Mill Park is one of Melbourne’s most affordable family suburbs within the metropolitan ring, sitting 18km north of the CBD with a median house price of $780,000 and unit yield of 4.9%. The suburb serves Melbourne’s northern growth corridor, with 32,400 residents (ABS 2021), a 71% owner-occupier rate and direct rail access via South Morang line to the CBD in under 45 minutes.
Mill Park Market Snapshot 2026
| Metric | Figure |
|---|---|
| Median House Price | $780,000 |
| Median Unit Price | $460,000 |
| Median Weekly Rent (Unit) | $430/wk |
| Gross Unit Yield | 4.9% |
| 5-Year Price Growth | 24% |
| Population | 32,400 |
| Median Household Income | $1,980/wk |
| Owner-Occupier Rate | 71% |
What Is Driving Mill Park Prices?
Mill Park’s price growth is driven by family affordability, proximity to La Trobe University, Westfield Plenty Valley and Epping Plaza, and the South Morang rail line. The suburb is one of the last genuinely affordable family suburbs with new estate infrastructure within 20km of Melbourne’s CBD.
GeeVee Investment Rating — Mill Park
GeeVee AI rates Mill Park 7.1/10 for investment. Best suited to entry-level investors targeting the family rental market. Houses under $850k with four bedrooms offer the best scarcity value in the suburb.
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