Suburb Profile Report for Ocean Grove VIC (3226)

Ocean Grove House: Median price $582,500, Annual capital growth 5.80%, Number of sales 381, Weekly median advertised rent $400

Ocean Grove Unit: Median price $455,000, Annual capital growth 4.51%, Number of sales 50, Weekly median advertised rent $350

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

Ocean Grove is in the bottom 40% in VIC when comparing median price capital growth over the last year. Ocean Grove gave property investors a disappointing capital gain figure when compared to the rest of the state, with 7.37%.

Over the longer term, Ocean Grove has seen property prices show investors a 16.09% return over the last 3 years. This is worse than over the last 12 months

Our latest figures would indicate that property sellers in Ocean Grove are currently offering property investors an average price cut of -4.85% below the asking price at the moment.

Renters in Suburb are facing rents around $4800 per annum or $400 every week.

With a capital gain of -6.91% for the last 12 months, Ocean Grove, 3226 has performed for property investments than its average annual 4.51% property growth over the last 5 years.

The five-year average increase in median property values for Ocean Grove,3226 has given property investors a potential capital gain of 16.67% across each of those five years.

Sellers are offering property buyers an average discount of -3.27% to buyers in Ocean Grove at the moment, which is less than average for the rest of VIC.

Using the current median advertised rental of $350 and the average annual increase in value of a median property of 4.51%, investors should hope to achieve an overall return of 4.00%

Metrics i HOUSE UNIT
$582,500 $455,000
1.97% -4.37%
7.37% -6.91%
5.80% 4.51%
$400 $350
381 50
3.57% 4.00%
78.8 88.36

Source: CoreLogic

DSR Score for property investment : Above average (H), Good (U)
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Demographics
Total population 12555
Median household income ($/weekly) 1197
Median age of persons 40
Median housing loan repayment ($/monthly) 1625
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 1666 13.3
    25-34 years 1254 10.0
    35-44 years 1780 14.2
    45-54 years 1817 14.5
    55-64 years 1762 14.0
    Others 4275 34.1
    Age Group
    Census Count Percent(%)
    Registered Married 4808 53.8
    Not Married 3245 36.3
    Defacto Relationship 881 9.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 10577 87.4
    New Zealand 96 0.8
    Papua New Guinea 120 1.0
    United Kingdom 793 6.5
    Other 101 0.8
    Others 421 3.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 108 0.9
    Christianity 7457 65.3
    Islam 33 0.3
    Other Religious Groups 35 0.3
    No Religion 3766 33.0
    Others 17 0.1
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 485 11.5
    $600-$799 429 10.2
    $800-$999 406 9.7
    $1,500-$1,999 540 12.8
    $2,000-$2,499 430 10.2
    Others 1914 45.5
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 3446 35.5
    Employed, worked full-time 3377 34.8
    Employed, worked part-time 2204 22.7
    Employed, away from work 396 4.1
    Unemployed, looking for work 278 2.9
    Person Characteristics
  • Census Count Percent(%)
    Managers 702 11.7
    Professionals 1462 24.5
    Technicians & trades workers 1001 16.7
    Community & personal service workers 736 12.3
    Clerical & administrative workers 734 12.3
    Others 1343 22.5
    Occupation
    Census Count Percent(%)
    Pre-school 196 6.8
    Infants/Primary 1080 37.3
    Secondary 871 30.1
    Technical or Further Educational Institution 276 9.5
    University or other Tertiary Institutions 379 13.1
    Others 94 3.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 10815 93.8
    Flat, unit or apartment 449 3.9
    Semi-detached, row or terrace house, townhouse 251 2.2
    Caravan, cabin, houseboat 10 0.1
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 1791 39.2
    Being purchased 1728 37.8
    Rented 1037 22.7
    Other tenure type 17 0.4
    Tenure Type
Census 2011, ABS
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Recent sales & rentals