Patterson Lakes and Oakleigh units in high demand
More choices for buyers as stock levels tipped to rise. Oakleigh and Patterson Lakes are among Melbourne’s in-demand suburbs for units.
Based on the high number of inquiries per unit for sale, the two areas are among the top 10 in Melbourne primed for growth this year, according to PropTrack data.
Other suburbs where the interest in units has soared include Meadow Heights, Heidelberg West, Keysborough and Mentone.
Oakleigh is a “mini-city” with a new train station, village shops and cafes, a market, quality schools, and a proximity to Chadstone Shopping Centre, according to Barry Plant Mordialloc agent Dean Sirianni.
“It’s a hotspot for first-home buyers, investors, retirees and downsizers,” he said.
Mr Sirianni noted buyers from regional areas were also keen on the units in the area.
“They are mainly parents wanting a home for their children who attend Monash University,” he said.
“And Oakleigh is just 15-minutes from campuses in Clayton and Caulfield.”
After their children had completed their courses, the parents either retained the units as investments or sold them off to enjoy the capital growth, Mr Sirianni added.
There has been strong interest from country buyers in the one-bedroom apartment at 7/103 Atherton Road, priced at $350,000-$385,000.
In one week after listing, it attracted multiple buyers to the inspections, according to Mr Sirianni.
First-home buyers taking advantage of government grants and stamp duty exemptions were eyeing the two-bedroom apartment at 312/59-63 Warrigal Road, priced at $530,000-$580,000.
“This property offers them a great opportunity to get into the market,” Mr Sirianni said.
The property is on the border of Hughesdale, which shares the same 3166 postcode as Oakleigh.
“Many buyers priced out of Hughesdale are looking at Oakleigh,” Mr Sirianni said.
Tightly held single-level villa units are sought after by cashed-up downsizers and retirees.
“They usually outbid entry-level buyers to secure these homes,” Mr Sirianni said.
“There were double-digit numbers at the opens,” he said.
“And it was snapped up two weeks before the Sale By Set Date for $595,000.”
Young first-home buyers made the seller an irresistible offer for the renovated property, located close to wetland walking trails.
“It’s in a good spot with the beach within reach, and the Mornington Peninsula Freeway and Nepean Highway nearby,” Mr Larkin said.
Mr Larkin described Patterson Lakes as a hidden gem with stunning waterfront homes, shops and restaurants.
“While it’s not as well-known as other Bayside suburbs, it’s growing in popularity as it offers a mix of properties for all types of buyers,” he said.
He pointed to the luxury townhouse in a gated estate at 8 The Boulevard, which was priced around $1 million.
“A city investor bought this one, and it rents out for about $785 a week,” he said.
While demand soars for properties in Patterson Lakes, supply is tight, according to Mr Larkin.
“Stock levels have fallen by about 20 per cent in the past 12 months,” he said.
“But we expect more properties to come up for sale from late January onwards, giving buyers more choices and the chance to live in this very desirable suburb.”