Suburb Profile Report for Ocean Grove VIC (3226)

Ocean Grove House: Median price $690,000, Annual capital growth 6.37%, Number of sales 320, Weekly median advertised rent $450

Ocean Grove Unit: Median price $685,000, Annual capital growth 7.95%, Number of sales 38, Weekly median advertised rent $380

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

Source: Monthly data update for Aug 2019 as supplied by CoreLogic. Data is reported to the period ending May 2019. Please note that property sales data is routinely updated, so may change retrospectively.

  • House Report
  • Unit Report

Property value increases in Ocean Grove have tracked just higher than the VIC average of -0.15% over the last 12 months.

When looking at the potential capital gains offered to property investors over the last 3 years, Ocean Grove comes in at number 218th in VIC.

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Ocean Grove, 3226. Typically our figures indicate that -6.25% is being offered, which puts this VIC suburb at 1806th most discounted overall in Australia.

With the median price for a house in Ocean Grove being $690000 and the advertised rent reaching $450 the gross rental yield for property investors calculates out to be 3.39%

Property investors who have had real estate in Ocean Grove, 3226 should be pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 23.42%

Ocean Grove,3226 has offered an average of 23.42% return per annum in house price rises to property investors over the last three years.

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Ocean Grove, 3226. Typically our figures indicate that -6.44% is being offered, which puts this VIC suburb at 480th most discounted overall in Australia.

A $380 per week rent on the median house gives suburb investors a gross yield of circa 2.88%, without taking into account capital value appreciation, which has been averaging out at 7.95%.

Metrics i HOUSE UNIT
$690,000 $685,000
0.88% 2.05%
2.98% 23.42%
6.37% 7.95%
$450 $380
320 38
3.39% 2.88%
79.0284552845529 76.1111111111111

Source: Monthly data update for Aug 2019 as supplied by CoreLogic. Data is reported to the period ending May 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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