VIC has seen average median house prices change by 8.96% which means that Oakleigh, 3166 has done well for property investors by showing a capital gain of 4.13% over the last year
Over the longer term, Oakleigh has seen property prices show investors a 42.01% return over the last 3 years. This is worse than over the last 12 months
Oakleigh, 3166 is offering VIC ‘s 102th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 20% 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 90.89 days.
Property investors should expect to get $440 weekly from the median priced house in this suburb.
Property value increases in Oakleigh have tracked lower than the VIC average of 4.26% over the last 12 months.
Comparing Oakleigh,3166 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Property investors looking for a bargain in Oakleigh should be aiming for at least -3.00% off the asking price, which is the average vendor discount being achieved at the moment.
With the median price for a house in Oakleigh being $445000 and the advertised rent reaching $395 the gross rental yield for property investors calculates out to be 4.62%
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.