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%