If you compare the increase in value of investment property in Oakleigh, 3166 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this VIC suburb was -2.08%.
A 66.08% growth in median value for property investors in Oakleigh,3166 puts this suburb at number 293th in terms of best performing suburbs in VIC
On average over the past year, suburb has had 5.33 sales per month, which equates to 64 per year.
Oakleigh, 3166’s gross rental yield is 2.19%
Property investors who have had real estate in Oakleigh, 3166 should be pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 10.40%
When looking at the potential capital gains offered to property investors over the last 3 years, Oakleigh comes in at number 212th in VIC.
Our latest figures would indicate that property sellers in Oakleigh are currently offering property investors an average price cut of -4.93% below the asking price at the moment.
In the last year 49 properties changed hands in Oakleigh, which puts it as the 129th most active market in VIC when comparing the number of sales per suburb.
A $420 per week rent on the median house gives suburb investors a gross yield of circa 4.24%, without taking into account capital value appreciation, which has been averaging out at 2.86%.
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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.
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.