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Ocean Grove, VIC 3226
Suburb profile: median house and unit prices, rental yield, capital growth, vacancy and demographics
Data updated
Median House
$980,000
market range $900K-$1.2M
Median Unit
$750,000
list-price estimate
Gross Yield (houses)
3.4%
1yr Growth (houses)
+3.4%
market range +0.0% to +17.5%
Investment snapshot for Ocean Grove
Ocean Grove has enough public data for first-pass screening across yield, vacancy, price and supply signals.
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Ocean Grove market and investor summary
Ocean Grove (VIC 3226) runs a median house price of $980K, with houses yielding a gross 3.4%. House prices have moved +3.4% over the past year. At 1.9% vacancy, it is a tight rental market that favours landlords.
For an investor, this reads as a capital-growth market more than a cashflow one. A gross house yield around 3.4% will not cover holding costs in the early years, so the case leans on price appreciation. Rental demand looks steady, with vacancy at 1.9% and a resident base that is not shrinking.
Living in Ocean Grove: people, income and schools
Ocean Grove is home to around 17,714 people, and the area has been growing steadily, up about 11% over five years. The median age is 43, skewed a little older, and 79% of homes are owner-occupied. Owner-occupiers dominate, so stock turns over slowly and listings can be thin when you are trying to buy.
Households here earn a median of about $96,000 a year, or roughly $1,840 a week. On socio-economic measures it ranks comfortably above the national middle (8 out of 10 on the ABS advantage index). At current prices a median house runs to a steep 10.3 times local household income, so affordability is a genuine constraint on local buyers. Incomes have risen about 21% over five years, which tends to underpin what local buyers can pay.
There are 5 schools within about 5km, testing a little above the national school average on ICSEA. It is roughly 63 km from the CBD. It is fairly car-dependent; the suburb scores 45 for walkability and 10 for transit out of 100. Fixed broadband is delivered over the NBN's Fibre to the Node.
- Population
- 17,714
- +11% over 5yr
- Median age
- 43 years
- Median household income
- $96,000/yr
- Households renting
- 19%
- Family households
- 75%
- Socio-economic rank
- 8/10
- ABS advantage index
- Schools within 5km
- 5
- avg ICSEA 1091
- Unemployment
- 2.0%
- Distance to CBD
- 63 km
- Walk score
- 45/100
Demographic, school and socio-economic figures are sourced from the ABS Census, SEIFA and ACARA. Property metrics reflect PropRadar's latest data.
Properties in Ocean Grove
View all →Frequently asked questions about Ocean Grove
What should I check before investing in Ocean Grove?
Ocean Grove has enough public data for first-pass screening across yield, vacancy, price and supply signals. Tight rental market (1.9% vacancy) gives landlords pricing power and low rental downtime. Compare those signals with nearby suburbs and individual listings before relying on the suburb-level view.
What are typical property prices in Ocean Grove?
The median property price in Ocean Grove, VIC 3226 is $980K for houses.
What rental yield does Ocean Grove show?
The gross rental yield in Ocean Grove is 3.4% for houses and 3.8% for units. Gross yield is calculated as annual rent divided by property price, and it doesn't account for expenses or tax.
What does recent house price growth show for Ocean Grove?
House prices in Ocean Grove are up 3.4% over the past year. Capital growth is a key driver of total investment return, so pair it with rental yield to get a full picture.
How tight is the rental market in Ocean Grove?
The current vacancy rate in Ocean Grove is 1.9%. A rate under 2% generally signals a tight rental market. This suburb's rental market is very tight, with landlords typically holding strong bargaining power and low rental downtime.
How many people live in Ocean Grove?
Ocean Grove has a population of approximately 17,714 residents, with a median age of 43.
What schools are near Ocean Grove?
There are 5 schools within roughly 5km of Ocean Grove. Their average ICSEA is a little above the national mean of 1000. ICSEA is the ABS measure of a school community's socio-educational advantage.
Is Ocean Grove affordable to buy in?
A median house in Ocean Grove costs about 10.3 times the median local household income (a high multiple that makes the suburb a stretch for median local earners). The ratio compares the median house price with annual household income; it is a rough affordability gauge, not a substitute for your own borrowing assessment.
Is Ocean Grove's population growing?
The population of Ocean Grove has grown about 11% over the past five years, an above-average pace. Population growth feeds underlying housing demand, so it is worth weighing alongside price and yield.
How far is Ocean Grove from the CBD?
Ocean Grove is about 63 km from the CBD.
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