Miranda Property Insights - May 2024

31st May, 2024

🔹 Robust Property Market: Miranda continues to show strong property market trends with significant growth in median values for both houses and units. The suburb's professional demographic and substantial household incomes underpin this robust market performance

🔹 Area Profile:

• Size & Parks: Miranda covers approximately 4.8 square kilometers with 20 parks, accounting for nearly 6.9% of the total area.

• Population: The population increased from 14,435 in 2011 to 15,272 in 2016, marking a 5.8% growth. The predominant age group is 30-39 years.

• Households: Mostly couples with children, with typical mortgage repayments between $1800 - $2399 per month. Most residents work in professional occupations.

• Home Ownership: In 2016, 63.5% of homes were owner-occupied, slightly down from 64.2% in 2011.

• Median Sales Price: The median sales price for houses is currently $1,700,000.
  

Market Trends

Houses:

• Sales: 154 properties sold in the last 12 months.

• Median Tenure: Average tenure is 15.1 years.

• Median Asking Rent: $900 per week.

• Days on Market: Properties typically remain on the market for 32.5 days.

• Price Quartiles:

  • Upper Quartile: $1,913,000

  • Median: $1,700,000

  • Lower Quartile: $1,550,000

Units:

• Sales: 272 properties sold in the last 12 months.

• Median Tenure: Average tenure is 8.7 years.

• Median Asking Rent: $650 per week.

• Days on Market: Properties typically remain on the market for 23.5 days.

• Price Quartiles:

  • Upper Quartile: $898,750

  • Median: $762,500

  • Lower Quartile: $678,500

Land:

• Sales: Only 1 property sold in the last 12 months.

• No data available for median asking rent, days on market, or rental rate observations.

Recent Median Values (April 2024):

• Houses: $1.74M (up from $1.534M in May 2023)

• Units: $792K (up from $779K in May 2023)

Sales by Price:

• Houses: Majority sales between $1M-$2M (123 sales) and above $2M (28 sales).

• Units: Majority sales between $600K-$800K (137 sales) and $800K-$1M (71 sales).

Change in Median Value:

• Houses: 16.3% increase since April 2023.

• Units: 5.2% increase since April 2023.

Rental Statistics:

• Median Rent for Houses: $900 per week (up from $850 in May 2023).

• Median Rent for Units: $650 per week (up from $550 in May 2023).

• Rental Yield:

  • Houses: 3.1%

  • Units: 4.1%

Household Structure:

• Couples with Children: 46.8%

• Childless Couples: 33.7%

• Single Parents: 18%

Population Age Distribution:

• 0-9 years: 13%

• 30-39 years: 14.4%

• 40-49 years: 13.7%

Household Income Distribution:

• $78K-$130K: 23.5%

• $130K-$182K: 12.8%

• $182K+: 10.7%