Property value increases in Oakleigh have tracked just lower than the VIC average of -1.05% over the last 12 months.
Taking the average capital gain, or increase in median house value, Oakleigh,3166 has racked up an average of -9.25% over the period. This ranks it number 2015th in the whole country for real estate investors looking at median house price increases.
On average over the past year, suburb has had 3.83 sales per month, which equates to 46 per year.
With a capital gain of 8.51% for the last 12 months, Oakleigh, 3166 has performed for property investments than its average annual 4.88% property growth over the last 5 years.
Over the longer term, Oakleigh has seen property prices show investors a 12.99% return over the last 3 years. This is worse than over the last 12 months
Property investors should expect to get $425 weekly from the median priced house in this suburb.
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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.