Investment property in Oakleigh has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -2.61%
While Oakleigh,3166 ranked number 301th in VIC for increase in median house value (annualised) increase, it is ranked 367th over the last 5 years.
At number 1975 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 79.3684 for properties listed there.
With the median price for a house in Oakleigh being $1120000 and the advertised rent reaching $530 the gross rental yield for property investors calculates out to be 2.46%
With a capital gain of 3.00% for the last 12 months, Oakleigh, 3166 has performed for property investments than its average annual 2.61% property growth over the last 5 years.
If we look at median property appreciation over just the last three months, Oakleigh has given property investors a paper return of 4.04%. This puts Suburb as 70 on a list of fastest fasting appreciating 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.