Question 1

Is Oak Flats a nice place to live?

Accepted Answer

Oak Flats is a lakeside suburb on the western shore of Lake Illawarra with a village atmosphere centred on the railway station and nearby shops. The foreshore reserves, walking paths and opportunities for boating make lakeside leisure easy to fit into everyday life, while parks, playgrounds and community facilities support an outdoor-oriented routine. Streets are mainly lined with established single-storey homes with pockets of newer infill, which appeal to families and retirees seeking a quieter pace without losing regional services.

The suburb is home to 6,840 people with a median age of 42 and is weighted towards couple families; around three quarters of homes are owner-occupied and about one in four are rented. There have been rail infrastructure upgrades to accommodate new intercity trains, a strategic cycleway corridor to Warilla is in planning, and the town centre has seen pedestrian improvements and a refurbished library. Whether Oak Flats suits you comes down to whether lakeside living and easy commuter access match what you want.

Question 2

Is it expensive to live in Oak Flats?

Accepted Answer

Buying a house in Oak Flats sits well above local incomes. The median house price is $911,250, which is about 11.8 times a typical local annual household income as recorded at the last Census (weekly household income $1,488 × 52 = $77,376).

Renting is less stretched than buying but still significant: a house rent of $750 a week would take about 50.3% of a typical local household's weekly income at the last Census, while a unit rent of $513 a week would take about 34.4%. On these figures, renting a house would take a large share of income and renting a unit a sizeable share. Whether that feels expensive depends on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Oak Flats a good place to invest?

Accepted Answer

House rents climbed a strong 10.3% over the past year, outpacing a solid 8.8% rise in house values. On the houses side the income a property earns increased faster than its price did over the year.

Units in Oak Flats moved differently: unit rents were up a solid 5.1% while unit values were slightly lower, down 1.8% over the same period. For someone weighing Oak Flats as an investment, these figures show stronger rental and value gains for houses this year; whether that fits your plans depends on your objectives and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$911K	N/A
Change in value Past 12 months	8.8%	-1.8%
Sold Past 3 months	34	2
Median days on market Past 12 months	22	39
Average rent Past 12 months	$750	$513
Change in rent Past 12 months	10.3%	5.1%

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