River Road Property Sells for $1.85M, Lifts Oakleigh Market Expectations

A four-bedroom house at 45 River Road sold for $1.85 million at auction on July 3, marking the highest sale recorded in Oakleigh this month.

The transaction occurred as clearance rates fell to 68 percent across 22 properties offered in the first week of July. Local agents attribute the lower rate to tighter lending conditions that have slowed buyer activity since late June.

The sold home sits two blocks from Oakleigh Square and within walking distance of the Oakleigh Community Centre, where weekly information sessions on first-home buyer grants draw steady attendance. Neighbouring streets such as Elm Avenue and Maple Grove have seen three comparable listings enter the market since the River Road result.

Price Effects on Nearby Streets

Median prices for detached homes in the Oakleigh Heights neighbourhood stood at $950,000 at the end of June, according to figures compiled by the Oakleigh Real Estate Association. The River Road sale represents a 12 percent lift above that median and exceeds the previous monthly high of $1.62 million set on June 12 at 19 Elm Avenue. Two other River Road properties listed at $1.4 million and $1.55 million both received multiple bids on the same day.

Clearance data from the same period shows four of the six homes that passed in were located within 800 metres of Oakleigh Library, where open-house attendance averaged 18 visitors per property. Agents report that buyers who inspected those homes are now revisiting listings on Maple Grove with revised offers.

Next Steps for Sellers and Buyers

Three auctions remain scheduled for the final week of July, including a five-bedroom residence on Oakleigh Boulevard listed with a $1.7 million reserve. Sellers are advised to review recent comparable sales at the Oakleigh Real Estate Association office before setting reserves. Prospective buyers can access updated clearance reports each Friday at the Oakleigh Community Centre.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.