If you compare the increase in value of investment property in Ocean Grove, 3226 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was 6.60%.
A 18.95% growth in median value for property investors in Ocean Grove,3226 puts this suburb at number 539th in terms of best performing suburbs in VIC
LACK OF BUYER INTEREST may well be the reason that Ocean Grove is offering property investors an average of -5.87. This rate of discount on properties puts Suburb at number 235th in terms of most discounted suburbs in VIC
At number 2291 in a list of fastest selling suburbs, Ocean Grove is in the bottom 40% of suburbs in Australia with an average of days on market 89.83 for properties listed there.
Using the current median advertised rental of $390 and the average annual increase in value of a median property of 5.65%, investors should hope to achieve an overall return of 3.59%
Property value increases in Ocean Grove have tracked just higher than the VIC average of 4.26% over the last 12 months.
Ocean Grove,3226 has offered an average of 9.71% return per annum in house price rises to property investors over the last three years.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.07% offered to property buyers. Sellers in Ocean Grove itself are offering an average vendor discount of -5.21% to real estate investors.
A $350 per week rent on the median house gives suburb investors a gross yield of circa 3.79%, without taking into account capital value appreciation, which has been averaging out at 5.10%.