Estimates of the value of habitats can provide an objective basis for the prioritisation of conservation and restoration actions. Bivalve habitats, three-dimensional structures made of high-densities of bivales (most often oysters or mussels), their shells and other organisms, used to be a dominant habitat found in temperate and subtropical coastal waters. These habitats, provide a suite of ecosystem services such as habitat provision and food supply for many species, substrate stabilisation and shoreline protection, and water quaility improvements through their filter feeding. Bivalve habitat restoration is increasingly seen as an opportunity to return lost ecosystem services. In Australia, there is growing interest in bivalve habitat restoration, but there is a knowledge gap in regards to the services they provide. Here, we determined the habitat value of a historically dominant oyster species in Australia, Saccostrea glomerata. At remnant soft-sediment oyster reefs at four locations we estimated density, biomass, productivity and composition of mobile macroinvertebrate communities and compared these with adjacent ‘bare’ soft sediments, which typically replace ecologically extinct oyster reefs. The oyster reefs had a distinct assemblage of macroinvertebrates, with 30% higher densities, 5 times the biomass and almost 5 times the productivity of adjacent bare sediments. Infauna macroinvertebrate productivity was more than twice as high below oyster reefs, suggesting these reefs facilitate infaunal productivity. Crustaceans, an important food source for small fishes, were 13 times more productive on oyster reefs compared to adjacent bare sediments. These results demonstrate that oyster reefs provide an important habitat for macroinvertebrates and that restoration efforts are likely to provide significant returns in enhanced productivity.