Property growth+2.5%Past 12 months
Mulgrave’s property market has shown varied performance over the past 12 months. House values have seen a modest increase of 0.7%, with the median house price now at approximately $1.07 million. In contrast, unit values have surged by 14.8%, bringing the median unit price to around $843,000, indicating a strong demand for units in the area.
Sales activity has been more robust in the house market, with 50 houses sold compared to just 6 units over the past 12 months. Houses are selling relatively quickly, with a median of 31 days on the market, while units are taking slightly longer at 33 days, suggesting a balanced demand across both property types.
The rental market in Mulgrave has experienced notable growth, with house rents increasing by 8.5% and unit rents by 6.7% over the last 12 months. Both houses and units now command an average rent of $640, reflecting a consistent demand for rental properties in the suburb.
Houses | Units | |
---|---|---|
Median price Past 3 months | $1.09M | N/A |
Change in value Past 12 months | 2.8% | 2.3% |
Sold Past 3 months | 69 | 5 |
Median days on market Past 12 months | 36 | 45 |
Average rent Past 12 months | $650 | $550 |
Change in rent Past 12 months | 4.8% | 7.8% |
5 year median price trend for houses and units
Mulgrave demographics
Mulgrave, located in Melbourne's southeastern suburbs, is a family-friendly area known for its suburban charm and community-oriented lifestyle. With a population of 19,889, Mulgrave offers a balanced mix of residential comfort and accessibility to urban amenities. The median age of 40 suggests a mature community, with many families and long-term residents enjoying the suburb's peaceful environment and proximity to schools, parks, and shopping centers.
The suburb's housing market is characterized by a high rate of home ownership, with 39.1% of properties owned outright and 37.9% owned with a mortgage. This indicates a stable community with a significant number of residents investing in their homes for the long term. Rental properties make up 23% of the housing market, providing options for those seeking flexibility or new to the area.
Family life is a central aspect of Mulgrave, with 50% of households being couple families with children, and 34% being couple families without children. The presence of one-parent families at 14.1% adds to the suburb's diverse family dynamics. Mulgrave's community is supported by local schools, recreational facilities, and a variety of shopping and dining options, making it an attractive choice for families and individuals seeking a well-rounded suburban lifestyle.
Mulgrave infrastructure, key developments and investment opportunities
Mulgrave is experiencing several developments that could impact its property market. The suburb is set to benefit from the ongoing $1.1 billion Monash Freeway Upgrade, which aims to reduce congestion and improve travel times for residents. This enhanced connectivity could increase the area's appeal to commuters and potentially boost property values. Additionally, the recent completion of the $70 million Waverley Gardens Shopping Centre redevelopment has introduced new retail options and community spaces, enhancing local amenities.
The suburb's education sector is also evolving, with Wellington Secondary College undergoing a significant modernization project. This investment in local schools may attract more families to the area. Furthermore, the nearby M-City development in Clayton, though not in Mulgrave itself, is likely to have a positive spillover effect, bringing new job opportunities and lifestyle amenities within easy reach. These developments, combined with Mulgrave's established residential character and proximity to Monash University, are likely to sustain strong interest in the local property market.
Mulgrave rental market trends
The rental market in Mulgrave has experienced steady growth, with house rents increasing 8.5% over the past year to $640 per week, while unit rents have risen 6.7% to $640 per week. With its strategic location and ongoing development, Mulgrave continues to attract both renters and investors seeking stable returns in a well-connected suburb.
Suburbs near Mulgrave
Some popular suburbs near Mulgrave include:
How does Mulgrave compare to nearby suburbs?
- Median house prices: Mulgrave’s median house price is 28.8% higher than Springvale’s.
- Median unit prices: Mulgrave’s median unit price is 24.3% higher than Springvale’s.
- House price growth: Over the past 12 months, house prices in Mulgrave have grown 9.1% higher than in Wheelers Hill.
- Unit price growth: Over the past 12 months, unit prices in Mulgrave have grown 0.9% higher than in Noble Park.
- Selling speed for houses: Properties in Mulgrave are selling 59.6% faster than in Springvale.
- Selling speed for units: Properties in Mulgrave are selling 65.4% faster than in Springvale.
- Investment considerations: In Mulgrave, the rental yield for house is 4.7% higher than the Melbourne average, while the rental yield for units is 1.6% lower.
- House price growth: Over the past 12 months, house prices in Mulgrave have grown 6.6% higher than the average rate of growth across Melbourne.
- Unit price growth:Over the past 12 months, unit prices in Mulgrave have grown 38.2% higher than the average rate of growth for units across Melbourne.