With a capital gain of -9.76% for the last 12 months, Oakleigh, 3166 has performed for property investments than its average annual 7.58% property growth over the last 5 years.
While Oakleigh,3166 ranked number 641th in VIC for increase in median house value (annualised) increase, it is ranked 334th over the last 5 years.
Residents and property investors in Oakleigh have been waiting around 83.4167 days to sell a property.
Using the current median advertised rental of $500 and the average annual increase in value of a median property of 7.58%, investors should hope to achieve an overall return of 2.42%
VIC has seen average median house prices change by 0.10% which means that Oakleigh, 3166 has done well for property investors by showing a capital gain of 7.00% over the last year
Across a shorter period, Oakleigh, 3166 has seen a median price increase of 0.94% over the last quarter.
Property buyers and investors in Oakleigh 3166 should be seeing an average reduction in asking price of around -7.60% . This means that Oakleigh is holding prices well when compared to other suburbs in VIC.
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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.
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.