Get a property report and suburb profile for any property in Mulgrave

Mulgrave is a delightful suburb that offers a charming blend of suburban tranquility and urban convenience, making it a lovely place to call home. With its family-friendly atmosphere and community-oriented lifestyle, Mulgrave is particularly appealing to families seeking a peaceful environment with easy access to essential amenities. The suburb is well-served by a variety of schools, parks, and shopping centers, ensuring that residents have everything they need close by. The presence of several parks and recreational facilities provides ample opportunities for outdoor activities, making it a great place for families to enjoy quality time together.

Mulgrave's vibe is one of suburban charm, with a strong sense of community that is evident in its well-maintained streets and friendly neighborhoods. The suburb's strategic location near major roads like the Monash Freeway and EastLink ensures that residents can easily reach the city and surrounding areas, making it an attractive choice for professionals who commute. Safety is generally not a major concern, contributing to the suburb's appeal as a secure place to raise a family.

While Mulgrave offers a balanced lifestyle, there are some trade-offs to consider. The suburb may not have the bustling nightlife or trendiness of inner-city areas, which could be a downside for those seeking a more vibrant social scene. However, this is offset by the suburb's peaceful environment and the convenience of having essential amenities within easy reach. For families and individuals looking for a stable community with a suburban feel, Mulgrave is a fantastic choice that combines comfort, accessibility, and a welcoming atmosphere.

Living in Mulgrave can be seen as relatively expensive, especially when you consider the property market. The median house price here is approximately $1,078,250, and for units, it's around $849,500. These figures are quite significant, particularly when you compare them to other suburbs within Melbourne. Renting isn't exactly cheap either, with the average rent for houses being about $640 per week and units slightly higher at $650 per week.

When we look at the income side of things, the average wage in Mulgrave is around $85,000 per year, which is slightly below the annual equivalent of the median weekly household income of $99,500. This suggests that while the suburb has a decent income level, the high property prices and rents mean living here could take up a large chunk of your earnings. If you are thinking of living in Mulgrave, it's important to weigh these costs against your income to ensure it fits your budget.

Mulgrave presents an intriguing opportunity for property investors, particularly those interested in units. Over the past 12 months, the suburb has seen a remarkable 14.5% increase in median unit values, indicating strong demand and potential for capital growth in this segment. This surge in unit prices suggests that Mulgrave is becoming increasingly attractive to buyers and renters alike, likely due to its affordability compared to other Melbourne suburbs.

In addition to the impressive growth in unit values, rental yields in Mulgrave have also been on the rise. With a 12.1% increase in rent for units and an 11.3% increase for houses, the suburb offers promising rental income potential. This makes Mulgrave a compelling choice for investors seeking steady cash flow alongside capital appreciation. The combination of rising property values and rental demand highlights the suburb's growing appeal and potential for long-term investment success.

While the change in median house value has been modest at 0.5%, the strong rental growth and significant increase in unit values suggest that Mulgrave is a suburb on the rise. Its strategic location, community amenities, and ongoing development make it a solid option for investors looking to capitalize on both rental income and property value growth. Overall, Mulgrave offers a balanced investment opportunity with a particular edge in the unit market.