Suburb Profile Report for Ocean Grove VIC (3226)

Ocean Grove House: Median price $560,000, Annual capital growth 5.75%, Number of sales 354, Weekly median advertised rent $380

Ocean Grove Unit: Median price $442,500, Annual capital growth 4.50%, Number of sales 61, Weekly median advertised rent $343

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

Source: CoreLogic

  • House Report
  • Unit Report

VIC has seen average median house prices change by 8.06% which means that Ocean Grove, 3226 has done well for property investors by showing a capital gain of 7.69% over the last year

If we look at median property appreciation over just the last three months, Ocean Grove has given property investors a paper return of 1.82%. This puts Suburb as 380 on a list of fastest fasting appreciating suburbs in VIC

At number 224th of VIC’s most discounted properties, Ocean Grove is in the bottom 40% of the state/territory when listing in order of most discounted to least.

At number 2802 in a list of fastest selling suburbs, Ocean Grove is in the bottom 30% of suburbs in Australia with an average of days on market 105.62 for properties listed there.

Advertised rents are around the $380 mark per week – giving a return of 3.53% based on the median price in Suburb

Giving property investors a an average capital gain of 0.57% for the last year, Ocean Grove, 3226 is the 1020th highest performer in Australia in this respect.

Ocean Grove,3226 was ranked 819 in Australia by increase in median property value over the quarter.

Property buyers and investors in Ocean Grove 3226 should be seeing an average reduction in asking price of around -4.96% . This means that Ocean Grove is holding prices well when compared to other suburbs in VIC.

On average over the past year, suburb has had 5.08 sales per month, which equates to 61 per year.

With the median price for a house in Ocean Grove being $442500 and the advertised rent reaching $342.5 the gross rental yield for property investors calculates out to be 4.02%

HOUSE UNIT
$560,000 $442,500
1.82% 0.57%
7.69% 0.57%
5.75% 4.50%
$380 $343
354 61
3.53% 4.02%
105.62 115.58

Source: CoreLogic

DSR Score for property investment : Good (U), Above average (H)
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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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