Oakleigh has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 11.67% to date .
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.
Property investors looking for a bargain in Oakleigh should be aiming for at least -4.61% off the asking price, which is the average vendor discount being achieved at the moment.
On average over the past year, suburb has had 6.00 sales per month, which equates to 72 per year.
With the median price for a house in Oakleigh being $1004500 and the advertised rent reaching $440 the gross rental yield for property investors calculates out to be 2.28%
Over the last year, property investments in Oakleigh, 3166 have given investors a capital gain of 11.73%. This compares very favourably with the 4.09% for VIC as a whole.
Across a shorter period, Oakleigh, 3166 has seen a median price increase of 4.90% over the last quarter.
Property buyers and investors in Oakleigh 3166 should be seeing an average reduction in asking price of around -4.88% . This means that Oakleigh is holding prices well when compared to other suburbs in VIC.
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.