Blocks of units in Millgrove offer a lucrative investment opportunity due to their potential for high rental yield and modest entry price compared to other regions. With a median house price of $620,000 and a median rent of $305 per week, Millgrove attracts both investors and tenants alike, looking for affordability and potential growth.

• Millgrove’s median house price was $620,000 in Q2 2025.
• The median rent in Millgrove is $305 per week as per the ABS Census 2021.
• Millgrove has a population of 1,666 with a median age of 40.0 years.
• Investing in blocks of units can yield high returns at relatively lower entry costs here.
• Collings Real Estate provides insights and off-market opportunities for investors.

What do the numbers say in Millgrove?

According to DataVic/REIV, the median sale price for houses in Millgrove was $620,000 for the April to June 2025 quarter. This reflects a year-on-year increase of 2.1%, demonstrating a steady growth trend. The area’s demographic figures from the 2021 ABS Census show a population of 1,666, a median age of 40.0 years, and a median household income of $1,201 per week. The median rent in the area is $305 per week, making it attractive for rental investors seeking moderate entry prices and solid rental yields.

For investors interested in blocks of units, the pricing indicates potential for both property value appreciation and rental income. The population stability and income levels further underscore Millgrove’s viability as a rental market target. When comparing this to North Melbourne, which also offers potential growth (see our Blocks of Units in North Melbourne — Investor Guide 2026), Millgrove stands out for its more accessible entry points.

What are the key considerations for investing in Millgrove?

When considering investing in blocks of units in Millgrove, experts highlight evaluating the overall cost versus potential returns. It is pivotal to analyse the local demographic and economic trends. Millgrove’s relatively stable population, along with growth in median house prices, offers positive indicators for property investors.

Additionally, regulations regarding unit development in Victoria necessitate thorough research. Investors may find useful resources through Collings Real Estate’s Blocks of Units offerings, highlighting potential areas for development and acquisition.

Targeting high rental yield suburbs in Victoria can also prove beneficial. Our guide to high rental yield suburbs in Melbourne provides insights into other promising locations similar to Millgrove.

How does Collings help investors?

Collings Real Estate specialises in providing comprehensive market data and investment opportunities in Millgrove and beyond. With our local expertise, we guide investors through the complexities of purchasing unit blocks, offering exclusive insights and the advantages of off-market transactions.

Beyond market listings, Collings Real Estate offers a subscription to an off-market property portal, available through Collings’ portal for those interested in early access to lucrative investment opportunities.

Our dedicated team is ready to assist investors in exploring these opportunities further. Reach out to us at info@collings.com.au or visit us at 230 Waterdale Road, Ivanhoe, VIC 3079. Alternatively, call us on 03 9486 2000.

Frequently asked questions about blocks of units in Millgrove

What makes Millgrove an attractive location for investing in blocks of units? Millgrove offers affordable entry prices and solid rental yields. The median house price is $620,000, while the median rent is $305 per week.

How does Collings Real Estate assist investors? Collings provides market insights and exclusive access to off-market unit blocks, facilitating informed investment decisions.

Are there development restrictions in Millgrove? Yes, like many areas in Victoria, Millgrove has regulations governing unit developments. Understanding these is crucial before investing.