localmarket rty report prope local Your This report covers your local suburbs of Carrara, Gilston, Highland Park, Merrimac, Molendinar, Nerang and Worongary
September
2020
(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
Worongary 33.5%
Nerang 215 sales
Merrimac 21 days
Molendinar 7.4%
Carrara 153 sales
Merrimac 39 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 1,373 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,103 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Worongary which has seen its median sales price grow by 33.5%. The median sales price of a home in Worongary is now $750,000. Gilston saw its median house sales price grow by 11.9% with the median price now sitting at $671,500 and Nerang grew 2.5% across 215 individual sales with a median of $466,500. The most traded suburb for houses in our area has been Nerang with 215 homes sold over the past 12 months while Carrara had the most unit sales with 153 transactions. House prices in Nerang have performed well with growth of 2.5% and now have a median price of $466,500.
Over the past month, about $1,965,000 in units and $5,099,000 in houses has been sold in Nerang with $29.69m and $107.97m respectively sold over the past 12 months. Molendinar has demonstrated the strongest price growth for units with prices rising 7.4% over the past 12 months. The median sales price for units in Molendinar is now $325,000 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 $580 per week in Molendinar and for units $480 per week in Carrara. Housing rental yields in Nerang are currently 5.7% demonstrating why the area is popular with investors. The time it takes to sell a house in our region ranges from 21 days in Merrimac to 50 days in Molendinar, and the shortest median time to sell a unit is 39 days in Merrimac.
Top performing local suburbs Worongary
71
$750,000
33.5%
4.1%
Gilston
36
$671,500
11.9%
3.0%
Nerang
215
$466,500
2.5%
1.7%
Molendinar
19
$325,000
7.4%
1.2%
Merrimac
84
$377,000
5.3%
0.2%
Carrara
153
$420,000
2.0%
0.1%
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 285 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,040 square metres.
Suburb snapshot
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The suburb also has a medium apartment market with 101 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 $499,112. This is higher than the median sales price which is currently $466,500.
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Over the past 12 months, buyer interest has lifted with 215 houses sold this year compared to 212 sales last year.
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Houses are typically selling within 29 days.
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Sales prices have stabilised by 2.5% over the past 12 months and vendors are typically discounting by -4.3% to secure a sale.
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All of this means it is now a great time to sell in Nerang.
Over 12-month period (1 Jun 2019 to 31 May 2020)
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Houses
Units
215
93
$466,500
$310,000
Annual Change in Median Price
2.5%
-0.8%
Median Asking Rent
$460
$380
Indicative Gross Rental Yield
5.7%
7.1%
Total Listings
285
101
Average Days on Market
29
47
$107.97m
$29.69m
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 Worongary where houses have observed a compound growth of 3.2% 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 33.5% over the past 12 months. The median price of houses in Worongary is currently $750,000. The suburb has also performed very strongly over the past three years with a growth of 21.0%.
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
Worongary
3.2%
Carrara
3.0%
Gilston
2.7%
Highland Park
1.0%
Molendinar
0.5%
Nerang
0.3%
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 Worongary could be worth considering for your next property purchase.
LJ Hooker Nerang
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 Nerang. (07) 5581 4422 nerang@ljh.com.au 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