Oakleigh property: spring market update

Low stock levels in the Oakleigh property market and rainy days aren’t set to dampen the spring season.

Steady and growing demand continues across the entire Monash area but is particularly strong in Oakleigh, with key amenities including schools and parks continuing to strengthen its appeal to families and investors, both local and foreign.

This quarter, competition for quality property in top areas remains extremely high. Houses, units and townhouses continue to reach high sales prices, with above expected figures.

Woodards Property Consultant Frank Scalise

Woodards Property Consultant Frank Scalise

According to data from the Real Estate Institute of Victoria, this quarter’s median house price in Oakleigh was $965,500.

Woodards Oakleigh property consultant Frank Scalise said the local property market had made a positive start this spring.

“Despite an overall low stock level, in the last 12 days we’ve listed five premier homes, at values of $1 million plus. There are huge demands across the market,” he said.

Asked whether many Oakleigh residents were selling and looking to remain within the area, Mr Scalise noted a general trend of families moving back into Oakleigh to be closer to their ageing parents and grandparents.

These new residents with existing Oakleigh ties are likely to add energy to the already thriving retail and dining precincts of central Oakleigh.

As an area with a strong demographic of second and third generation Australians, Oakleigh is traditionally a strong family area. The move back into Oakleigh by younger generations could see a more youthful trend across the suburb.

On the other hot issue in local property, foreign investment, Mr Scalise was optimistic of the outlook for local property buyers, noting that the government’s recent reforms to banking laws had made it “a little bit harder” for overseas investors, thereby opening up new opportunities for local buyers.