Suburb Profile Report for Oakleigh VIC (3166)

Oakleigh House: Median price $982,500, Annual capital growth 9.70%, Number of sales 64, Weekly median advertised rent $440

Oakleigh Unit: Median price $570,000, Annual capital growth 6.49%, Number of sales 47, Weekly median advertised rent $390

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

VIC has seen average median house prices change by 7.80% which means that Oakleigh, 3166 has done well for property investors by showing a capital gain of 3.97% over the last year

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Oakleigh has increased when compared to the 5 year average annual rate.

At number 231th of VIC’s most discounted properties, Oakleigh is in the bottom 40% of the state/territory when listing in order of most discounted to least.

Advertised rents are around the $440 mark per week – giving a return of 2.33% based on the median price in Suburb

Property value increases in Oakleigh have tracked close to the VIC average of 3.63% over the last 12 months.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Oakleigh has increased when compared to the 5 year average annual rate.

Oakleigh3166 is located in VIC which offers an average discount of -5.22% to property investors. Oakleigh itself is showing figures that indicate -2.83% is the average achievable by property buyers investing in the suburb.

Property investors should expect to get $390 weekly from the median priced house in this suburb.

YIP MAG Information supplied by:

YIP MAG
July 2016

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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.Full summary
The suburb of Oakleigh is known for being strongly influenced by Greek culture brought to the area by immigrants in the 20th century.

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.
 
Close
HOUSE UNIT
$982,500 $570,000
-3.25% -8.91%
3.97% 3.92%
9.70% 6.49%
$440 $390
64 47
2.33% 3.56%
80 71.09

Source: CoreLogic

DSR Score for property investment : Above average (U), Good (H)
Find a mortgage broker in Oakleigh VIC
Demographics
Total population 7534
Median household income ($/weekly) 1393
Median age of persons 36
Median housing loan repayment ($/monthly) 1996
Average household size 2.7
  • Census Count Percent(%)
    5-14 years 861 11.4
    25-34 years 1220 16.2
    35-44 years 1232 16.4
    45-54 years 957 12.7
    55-64 years 667 8.9
    Others 2598 34.5
    Age Group
    Census Count Percent(%)
    Registered Married 2757 48.5
    Not Married 2496 43.9
    Defacto Relationship 431 7.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 4409 61.2
    Croatia 392 5.4
    Hong Kong 428 5.9
    Indonesia 329 4.6
    Other 446 6.2
    Others 1203 16.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 247 3.5
    Christianity 4515 64.6
    Hinduism 251 3.6
    Other Religious Groups 84 1.2
    No Religion 1748 25.0
    Others 145 2.1
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 211 8.9
    $1,250-$1,499 195 8.2
    $1,500-$1,999 297 12.5
    $2,000-$2,499 255 10.7
    $2,500-$2,999 231 9.7
    Others 1192 50.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2297 38.8
    Not in the labour force 2015 34.0
    Employed, worked part-time 1219 20.6
    Unemployed, looking for work 203 3.4
    Employed, away from work 190 3.2
    Person Characteristics
  • Census Count Percent(%)
    Managers 428 11.5
    Professionals 1049 28.3
    Technicians & trades workers 490 13.2
    Clerical & administrative workers 602 16.2
    Sales 388 10.5
    Others 750 20.2
    Occupation
    Census Count Percent(%)
    Pre-school 163 8.2
    Infants/Primary 561 28.3
    Secondary 402 20.3
    Technical or Further Educational Institution 178 9.0
    University or other Tertiary Institutions 596 30.0
    Others 85 4.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 5490 77.2
    Flat, unit or apartment 1186 16.7
    Semi-detached, row or terrace house, townhouse 399 5.6
    House or flat attached to a shop, office 36 0.5
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 918 35.6
    Being purchased 866 33.6
    Rented 781 30.3
    Other tenure type 11 0.4
    Tenure Type
Census 2011, ABS
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