VIC Mill Park

Just did a quick search on the forum for Mill park. very little hit/s.

Anybody looking in this suburb for investment?

Is there anything you guys know I should consider in this area (no go zones, bad portion or good etc).

I see no interest at all by investors in this suburb am I missing something?

 

Is this to stay close to tram?

 

It had a mention in Domain a few days ago:

When Mill Park was established as a suburb in 1977, the paddocks where racehorses were once kept were subdivided and built on. The architects planned most of the roads in the area as cul-de-sacs and crescents, several named after famous horses including Galilee, Phar Lap and Dalray. Mill Park Drive was a horse racing track.

The housing subdivision project, designed to accommodate 6000 families, swelled to a population of almost 32,000 in 2011. But since then, Mill Park has had a population fall — a stark contrast to the population growth story across the rest of the city. The estimated resident population fell from about 31,900 to 30,800 between June 2011 and June 2016, according to Australian Bureau of Statistics data compiled by .id. Greater Melbourne’s population grew from 4.2 million to 4.6 million during the same period.

Melbourne suburbs with the biggest population declines over the past five years

 

Thanks Tony. Not sure how I take that article. When I drove around the suburb it gave me good vibe about the area. Some of the streets are very very nice vs other average suburban streets.

 

Two years ago i remember looking at houses for around 330k.
Nothing under 600 it seems now?

Don't swim after a ship that's set sail, you might drown!

Or maybe youll just sit on it for the next 5 years with a poor yield and no capital growth.

 

Yes, I've had a few investor clients buying in Mill Park recently. Solid brick houses and blocks suitable for future subdivision are the most sought after.

 

Plus marymede station when mernda rail opens in 2019. New shop dev in uni hill finished end of this year, plus plenty valley upgrade finished sometime early next year. Costco opening in epping near by next year. Epping hosp district to. Eventually north east link.

 

Public transport is still fairly crap out there though. Bus to train to city still a looooong hike. The Stables or whatever they're call now are in desperate need of a revamp.

 

wrong train stations surrounding the suburbs. Anybody who thinks he can get on the eastern freeway in the morning to CBD is kidding themselves hence why buses are not that practical. I know these suburbs well as visit auctions around Lalor, Thomastown, reservoir, Heidelberg height. New hospitals coming out in Epping area and lots of development coming through. Also a lot of commies @Kangabanga starting to appear in Lalor etc.

 

What do you mean by wrong train stations??

Mill Park seems a bit too far from the CBD imho.

 

sorry should have said "wrong - there are train stations"
Next to Bundoora is already exp. and Lalor up and coming.

 

I think this is the case in every suburb (established) in melb.

 

Thanks Kate, I attended few auctions and there were plenty owner occupiers bidding too. This is what interests me.

 

There is a tram near RMIT too but an hour to get to cbd .

 

u need to have budget of 700k to buy in good pocket of mill park. Otherwise forget it

 

mill park ain't preston or reservoir yet though

 

i mean to say good block atleast 600m2 nearby epping or southmorang station and if u add stamp duty budget might go high more than 700k.

 

Yup that is my budget and looking for similar land size.

Do you consider closer to tram stop (very next to west of plenty road) a good location?

The east of plenty road is the great location but no PT.