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Oakleigh, Hughesdale and Bentleigh home prices continue strong growth path

Investors / Investment
20 October 2022
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Property boom not over as September quarterhouse prices head north

Property prices have continued to rise in Melbourne’s southeast with Oakleigh, Hughesdale and Bentleigh heading the list.

Oakleigh’s median house price notched $1.448 million in September, a 6.2 per cent increase over the quarter, while nearby Hughesdale climbed 5.64 per cent to $1.626 million.

Median house prices grew in 279 suburbs in the quarter to September, new PropTrack figures showed.

“Larger homes, bigger block sizes”and more space overall are contributing to Oakleigh’s popularity, according to the agency’s senior economist Eleanor Creagh.

In 12 months, Oakleigh’s median house price grew a strong 5.39 per cent, while nearby Hughesdale’s median price grew 6.1 per cent.

Neighbouring suburbs Bentleigh, Bentleigh East, Ormond and Murrumbeena also saw an increase in median values of 3.1-4.26 per cent in the July-September quarter.

Dubbed recession proof by both locals and property experts, Hughesdale continues to perform well, according to Barry Plant Mentone-Cheltenham sales agent Kylie Sirianni.

A house at 14 Ellendale Street (photo below) recently sold under the hammer for $1.4 million, after attracting more than 60 groups and four bidders on the day.

“A period home in one of Hughesdale’s prettiest streets, a big fixer upper but with huge potential for restoration, these property types have been really popular,” she said.

“They suit buyers looking to retain the original home, build a dream home or redevelop with multiple dwellings.”

The California Bungalow was listed for the first time in 50 years, retaining all of its period detail including leadlight windows, high ornate ceilings and original floorboards.

Nearby, 9 Poath Road, Murrumbeena, (photo below) went under the hammer on October 15. The Californian bungalow had attracted several keen buyers and sold for $1.3 million.

“It’s been a great campaign for a property that really does need a lot of work, the feedback has been mixed, some are looking to retain the originality and some are looking to redevelop,” Ms Sirianni said.

“Location and infrastructure are huge drawcards for both suburbs.”

The proximity to the city, private and public school options, Caulfield and Clayton Monash universities nearby, and Chadstone Shopping Centre (main photo) at the doorstep, add to their appeal, she added.

Investors / Investment
20 October 2022
Save Article

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