Mill Park House-Unit Price Divergence Signals Shifting Buyer Preferences

Median prices for detached houses in Mill Park rose 4.2 per cent in the three months to June while unit values slipped 1.8 per cent, according to figures compiled by the Mill Park Real Estate Association.

The split comes as interest rates held steady and global supply-chain issues continued to lift construction costs for new apartments. Families priced out of larger homes in nearby suburbs have turned instead to established three-bedroom houses on larger blocks, pushing competition higher in those segments.

Stock on Findon Road near the Mill Park Recreation Reserve moved fastest, with three houses selling above asking price in the last fortnight. At the same time, new two-bedroom units in the Riverside Estate development on Morang Drive lingered on the market for an average of 47 days, up from 29 days in the March quarter.

Association data released 6 July showed the median house price reached $712,000 while the median unit price sat at $398,000. Detached properties accounted for 68 per cent of sales volume in the quarter, the highest share since late 2024.

Buyer choices driving the gap

Local agents report that first-home buyers with children are prioritising backyards and proximity to Mill Park Primary School over strata living. Investors, by contrast, have pulled back after two years of strong unit supply, citing higher body-corporate fees and slower rental growth in apartment blocks.

Properties within 800 metres of the Mill Park Library redevelopment site recorded the strongest house gains, with four sales above $800,000 in May alone. Unit complexes further from the station, such as those along Plenty Road, saw the largest price adjustments.

Practical steps for buyers and sellers

Sellers of detached homes should list before the spring rush to capture current momentum, while unit owners may need to adjust expectations or improve presentation to compete. Prospective buyers weighing the two segments can check recent comparable sales on the association website and factor in ongoing maintenance costs before making offers.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.