28th October 2017
Affectionately known as Little Athens, Oakleigh is celebrated for its Greek dining and culture.
Eaton Mall is a popular destination for people chasing a taste of Greece, whether it be a cake , coffee or something more substantial.
The liveliness of the mall and the suburb’s comparatively affordable median house price were drawing buyers to the area, developer Pelicano managing director Nando Pellicano said.
Oakleigh has a median house price of $1.1 million, CoreLogic records for the 12 months to July show. Its median price compares to neighbouring Murrumbeena, where the median house prices is $1.37 million Bentleigh East ($1.2 million), Carnegie ($1,423,500), Mt Waverley ($1.327 million) and Malvern ($2.455 million) and Caulfield ($1.804 million) slightly closer to the city.
Oakleigh’s median house price has grown 9.9 percent in the past year.
Mr Pellicano said the growth rate reflected buyer’s growing interest in Oakleigh. “Those pushed (further) out (from the city) are seeing Oakleigh as a cheaper alternative and it has all the facilities there as well,” he said.
“It’s a hidden gem” Mr Pellicano said.
Mr Pellicano said people visiting Eaton Mall for the first time were “blown away.” “They see that (the mall) and the price point – it is very attractive for people,” he said. “It has played catch-up with neighbouring suburbs and still has growth potential.”
Mr Pellicano is the developer of Alke, a $35 million project with 89 apartments across three buildings within walking distance of Eaton Mall. He said Alke buyers were mostly residents of Oakleigh or nearby suburbs who loved the area and did not want to leave. “Buyers are either downsizers or the children of Oakleigh residents who want to live close by, “Mr Pellicano said.
These generously sized and well-designed apartments provide a great opportunity for contemporary community-focused living within an established neighbourhood.