Located in Western Australia within the Joondalup local government area, Ocean Reef is a mid-sized suburb (postcode 6027). It is home to about 8,125 residents, with an established demographic and a median age of 44. Households earn a median income of $129K per year, with an average household size of 2.9 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +1.4% year-on-year at the LGA level. WA employment has moved +1.1% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. WA also had 31 Commonwealth-backed major projects under construction, 7 underway, and 16 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, managers, technicians & trades. Employment in the area leans toward healthcare and construction. The top ancestries reported are English, Australian, Irish.
Ocean Reef has a median house price of $1.1 million, which has grown strongly by 8.4% year-on-year. Units have a median price of $683,000 (+95% YoY). The current median weekly rent is $975. This gives a gross rental yield of approximately 4.8%. The median monthly mortgage repayment is $2,253.
Ocean Reef is served by 5 schools, including 3 primary, 2 secondary. The average ICSEA score is 1065, which is above the national average of 1,000. Public transport access includes 41 bus stops.
From an investment perspective, The gross rental yield works out to roughly 4.8%, which reads as moderate yield. Property prices are near the state median ($1.1M/$951K). The price-to-income ratio of 8.1x is considered moderate. House prices have moved +8.4% year-on-year. Population growth of +1.4% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.