Here is a quick snapshot of the Ocean Grove Real Estate Market…
Medium Price up 10%:
Unprecedented demanded in a number of price brackets has produced some incredible results over the past 12 months and has fuelled the increase in the median price by over 10%.
Overall, Ocean Grove property in all segments is performing extremely well in the current market.
Demand is particularly strong for “Old Ocean Grove”. With land in this area rarely becoming available, developers and savvy investors are snapping up these large blocks in this Residential Growth Zone. This leafy area also continues to be in hot demand for family buyers, looking for close proximity to Ocean Grove Primary School and within walking distance to the main street.
Quality new family homes in Kingston & Oakdene Estates within the $550,000 – $750,000 range are also in high demand for families seeking a smart, low maintenance lifestyle and investors looking to capitalize on the strong rental returns. For first home buyers and those seeking potential with a keen eye for renovation, “Old Collendina” still provides the best of both worlds for those not wanting to pay premium price but still be within walking distance to the beach!
Off Market Transactions:
The last 12 months has shown a trend towards agencies selling homes “off market” (10% of Hayden Real Estate’s last 100 sales did not get listed on realestate.com.au.) Having a large accessible database of willing buyers is an important factor for this type of transaction. Engaging our clients through our bi-weekly podcast, email, SMS and social media, means that they can view the property before it hits the market.
First Home Buyers:
The First Home Buyers initiative brought in on 1st July this year means that first home buyers will pay no stamp duty on properties purchased under $600,000. With continuing low interest rates as an added bonus, first home buyers are now more equipped to have a strong presence in the market.
Rental Return Strong:
The rental market is extremely strong at the moment. We are experiencing low vacancy rates and we are leasing properties at the highest advertised price. With land releases continuing in Kingston, Oakdene & Yellow Gums Estate, a lot of our newly signed up tenants are currently in the process of building their family home. Completed homes in these estates are continuing to achieve high rental returns and low vacancy periods, proving that a low maintenance lifestyle is in demand.
The average return for a 2 bedroom unit has increased 15% to now achieve $290-$300 per week. The average weekly rent for Ocean Grove has risen from $347 per week in 2016 up to $360 per week in 2017 showing a strong growth.
With the first home buyers’ concessions, new builds underway, interest rates remaining the same and plenty of buyers wanting to make the move to our seaside town, there is no reason the market shouldn’t continue the way it is for the rest of 2017. We look forward to an even stronger 2018!