Property investors are being lured to Oakleigh because of its access to amenities and lifestyle options, a local real estate agent says.
LJ Hooker Oakleigh director Peter Argyriou said 2015 saw strong sales in both houses and units in the suburb.
“The market in 2015 was quite good in Oakleigh, with the median price or entry level price being around the $900,000 to $1 million price range,” he said.
“It’s been a strong market because the interest rates are very low at the moment.
“Houses, townhouses, units and apartments (are selling) – it’s not a high turnover area, so being in that area is very sought after.
“There are no land sales; it’s very hard to get land in Oakleigh.”
According to the Real Estate Institute of Victoria, the median house price in Oakleigh in the December quarter was $1,037,500, while the median unit price was $618,000.
Mr Argyriou said only time would tell as to how the market played out in coming months.
“I think the market is slowly but surely starting to correct itself because banks are putting up their rates independently of the Reserve Bank,” he said.
“Investors are waiting to see what’s going to happen to the property prices in the area.”
Mr Argyriou said Oakleigh offered fantastic proximity to amenities such as the local shopping centre, public transport, as well as freeway access.
“The council is also spending a lot of money in Oakleigh,” he said.
“I don’t see too many young families coming into the area, they’re all people who have a sizeable deposit, people who have a bit of money behind them.
“It’s not a first home buyers’ area.”
Mr Argyriou said there was an oversupply of rentals in Oakleigh, but that was normal for this time of year.
“Once people start returning to work in the February period you’ll see them come down a bit more,” he said.