Suburb Profile Report for Ocean Grove VIC (3226)

Ocean Grove House: Median price $565,000, Annual capital growth 5.65%, Number of sales 366, Weekly median advertised rent $390

Ocean Grove Unit: Median price $480,000, Annual capital growth 5.10%, Number of sales 59, Weekly median advertised rent $350

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

Source: CoreLogic

  • House Report
  • Unit Report

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%.

Metrics i HOUSE UNIT
$565,000 $480,000
0.00% 6.67%
6.60% 9.71%
5.65% 5.10%
$390 $350
366 59
3.59% 3.79%
89.83 93.68

Source: CoreLogic

DSR Score for property investment : Above average (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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