oak park

3046, Victoria

Real Estate & Property Information

Median
Price Rank
219

oak park Suburb Profile & Review

The name Oak Park evokes images of tree-lined streets and beautiful parks, and the suburb itself does not disappoint. Located just to the east of Essendon Airport, Oak Park is a quaint family-friendly area with numerous reserves on its edges. The Moonee Ponds Creek Trail travels under and around the Tullamarine Freeway on its way to the suburb, allowing recreational and commuting cyclists the chance to enjoy their surroundings without traversing heavy traffic.

St Francis de Sales Catholic Primary School and Oak Park Primary School cater to young children in the area, while there are additional schools in the surrounding suburbs, particularly in Glenroy.

Oak Park Station is on the Craigieburn line and trains take less than thirty minutes to reach the city. Those who prefer to drive will find it is only a twenty minute drive into the CBD along the Tullamarine Freeway and CityLink Tollway.

oak park Demographic Data

$ 535,000 Median House Price

16 Minutes Average Commute

36 Median Age

5,771 Population

50.37 % Female

49.63 % Male

1578 NO OF FAMILIES

1.9 AVG CHILDREN PER FAMILY

0.9 AVG MOTOR VEHICLE PER DWELLING

What this means

The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in oak park, Victoria.

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oak park Demographic Data

The demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.

It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.

oak park Median House Prices

  • 2008 $ 432,000
  • 2009 $ 461,002
  • 2010 $ 499,500
  • 2011 $ 627,500
  • 2012 $ 535,000

What this means

Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.

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oak park 5 Year Median House Prices

Here we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in oak park have performed, and it usually indicates how they will perform in the future.

Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term oak park property price predictions.

oak park Market Property Types

  • 69 % Seperate House
  • 25 % Semi Detached
  • 6 % Flat or Unit
  • 0 % Other Dwelling

What this means

The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.

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oak park Market Property Types

Typically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.

This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.

oak park Income & Mortgage Stats

  • $ 1,337 Median Weekly Household Income
  • $ 1,907 Median Monthly Mortgage

What this means

This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in oak park

Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.

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oak park Income & Mortgage Stats

To calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%

Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.

oak park Sold Property Prices

oak park Real Estate Experts

In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.

oak park Related Local Blog Posts

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Hangover Stock Brings About Buying Opportunities

This week Melbourne’s auction market has been tested with over 1200 properties reportedly going under the hammer over the weekend. Although both Domain and the REIV show clearance rates at nearly 70%, this on the surface seems good but in actual fact is 10% down for the same time last year. Speaking to a number of agents around town confirms….

Where is The Property Market Heading?

There has been a lot of “white noise” surrounding the Sydney and Melbourne property market over the last few months and it has taken me a while to determine which way things were actually going to go. Is the Australian property market heading down the gurgler or is this just a glitch?

Property Market Trends in Melbourne Which Could Affect Prices

In this final edition we look at what how the Melbourne property market has fared and what whether we are likely to see any changes in property prices, demand for property and economic drivers.

New Research Shows Consumers Who Don’t Own A Home Could Be Worse Off in Retirement

New Research released last week by Roy Morgan shows that people who don’t own a home have become worse off in terms of their net wealth and are jeopardising their retirement.

Is Australian Housing Heading for a Hard Landing or a Financial Cliff?

From my experience and talking with real estate agents the Melbourne market has softened no doubt, but are we heading towards a financial cliff?

oak park Restaurants

  • Snell Grove Pizza & Pasta Take Away110 Snell Groveoak park VIC 304603 9306 6616
  • Oak Park Fish Shop84 Winifred Streetoak park VIC 304603 9300 2858

oak park Cafes

  • Sweet Nektar Cafe132 Snell Groveoak park VIC 304603 9304 4455

oak park Schools

  • St. Francis de Sales Primary School626 Pascoe Vale Roadoak park VIC 3046(03) 9306 9444Catholic Primary School
  • Oak Park Primary SchoolWillett Avenueoak park VIC 3046(03) 9306 9182State Primary School

oak park Childcare

  • Oak Park Childrens Centre667 Pascoe Vale Roadoak park VIC 3046

oak park Kindergarten and Preschools

  • Glen Oak Kindergarten9 Watt Avoak park VIC 3046
  • Oak Park KindergartenShort Avenueoak park VIC 3046

oak park Sporting Centres and Clubs

  • Oak Park Tennis Cluboak park VIC 3046Tennis Club & Courts

Find out How Much your House is Worth in oak park

Request a free market Basic Report for oak park to get a general idea of property prices in your area, or a more specific CMA Report for the property you own.

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