Oakleigh South soared, as others fell
OAKLEIGH South has been revealed as the City of Monash’s star performer in new property market data.
The valuer-general’s Victorian Property Sales report showed Oakleigh South’s median house price grew 10.2 per cent in the 12 months to September 30, 2016.
The new figures show the suburb’s median house price is now $915,000.
The median house price in neighbouring Oakleigh tumbled 12.8 per cent to $916,500. A decline of 18.5 per cent was recorded in Oakleigh East, where the median house price is now $977,800.
SUBURB PROFILE: Oakleigh South
Ray White Oakleigh director Chris Kelepouris was surprised at the drop in Oakleigh and Oakleigh East.
Mr Kelepouris said it was likely caused by zoning changes, which had made it harder to develop multi-unit blocks.
“It’s very rare you’ll see a house pass in at auction in those suburbs,” Mr Kelepouris said. “And if they do, they almost always sell a few days later.”
SUBURB PROFILES: Oakleigh, Oakleigh East
He said Oakleigh South’s appeal had grown over the last few years, particularly because of good schooling options, and the completion of The Links shopping centre.
“People have been moving there after being priced out of neighbouring suburbs, including Bentleigh and Ormond,” he said.
“It has a great array of older and more modern homes.”
He said many people living there were owner-occupiers.
He explained for the valuer-general’s median house price, you could buy an older home on a 550sq m-600sq m block that would need some work.