Town by Town Snapshot: Ocean Grove

June 25, 2020 BY

This four-bedroom Ocean Grove home built in 2018 sold recently for $740,000, which is marginally above where the median house price for the area sits.

The size of Ocean Grove is about 18.5 square kilometres and has 13 parks covering nearly 6.2 per cent of total area.

The population of Ocean Grove in 2011 was 12,555 people and by the 2016 Census the population was 14,161 showing a population growth of 12.8 per cent in the area during that time.
There has been significant growth in Ocean Grove since the last Census, boosted by developments such as the Kingston and Oakdene estates that have been going gangbusters in recent years, driving the population towards 20,000.
The last five years has seen a massive investment in residential real estate with more than 1,800 homes being sold, 300 units and nearly 1,000 blocks of land.
Supporting this residential growth is the popular Kingston Village that services much of the new growth area and more.
Although Ocean Grove’s origins date back to the 1870s with the establishment of a Methodist camp, the early 1950s saw many postwar European migrant families settled in Ocean Grove, mainly Dutch, Polish, German and Yugoslav.
Ocean Grove underwent a building boom during the 1970s and ‘80s, but even during the previous decade it became evident that urban growth would be paramount.
In 1962, long-time residents raised money to purchase a 143-hectare piece of land considered to be the last significant bushland in the area.
Named the Ocean Grove Nature Reserve, it is a habitat for a rare small blue butterfly which breeds in ant nests.
The area east of old Ocean Grove was known as Collendina which has the Shell Road Recreation Reserve, a state primary school (1993) and secondary college (1992) and a Catholic primary school (1982).
Ocean Grove is the largest town on the Bellarine Peninsula and performs an increasing dormitory role to Geelong, and the number of holiday homes has declined.
CoreLogic data indicates that the predominant age group in Ocean Grove is 0-9 years with households in Ocean Grove being primarily couples with children and are likely to be repaying $1,800-$2,399 per month on mortgage repayments, and in general, people in Ocean Grove work in a professional occupation.
In 2011, 75.8 per cent of the homes in Ocean Grove were owner-occupied compared with 76.1 per cent in 2016.

Population: 14,161

Male: 48%

Female: 52%

Median age: 42

5 year population change: 12.8%

Median house price: $704,000

Change in Median Price: (5yrs) is 42.9%

Median asking rent per week: $450

Average length of ownership: 12 years

Owner occupiers: 78%

Renters: 22%

Historic median house price:

March 2020: $704,000

March 2019: $680,000

March 2018: $650,000

March 2017: $566,250

March 2016: $519,500

House sales per annum:

Period ending March 2020: 334

Period ending March 2019: 358 

Land median sale price:

March 2020: $342,000

March 2019: $348,250

Land sales per annum:

Period ending March 2020: 108

Period ending March 2019: 88

 

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