Suburb Profile Report for Oak Park VIC (3046)

Oak Park House: Median price $750,000, Annual capital growth 8.19%, Number of sales 77, Weekly median advertised rent $400

Oak Park Unit: Median price $511,350, Annual capital growth 5.91%, Number of sales 69, Weekly median advertised rent $350

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

Source: CoreLogic

  • House Report
  • Unit Report

At number 519th in the list of Australian suburbs ordered by increase in median house value over the last year, Oak Park, 3046 is in the top 20% with a property value increase of 15.38% recorded in median house prices.

Taking the average capital gain, or increase in median house value, Oak Park,3046 has racked up an average of 15.38% over the period. This ranks it number 809th in the whole country for real estate investors looking at median house price increases.

Property investors looking for a bargain in Oak Park should be aiming for at least -2.58% off the asking price, which is the average vendor discount being achieved at the moment.

A $400 per week rent on the median house gives suburb investors a gross yield of circa 2.77%, without taking into account capital value appreciation, which has been averaging out at 8.19%.

If you compare the increase in value of investment property in Oak Park, 3046 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was 4.68%.

Across a shorter period, Oak Park, 3046 has seen a median price increase of -1.28% over the last quarter.

Our latest figures would indicate that property sellers in Oak Park are currently offering property investors an average price cut of -4.59% below the asking price at the moment.

On average over the past year, suburb has had 5.75 sales per month, which equates to 69 per year.

With the median price for a house in Oak Park being $511350 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 3.56%

Metrics i HOUSE UNIT
$750,000 $511,350
2.74% -1.28%
15.38% 4.68%
8.19% 5.91%
$400 $350
77 69
2.77% 3.56%
88.42 68.58

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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Recent sales & rentals