localmarket rty report prope local Your This report covers your local suburbs of Coomera, Oxenford, Pimpama, Upper Coomera and Willow Vale
September
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 4.0%
Upper Coomera 492 sales
Oxenford 37 days
Coomera 4.2%
Coomera 84 sales
Upper Coomera 58 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 2,124 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,499 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 4.0%. The median sales price of a home in Oxenford is now $519,000. Upper Coomera saw its median house sales price grow by 1.0% with the median price now sitting at $490,000 and Pimpama eased -3.6% across 246 individual sales with a median of $468,250. The most traded suburb for houses in our area has been Upper Coomera with 492 homes sold over the past 12 months while Coomera had the most unit sales with 84 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 $1,014,500 in units and $14.26m in houses has been sold in Upper Coomera with $21.7m and $259.42m respectively sold over the past 12 months. Coomera has demonstrated the strongest price growth for units with prices rising 4.2% over the past 12 months. The median sales price for units in Coomera is now $300,000 and with a median rent of $380 a week, they offer a rental yield of 6.6%. The highest median housing rents in our area are $470 per week in Oxenford and for units $390 per week in Upper Coomera. 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 37 days in Oxenford to 68 days in Coomera, and the shortest median time to sell a unit is 58 days in Upper Coomera.
Top performing local suburbs Oxenford
231
$519,000
4.0%
1.2%
Upper Coomera
492
$490,000
1.0%
1.5%
Pimpama
246
$468,250
-3.6%
0.7%
Coomera
84
$300,000
4.2%
-0.6%
Upper Coomera
65
$330,000
0.0%
-0.7%
Oxenford
25
$302,500
-4.3%
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 732 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 688 square metres.
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The suburb also has a medium apartment market with 85 units listed for sale over the past year.
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The suburb is tightly held with residents typically holding their house for 9.1 years.
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The median value of houses in Upper Coomera is $520,536. This is higher than the median sales price which is currently $490,000.
Suburb snapshot
Houses
Units
492
65
$490,000
$330,000
Annual Change in Median Price
1.0%
0.0%
Median Asking Rent
$460
$390
Indicative Gross Rental Yield
5.2%
6.8%
Total Listings
732
85
48
58
$259.42m
$21.7m
Number Sold Median Sale Price Over 12-month period (1 Jun 2019 to 31 May 2020)
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Over the past 12 months, buyer interest has lifted with 492 houses sold this year compared to 457 sales last year.
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Houses are typically selling within 48 days.
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Sales prices have stabilised by 1.0% over the past 12 months and vendors are typically discounting by -3.6% to secure a sale.
Average Days on Market
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All of this means it is now a good time to buy in Upper Coomera.
Total Value of Sales
Our local area expertise – long term growth 10 year growth suburbs in our area
Research shows that most people own a property for an average of seven years before they decide to sell.
The best performing suburb in our area for long term growth is Coomera where houses have observed a compound growth of 2.1% over the past 10 years. This figure is annualised, so it identifies that properties in the suburb have grown by this average amount each year. This figure also compares to the median price change of -8.5% over the past 12 months. The median price of houses in Coomera is currently $500,000. The suburb has also performed well over the past three years with a growth of 2.5%.
Suburb Over 12-month period (1 Jun 2019 to 31 May 2020)
This means that while understanding growth over the past year is a good indicator of current performance and if a suburb is 'hot', the longer term performance of a suburb is often a more reliable indicator of the value of a property as an investment.
10yr Compound Growth
Coomera
2.1%
Upper Coomera
1.4%
Oxenford
1.1%
Pimpama
0.6%
Oxenford
0.3%
Upper Coomera
-1.0%
Houses
Units
Of course, past growth is not a guarantee of future performance but it does give you an insight into the fundamentals. All in all, the data signals that Coomera could be worth considering for your next property purchase.
LJ Hooker Coomera
Whether you are looking to get a foot in the door of a new home or investment or planning to says goodbye to the place you called home, we want you to know we are here to help. When you know it's time, when you know you are ready, connect with the team that cares. CONNECT WITH US TO DISCUSS YOUR NEXT MOVE
Know what your property is worth in today’s market. Ask the team at LJ Hooker Coomera. (07) 5585 7888 coomera@ljh.com.au 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