The suburb of Oak Park is located 11 kilometers north of Melbourne’s CBD and is part of the local government area of the City of Moreland.
With a population of 5,771 as of 2011, it used to be part of the John Pascoe Fawkner estate. The suburb’s name was chosen by the buyers of the Fawkner Estate.
The area initially experienced slow development. It was only in the 19550s when housing development began and a railway station was set up.
House ownership in the suburb is at 55 percent. Currently, there arer 2,239 houses and 1,000 units in place.
Affordable homes are available in Oak Park. As an example, the price of a three-bedroom house as house ranges from $552,500 to $706,500 as of May 2015.
In the past year, a total of 106 houses and 21 units were sold. The highest paid price for houses over the past year was $1,365,000 and $715,500 for units. The lowest price paid was $193,000. The median price for houses is at $640,000 and $481,000 for units.
Those who want to rent a house or unit can also do so in Oak Park. The average rent for a house per week is $380 while the rent for units is $353 per week.
When it comes to auction, the clearance rate for houses was 65.7 percent and 81.8 percent for units.
For the past five years, Oak Park’s capital growth for houses was 21.36 percent and 7.02 percent for units. The long term growth trend for houses is at 7.7 percent and 6.0 percent for units.
Dwelling structures vary in the suburb. The separate house type is the most common at 79.9 percent. The others are comprised of flats and semi-attached/terrace. Some 44.4 percent of homes in the suburb are fully owned while 23 percent are being rented.
Residents in the suburb are a mix of those in the 20 to 39 years old (27.4 percent) group and those in the 40-59 age bracket (23.3 percent).
Looking to buy in Melbourne? Talk to me about how I can help you buy your new home faster, for less. Give me a call on 03 9686 2288 to avail of a free consultation.
By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
