Oak Park is a medium-sized suburb in Victoria within the Moreland local government area (postcode 3046). It is home to about 6,714 residents, with a mix of families and early-career residents and a median age of 36. Households earn a median income of $114K per year, with an average household size of 2.5 people. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, clerical & administrative, managers. Employment in the area leans toward healthcare and professional services. The top ancestries reported are English, Australian, Italian.
The median house price in Oak Park is $1.1 million, having risen by 3.5% over the past year. Units have a median price of $565,000 (-13.1% YoY). The current median weekly rent is $530. This gives a gross rental yield of approximately 2.5%. The median monthly mortgage repayment is $2,167.
Oak Park is served by 2 schools, including 2 primary. The average ICSEA score is 1090, which is above the national average of 1,000. Public transport access includes 1 rail station, 19 bus stops.
From an investment perspective, The gross rental yield works out to roughly 2.5%, which reads as low yield. Property prices are near the state median ($1.1M/$875K). The price-to-income ratio of 9.8x is considered moderate. House prices have moved +3.5% year-on-year.