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First-home buyers and investors add to buyer demand in Oakleigh and surrounds

Oakleigh and nearby suburbs to maintain strong performance due to limited supply

Lifestyle offerings and prime pockets will continue to draw buyers to Oakleigh, Chadstone, Clayton and nearby south-eastern suburbs.

Property prices have done very well over the last five years because of rising buyer demand, according to Barry Plant Oakleigh director, Nick Kamaretsos.

“The first two months of 2021 have been strong with many buyers looking, but with limited properties on the market,” he said.

“With the influx of buyers, there are lots of people turning up at inspections and sellers are getting multiple offers for their properties.”

House prices in Oakleigh, just 14 km from the city, had been growing steadily until the pandemic hit.

“But prices have been rising again since late last year after the lockdown,” Mr Kamaretsos said.

“Auctions are doing well with multiple bidders.”

Homes are selling quickly and attracting plenty of buyers, with more than 50 groups at the first inspection of 25 Bossington Street, Oakleigh South. It sold for $810,000 - at the top of the price guide.

Oakleigh’s median house price has almost doubled between 2012 and 2020, rising from $625,750 to $1.2 million, a jump of $574,250, according to realestate.com.au data.

House sales in the suburb fell in 2020 with just 43 sales while 93 houses sold in 2014. There were only 37 properties on the market in Oakleigh as at March 10, while 119 houses are up for rent.

“Oakleigh is sought-after because of restaurants and cafes, and it is close to Chadstone shopping centre and has good transport links,” Mr Kamaretsos said.

“It is popular with investors and there is a lot of development of townhouses and units.”

For homeowners holding back from selling, he said that “it is time to sell” with the current market conditions.

“There is little competition from other sellers and the buyer demand will keep prices buoyant,” he added.

“There is demand due to low interest rates and people with jobs are able to commit to purchasing property.”

Mr Kamaretsos also noted more first-home buyers active in the market, with investors also making a cautious return.

Nearby Oakleigh South is seen as more affordable, with a median house price of $970,000 in 2020. The price was $590,000 in 2012.

Clayton South houses often have even better value, with a median price of $781,000 in 2020.