Your Local Market Report October 2020 - Coomera and surrounds

localmarket rty report prope local Your This report covers your local suburbs of Coomera, Oxenford, Pimpama, Upper Coomera and Willow Vale

October

2020

(07) 5585 7888 coomera@ljh.com.au coomera.ljhooker.com.au

LJ Hooker Coomera

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Oxenford 2.0%

Upper Coomera 501 sales

Oxenford 36 days

Coomera 0.3%

Coomera 83 sales

Pimpama 45 days

Even despite the anxiety around a second wave of Covid-19 infections, the property market continues to recover from the lockdown period. While transaction numbers have been down by around 25 to 30%, property prices have remained very strong. A lack of property on the market supports strong prices as there is a lot of pent up buyer demand. Winter is always a time of lower listing numbers so we feel confident that properties that list to sell at this time will continue to perform very strongly. The easing of restrictions around open for inspections and auctions are encouraging buyers further.

Across our local market, we have seen 2,215 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,528 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Oxenford which has seen its median sales price grow by 2.0%. The median sales price of a home in Oxenford is now $510,000. Upper Coomera saw its median house sales price grow by 1.0% with the median price now sitting at $490,000 and Pimpama eased -0.4% across 246 individual sales with a median of $470,000.

The most traded suburb for houses in our area has been Upper Coomera with 501 homes sold over the past 12 months while Coomera had the most unit sales with 83 transactions. House prices in Upper Coomera have remained relatively stable with growth of 1.0% and now have a median price of $490,000.

Over the past month, about $2,441,000 in units and $17.84m in houses has been sold in Upper Coomera with $22.49m and $265.04m respectively sold over the past 12 months.

Coomera has demonstrated the strongest price growth for units with prices rising 0.3% over the past 12 months. The median sales price for units in Coomera is now $290,000 and with a median rent of $385 a week, they offer a rental yield of 6.5%.

The highest median housing rents in our area are $478 per week in Oxenford and for units $400 per week in Oxenford. Housing rental yields in Coomera are currently 5.3% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 36 days in Oxenford to 70 days in Coomera, and the shortest median time to sell a unit is 45 days in Pimpama.

Top performing local suburbs Oxenford

230

$510,000

2.0%

1.0%

Upper Coomera

501

$490,000

1.0%

1.5%

Pimpama

246

$470,000

-0.4%

1.4%

Coomera

83

$290,000

0.3%

-0.8%

Upper Coomera

67

$330,000

-0.1%

-0.7%

Oxenford

27

$302,500

-4.7%

0.6%

Houses

Units

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

LJ Hooker Coomera

This month it’s all about Upper Coomera One of the most popular suburbs in our region is Upper Coomera where 740 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 684 square metres.

●

The suburb also has a large apartment market with 99 units listed for sale over the past year.

●

The suburb is tightly held with residents typically holding their house for 9.0 years.

●

The median value of houses in Upper Coomera is $529,874.

This is higher than the median sales price which is currently $490,000.

Suburb snapshot

Houses

Units

501

67

$490,000

$330,000

Annual Change in Median Price

1.0%

-0.1%

Median Asking Rent

$460

$395

Indicative Gross Rental Yield

5.1%

6.8%

Total Listings

740

99

48

68

$265.04m

$22.49m

Number Sold Median Sale Price Over 12-month period (1 Jul 2019 to 30 Jun 2020)

●

●

Over the past 12 months, buyer interest has lifted with 501 houses sold this year compared to 447 sales last year.

●

Houses are typically selling within 48 days.

●

Sales prices have stabilised by 1.0% over the past 12 months and vendors are typically discounting by -3.7% to secure a sale.

Average Days on Market

●

All of this means it is now a good time to buy in Upper Coomera.

Total Value of Sales

Our local area expertise – investing For housing investors, the best buying in our area can be found in Coomera where houses are returning a 5.3% yield, while units in Upper Coomera are returning a 6.8% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Coomera currently is $500,000 and average rents are $460 per week whereas median unit prices are $330,000 in Upper Coomera with rents of $395 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Upper Coomera have eased -0.1% over the past year, meaning the suburb is now offering some good buying for smart

investors.

Oxenford is the second best yielding unit suburb in our area with units that cost around the median price of $302,500 returning 6.6% with median asking rents of $400 per week, while Coomera also is worth watching with returns of 6.5% based on a median price of $290,000 and rents of $385 per week.

For those interested in investing in houses, also consider Pimpama where prices have eased -0.4% while yields are 5.2% - which could be a cash flow positive investment.

Highest yielding suburbs in our area Number Sold

Median Sale Price

Change in Median Price

Median Asking Rent

Indicative Gross Rental Yield

Coomera

313

$500,000

-9.1%

$460

5.3%

Pimpama

246

$470,000

-0.4%

$430

5.2%

Upper Coomera

501

$490,000

1.0%

$460

5.1%

Upper Coomera

67

$330,000

-0.1%

$395

6.8%

Oxenford

27

$302,500

-4.7%

$400

6.6%

Coomera

83

$290,000

0.3%

$385

6.5%

Over 12-month period (1 Jul 2019 to 30 Jun 2020)

Suburb

Houses

Units

LJ Hooker Coomera

2018

S ER M

MO ST

IED CUS TISF TO SA

R

TS

EA N LE STATE AGE

”

Real estate is not about houses, it’s about people.”

- Sir Leslie Hooker

For 90 years people have been at the core of our business.

We’re extremely proud to be the winner of the prestigious Canstar award for the Most Satisfied Real Estate Customers.

You’ll always be at the centre of everything we do.

Know what your property is worth in today’s market.

Ask the team at LJ Hooker Coomera. the team (07) 5585 7888 coomera@ljh.com.au LJ Hooker Coomera coomera.ljhooker.com.au

Data for this report is provided by CoreLogic RP Data. In compiling this publication, CoreLogic has relied upon information supplied by a number of external sources.

CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information. This data is provided as general information only and is not intended as financial advice. For our complete terms and conditions of use, go to www.corelogic.com.au