Independent valuations have shown a 28% growth in property valuation for residential properties in Oakleigh between 2014 and 2016.
This year’s re-evaluation took place across every suburb within Monash, measuring average property value growth for each suburb and the location as a whole. The exercise has shown that growth has been strong across all suburbs.
The Monash Council’s independent valuation was in line with State Government requirements for a re-evaluation every two years. This helps ensure that the amounts charged to individual ratepayers by the council are accurately proportioned across suburbs.
Recent strong investment activity in the Oakleigh area, as well as strong sales spread across units and houses, has supported growth.
With a great proximity to schools, public transport, Monash University and a thriving retail community, it’s little wonder that Oakleigh’s property market continues to strengthen despite a national trend towards slower growth.
The median house price in Oakleigh currently stands at $975,000, while the median unit price is strong at $572,000.
At 28% value growth for the year, the Oakleigh area is proving to be a robust and highly-competitive property market. Its neighbouring Oakleigh East and Oakleigh South enjoyed 33% and 34% growth respectively.
Much of this growth can also be accounted for by the very low interest rates that are continuing through 2016.
As a result of the re-assessment, and in view of Oakleigh’s 28% value increase, the Monash Council has approved a 2.5% increase in rate income for the year.
On a positive note for Oakleigh residents and property owners, the Monash Council has the lowest average rates of all 79 councils in Victoria.
Ratepayers have a chance to appeal against this valuation within two months of the date of their rate notice, which will include further details on the value and rate reassessment on how to apply in the event that an appeal is sought.