Oakleigh property values continue to rise

The Oakleigh property market performed well over the summer period and is showing no signs of slowing down, according to a local real estate agent.

Low stock levels and a growing number of buyers have showed continued demand for homes in the area, with house prices generally on the increase.

Woodards Oakleigh property consultant Frank Scalise said house sales in Oakleigh were solid, with buyers looking for variety.

“Oakleigh offers good value for money, especially with recently renovated homes where no further work is needed,” he said.

“And you’ve also got the opposite end of the scale, with people who are looking to buy and renovate themselves.

“So, there’s plenty of variety in the homes that are on offer, and Oakleigh has always been known for its range in properties.”

Frank Scalise of Woodards in Oakleigh.

Frank Scalise of Woodards in Oakleigh.

In recent months, Mr Scalise said he has seen a lot of second and third generation European buyers looking to purchase in Oakleigh because they want to stay in the local area and be close to family who live nearby.

Equally, a rising number of young families and young couples have been looking to purchase a home in Oakleigh because the local amenities are appealing.

“Buyers are quite attracted to the Oakleigh shops and public transport options, as well as the range of schools in the area. There are a lot of reputable primary schools around Oakleigh that are drawing in young families,” he said.

In some cases, buyers are enquiring about off-market and unlisted properties with some leading to sales, Mr Scalise said.

“Overall, there is a huge demand for land size and a lot of buyers are seeking out the ultimate family home complete with a garden, garage and outdoor entertaining space,” he said.

Mr Scalise said property values in Oakleigh are continuing to increase, with units selling for $750,000 upwards, 3-bedroom homes selling for $900,000 upwards, and larger family homes featuring 4 bedrooms, 2 bathrooms and generous land space going for more than $1.3 million.

According to data from the Real Estate Institute of Victoria (REIV), the median house price in Oakleigh for the December 2016 quarter was $1.175 million.