Suburb Profile Report for Oakleigh VIC (3166)

Oakleigh House: Median price $1,150,000, Annual capital growth 7.64%, Number of sales 67, Weekly median advertised rent $500

Oakleigh Unit: Median price $505,000, Annual capital growth 2.68%, Number of sales 50, Weekly median advertised rent $420

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

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%

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
Metrics i HOUSE UNIT
$1,150,000 $505,000
-0.86% 5.87%
-4.37% 7.45%
7.64% 2.68%
$500 $420
67 50
2.26% 4.32%
75.5 38.2

Source: CoreLogic

Disclaimer: The data presented here is the latest available data at the time of upload each month. Please note that data is routinely updated by our partners, so may change month to month.

DSR Score for property investment : Above average (H), Above average (U)
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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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