OCEAN REEF, 6027 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Investors saw the median home price rise to $702,500.
Profits due to an downward trend in home prices in the suburb averaged -2.92% per annum over a 3-year period.
OCEAN REEF now ranks at the 85th place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in OCEAN REEF are high, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $500 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In OCEAN REEF, homes and units usually stay on listing for an average of 74.7 days.
In 2016, 97 properties were sold in OCEAN REEF during the past year, making it the 3rd most active market in WA based on total real estate transactions.
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