Property investors who have had real estate in Oakleigh, 3166 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 6.41%
Oakleigh,3166 was ranked 1769 in Australia by increase in median property value over the quarter.
Oakleigh, 3166 is offering VIC ‘s 36th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 10% of discounts offered by this VIC.
Often selling an investment property can take time, and in Oakleigh the average time real estate has been on the market is 89.9 days.
The VIC suburb of Oakleigh, 3166 is in the Monash local government area.
At number 1696th in the list of Australian suburbs ordered by increase in median house value over the last year, Oakleigh, 3166 is in the BOTTOM 10% with a property value increase of -21.83% recorded in median house prices.
If we look at median property appreciation over just the last three months, Oakleigh has given property investors a paper return of -1.12%. This puts Suburb as 280 on a list of fastest fasting appreciating suburbs in VIC
Property investors looking for a bargain in Oakleigh should be aiming for at least -3.23% off the asking price, which is the average vendor discount being achieved at the moment.
A $390 per week rent on the median house gives suburb investors a gross yield of circa 4.61%, without taking into account capital value appreciation, which has been averaging out at 3.00%.
The suburb of Oakleigh is known for being strongly influenced by Greek culture brought to the area by immigrants in the 20th century.Full summary
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The suburb of Oakleigh is known for being strongly influenced by Greek culture brought to the area by immigrants in the 20th century.Close
It is one of the largest CBDs near Melbourne.
Given its short distance from Melbourne and wealth of amenities, Oakleigh is one of the more expensive suburbs in Victoria.
Atherton Road, the suburb’s main street, has much historical value and the highest-priced homes in the area.
This area is populated by many food establishments, hotels and shops, making it a lively hub for locals.
The pedestrian zone on Eaton Street links Atherton Road to the Centro Shopping Centre and train station; from here, residents can travel to Melbourne in just half an hour.
According to Frank Scalise, property consultant at Woodards Oakleigh, residents mainly prefer large family homes with four bedrooms and two bathrooms or high-priced Californian bungalows.
Many locals are also professionals renting smaller units in proximity to the CBD, though they may be looking to trade up to larger homes.
Streets such as Abbeygate are particularly popular because they remain residential family areas untouched by developers.
Such pockets are also close to shopping centres and public transport, such as bus services.
As a result, Oakleigh experienced reasonable 7.6% growth over the past year and 14% growth over the past three years.
The vacancy rate also dropped in the past 12 months by 0.2%, to a low rate of 1.6%.
CoreLogic RP Data stats indicate that the suburb has high capital growth potential.