localmarket rty report prope local Your This report covers your local suburbs of Ashmore, Carrara, Gilston, Highland Park, Molendinar, Mount Nathan, Nerang and Worongary
September
2019
(07) 5581 4422 nerang@ljh.com.au nerang.ljhooker.com.au
LJ Hooker Nerang
What’s happening in our local property market Strongest growth
Most traded
Fastest sellers
Molendinar 3.2%
Nerang 210 sales
Nerang 31 days
Highland Park 10.5%
Carrara 145 sales
Highland Park 40 days
At LJ Hooker Nerang our goal is to provide you with the information you need to make confident decisions about property - whether you are buying, selling, investing or renting. We have created this report which details local market conditions and how property is performing in your area which at times can be very different to the combined performance of the capital cities. Let us help you stay on top of changes in your local property market every month.
Across our local market, we have seen 1,789 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,250 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Molendinar which has seen its median sales price grow by 3.2%. The median sales price of a home in Molendinar is now $597,250. Carrara saw its median house sales price grow by 2.6% with the median price now sitting at $620,000 and Ashmore eased -0.5% across 173 individual sales with a median of $575,000. The most traded suburb for houses in our area has been Nerang with 210 homes sold over the past 12 months while Carrara had the most unit sales with 145 transactions. House prices in Nerang have underperformed with falls of -3.2% and now have a median price of $455,000.
Over the past month, about $985,000 in units and $10.14m in houses has been sold in Nerang with $31.75m and $108.57m respectively sold over the past 12 months. Highland Park has demonstrated the strongest price growth for units with prices rising 10.5% over the past 12 months. The median sales price for units in Highland Park is now $331,500 and with a median rent of $370 a week, they offer a rental yield of 7.0%. The highest median housing rents in our area are $590 per week in Molendinar and for units $490 per week in Carrara. Housing rental yields in Highland Park are currently 5.5% demonstrating why the area is popular with investors. The time it takes to sell a house in our region ranges from 31 days in Nerang to 43 days in Mount Nathan, and the shortest median time to sell a unit is 40 days in Highland Park.
Top performing local suburbs Molendinar
82
$597,250
3.2%
2.5%
Carrara
174
$620,000
2.6%
3.8%
Ashmore
173
$575,000
-0.5%
2.3%
Highland Park
24
$331,500
10.5%
2.0%
Carrara
145
$424,000
6.2%
1.0%
Molendinar
25
$305,000
2.9%
-0.3%
Houses
Units
Number sold (12 months)
Median Price
Median Growth 12 months
Annual Change over 10 years
LJ Hooker Nerang
This month it’s all about Nerang One of the most popular suburbs in our region is Nerang where 268 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,297 square metres.
Suburb snapshot
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The suburb also has a medium apartment market with 131 units listed for sale over the past year.
Number Sold
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The suburb is tightly held with residents typically holding their house for 11.4 years.
Median Sale Price
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The median value of houses in Nerang is $474,935. This is higher than the median sales price which is currently $455,000.
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Over the past 12 months, buyer interest has eased with 210 houses sold this year compared to 265 sales last year.
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Houses are typically selling within 31 days.
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Sales prices have eased by -3.2% over the past 12 months and vendors are typically discounting by -4.9% to secure a sale.
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All of this means it is now a good time to buy in Nerang.
Over 12-month period (1 Jun 2018 to 31 May 2019)
●
Houses
Units
210
100
$455,000
$311,750
Annual Change in Median Price
-3.2%
0.6%
Median Asking Rent
$460
$380
Indicative Gross Rental Yield
5.5%
7.1%
Total Listings
268
131
Average Days on Market
31
58
$108.57m
$31.75m
Total Value of Sales
Our local area expertise – long term growth 10 year growth suburbs in our area
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. The best performing suburb in our area for long term growth is Carrara where houses have observed a compound growth of 3.7% 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 2.6% over the past 12 months. The median price of houses in Carrara is currently $620,000. The suburb has also performed very strongly over the past three years with a growth of 20.2%.
Over 12-month period (1 Jun 2018 to 31 May 2019)
Research shows that most people own a property for an average of seven years before they decide to sell.
Suburb
10yr Compound Growth
Carrara
3.7%
Highland Park
3.1%
Worongary
2.7%
Highland Park
1.6%
Ashmore
1.3%
Nerang
0.9%
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 Carrara could be worth considering for your next property purchase.
LJ Hooker Nerang
2018
S ER M
MO ST
IED CUS TISF TO A S
R
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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 Nerang. the team (07) 5581 4422 nerang@ljh.com.au LJ Hooker Nerang nerang.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