Ocean Reef

OCEAN REEF, 6027 delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.

Average median house prices in WA have risen as a whole, pulling OCEAN REEF, 6027 values up and netting property investors a capital gain of 13.33% for the past year.

Investors saw the median home price rise to $850,000.

Profits due to an upward trend in home prices in the suburb averaged 5.96% per annum over a 3-year period.

OCEAN REEF now ranks at the 75th 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 $675 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 22.6 days.

In 2016, 120 properties were sold in OCEAN REEF during the past year, making it the 469th most active market in WA based on total real estate transactions.