Investment property in Oakleigh has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 4.16%
While Oakleigh,3166 ranked number 528th in VIC for increase in median house value (annualised) increase, it is ranked 132th over the last 5 years.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Oakleigh, 3166. Typically our figures indicate that -7.97% is being offered, which puts this VIC suburb at 833th most discounted overall in Australia.
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 -24.83%.
Across a shorter period, Oakleigh, 3166 has seen a median price increase of -4.71% over the last quarter.
At number 279th of VIC’s most discounted properties, Oakleigh is in the TOP 20% of the state/territory when listing in order of most discounted to least.
Renters in Suburb are facing rents around $4680 per annum or $390 every week.
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.