Suburb Profile Report for Oak Park VIC (3046)

Oak Park House: Median price $735,000, Annual capital growth 7.95%, Number of sales 77, Weekly median advertised rent $390

Oak Park Unit: Median price $510,675, Annual capital growth 5.87%, Number of sales 68, Weekly median advertised rent $350

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

With a capital gain of 13.08% for the last 12 months, Oak Park, 3046 has performed for property investments than its average annual 7.95% property growth over the last 5 years.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Oak Park has increased when compared to the 5 year average annual rate.

Property buyers and investors in Oak Park 3046 should be seeing an average reduction in asking price of around -1.77% . This means that Oak Park is holding prices well when compared to other suburbs in VIC.

Using the current median advertised rental of $390 and the average annual increase in value of a median property of 7.95%, investors should hope to achieve an overall return of 2.76%

Oak Park is an average performer in VIC when comparing median price capital growth over the last year. Oak Park gave property investors a average capital gain figure when compared to the rest of the state, with 4.54%.

Taking the average capital gain, or increase in median house value, Oak Park,3046 has racked up an average of 4.54% over the period. This ranks it number 1009th in the whole country for real estate investors looking at median house price increases.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.08% offered to property buyers. Sellers in Oak Park itself are offering an average vendor discount of -3.98% to real estate investors.

On average over the past year, suburb has had 5.67 sales per month, which equates to 68 per year.

Property investors should expect to get $350 weekly from the median priced house in this suburb.

Metrics i HOUSE UNIT
$735,000 $510,675
2.92% -2.17%
13.08% 4.54%
7.95% 5.87%
$390 $350
77 68
2.76% 3.56%
89.8 53.6

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
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Demographics
Total population 5772
Median household income ($/weekly) 1337
Median age of persons 36
Median housing loan repayment ($/monthly) 1907
Average household size 2.6
  • Census Count Percent(%)
    5-14 years 614 10.6
    25-34 years 1030 17.8
    35-44 years 869 15.1
    45-54 years 775 13.4
    55-64 years 510 8.8
    Others 1974 34.2
    Age Group
    Census Count Percent(%)
    Registered Married 2225 49.8
    Not Married 1901 42.5
    Defacto Relationship 345 7.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 3782 69.0
    Croatia 163 3.0
    Indonesia 229 4.2
    Japan 184 3.4
    Other 221 4.0
    Others 900 16.4
    Country of Birth
    Census Count Percent(%)
    Buddhism 149 2.8
    Christianity 3449 65.3
    Hinduism 127 2.4
    Islam 332 6.3
    No Religion 1156 21.9
    Others 70 1.3
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 193 10.0
    $600-$799 183 9.5
    $1,250-$1,499 167 8.6
    $1,500-$1,999 235 12.1
    $2,000-$2,499 220 11.4
    Others 937 48.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 1851 40.6
    Not in the labour force 1528 33.5
    Employed, worked part-time 815 17.9
    Employed, away from work 233 5.1
    Unemployed, looking for work 137 3.0
    Person Characteristics
  • Census Count Percent(%)
    Managers 331 11.4
    Professionals 676 23.3
    Technicians & trades workers 412 14.2
    Clerical & administrative workers 539 18.6
    Sales 275 9.5
    Others 668 23.0
    Occupation
    Census Count Percent(%)
    Pre-school 78 6.1
    Infants/Primary 385 30.1
    Secondary 340 26.6
    Technical or Further Educational Institution 124 9.7
    University or other Tertiary Institutions 289 22.6
    Others 61 4.8
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4052 74.0
    Semi-detached, row or terrace house, townhouse 1201 21.9
    Flat, unit or apartment 217 4.0
    House or flat attached to a shop, office 9 0.2
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 812 38.9
    Being purchased 786 37.6
    Rented 483 23.1
    Other tenure type 9 0.4
    Tenure Type
Census 2011, ABS
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