Oakleigh has had a pretty average year for property investment returns compared to the rest of VIC, giving investors a capital gain of 8.88% to date .
Comparing Oakleigh,3166 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.03% offered to property buyers. Sellers in Oakleigh itself are offering an average vendor discount of -7.97% to real estate investors.
With the median price for a house in Oakleigh being $1045250 and the advertised rent reaching $440 the gross rental yield for property investors calculates out to be 2.19%
If you compare the increase in value of investment property in Oakleigh, 3166 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this VIC suburb was -25.57%.
Over the longer term, Oakleigh has seen property prices show investors a 7.73% return over the last 3 years. This is worse than over the last 12 months
At number 308th of VIC’s most discounted properties, Oakleigh is in the TOP 10% of the state/territory when listing in order of most discounted to least.
Oakleigh, 3166’s gross rental yield is 4.35%
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
Information supplied by:
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.