Property in Mill Park is Improving
By Peter Sarmas on 11 May 2013
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Welcome to our very first local insights blog. We will be using these posts to offer weekly tips about how to read the property market.
You will also find rare insights never before revealed by industry experts.
It’s really important to note when reading these local reports or studying other releases for property information that you are aware real estate markets differ and one size does not fit all.
There are sectors in the Melbourne market that are outperforming others for various reasons, so care must be taken not to apply one piece of commentary to the whole of the real estate market.
As a general rule, it’s a good idea to look at how the Australian property market is tracking as a whole. Then look at Victoria and Melbourne, and finally the suburb you are interested in.
Mill Park – Local Insights
We have seen some important economic data released this week, which we expect will positively impact the housing market in Melbourne.
The Reserve Bank of Australia lowered interest rates to an all-time record low of 2.75% from 3.0% (cash rate). The good news is that all four major banks passed on this cut by the same amount – 0.25%. ANZ took the extra step and cut rates by 0.27%.
Clearance rates in Melbourne have continued to hover around 70% during the past few weeks, on solid property numbers. When reading auction clearance rate figures, keep in mind that a large percentage of auctioned properties are in the inner city, and private sales are still the most preferred method of sale for the majority of properties in Melbourne and Victoria, despite the fact that Melbourne is considered the capital of property auctions.
This week we will focus on activity in the Mill Park area.
First National Mill Park Sales Manager Arthur Dislakis believes that the property market in this area is finally improving. “There has certainly been a change in the marketplace,” he says. “Buyer and vendor activity has increased. Much of our activity is coming from first home buyers and investors, who are seeking to benefit from new infrastructure and amenities.”
Mr Dislakis said: “The drawcard for Mill Park is its proximity to RMIT University, Mill Park Heights Primary, the South Morang Train Station, the Stables and University Hill shopping complexes, and ring road arterial access.
“Streets that have potential for further growth in the area include the Stillman Drive precinct through to Morang Drive, which is within walking distance or a short commute to Westfield Shopping Centre and the recently built South Morang train terminal which borders Mill Park.”
If you are looking for potential hotspots in the area, keep an eye on the following streets:
Mill Park Drive
Blossom Park Drive
Garden Grove Drive
Pindari Avenue
and as mentioned above, Stillman Dve.
According to RP Data, the average time on market for houses and units in the Mill Park area is currently 60 days.
