Mill Park's $1.85 Million Elm Street Sale Raises Bar for Comparable Homes

A four-bedroom home at 45 Elm Street sold for $1.85 million at auction on July 3, the highest price recorded in Mill Park so far this month.

The result comes as the local market records a 68 percent clearance rate through the first week of July, with 17 of 25 properties listed finding buyers under the hammer. Agents note that buyer activity has held firm even as global headlines create uncertainty around supply chains and borrowing costs.

The Elm Street property sits two blocks from the Mill Park Community Gardens, where weekly produce markets draw residents from the Oakwood and Riverside neighborhoods. Its sale price has already prompted three other owners on adjacent blocks to adjust their asking figures upward by an average of $120,000 ahead of next weekend’s auctions at the Mill Park Town Hall.

Domain data released yesterday shows the median sale price for detached homes in Mill Park reached $942,000 in June, up 4.2 percent from the same month last year. The Elm Street result sits 96 percent above that median and exceeds the previous monthly high of $1.62 million set at 12 Maple Grove on June 19.

Price ripple reaches Riverside Walk listings

Three comparable homes within 400 metres of Riverside Walk have seen inspection numbers rise 35 percent since the Elm Street hammer fell. One four-bedroom on nearby Birch Lane, listed at $1.45 million, received seven offers in the first 48 hours after the weekend result. Local valuers at the Mill Park Property Council say the new benchmark will be used in appraisals for any Oakwood property exceeding 650 square metres with off-street parking.

Clearance rates at the most recent Saturday auction session reached 71 percent, with eight of eleven lots selling on the day. The strongest demand appeared for homes within the 800-to-950 square metre range that back onto established parkland.

Advice for owners eyeing an August campaign

Sellers planning August listings should obtain fresh valuations this week, particularly if their properties share Elm Street’s block size or proximity to the Community Gardens. Early marketing that highlights recent comparable sales has produced stronger opening bids in the past two cycles. Agents recommend scheduling inspections before the school holiday period begins on July 18 to capture the current buyer pool.

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.