Property value increases in Oakleigh have tracked lower than the VIC average of 4.75% over the last 12 months.
Oakleigh,3166 has offered an average of -4.37% return per annum in house price rises to property investors over the last three years.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.20% offered to property buyers. Sellers in Oakleigh itself are offering an average vendor discount of -8.87% to real estate investors.
At number 2329 in a list of fastest selling suburbs, Oakleigh is just in the bottom half of suburbs in Australia with an average of days on market 75.5 for properties listed there.
With the median price for a house in Oakleigh being $1150000 and the advertised rent reaching $500 the gross rental yield for property investors calculates out to be 2.26%
Oakleigh, 3166 ranked 127th in VIC when comparing growth in median property values or capital gain over the last 12 months. Oakleigh is one of 2099 in our list for VIC
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.
Vendor discounting in Oakleigh is giving property investors an average Vendor Discount of around -3.05%. This puts suburb at number 243th in VIC when ranking the most discounted suburbs.
At number 260 in a list of fastest selling suburbs, Oakleigh is in the TOP 20% of suburbs in Australia with an average of days on market 38.2 for properties listed there.
Oakleigh, 3166’s gross rental yield is 4.32%
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.