Local Market Report - July 2018

Nerang

This report covers your local suburbs of Ashmore, Carrara, Gilston, Highland Park, Molendinar, Mount Nathan, Nerang and Worongary.

July

2018

Brought to you by the team at LJ Hooker Nerang

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What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Highland Park 12.3%

Nerang 214 sales

Worongary 21 days

Molendinar 16.7%

Carrara 225 sales

Ashmore 29 days

At LJ Hooker Nerang our goal is to provide you with the information you need to make conident 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 quarter.

Across our local market, we have seen 1,858 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,892 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Highland Park which has seen its median sales price grow by 12.3%. The median sales price of a home in Highland Park is now $566,525. Gilston saw its median house sales price grow by 8.0% with the median price now sitting at $640,000 and Nerang grew 8.0% across 214 individual sales with a median of $475,000.

The most traded suburb for houses in our area has been Nerang with 214 homes sold over the past 12 months while Carrara had the most unit sales with 225 transactions. House prices in Nerang have performed well with growth of 8.0% and now have a median price of $475,000.

Over the past month, about $2,774,700 in units and $7,360,000 in houses has been sold in Nerang with $58.48m and $115.77m respectively sold over the past 12 months.

Molendinar has demonstrated the strongest price growth for units with prices rising 16.7% over the past 12 months. The median sales price for units in Molendinar is now $350,000 and with a median rent of $393 a week, they offer a rental yield of 6.2%.

The highest median housing rents in our area are $573 per week in Worongary and for units $440 per week in Carrara. Housing rental yields in Highland Park 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 21 days in Worongary to 101 days in Mount Nathan, and the shortest median time to sell a unit is 29 days in Ashmore.

Top performing local suburbs

Houses

Units

Highland Park

88

$566,525

12.3%

3.0%

Gilston

39

$640,000

8.0%

3.1%

Nerang

214

$475,000

8.0%

2.2%

Molendinar

68

$350,000

16.7%

1.8%

Nerang

174

$328,000

5.7%

1.4%

Highland Park

31

$310,000

4.2%

-1.6%

Number sold (12 months)

Nerang

Median Price

Median Growth 12 months

Annual Change over 10 years

This month it’s all about Nerang d One of the most popular suburbs in our region is Nerang where 295 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,226 square metres. d The suburb also has a large apartment market with 215 units listed for sale over the past year.

d The median value of houses in Nerang is $458,406. This is lower than the median sales price which is currently $475,000. d Over the past 12 months, buyer interest has eased with 214 houses sold this year compared to 255 sales last year. d Houses are typically selling within 28 days. d Sales prices have grown by 8.0% over the past 12 months and vendors are typically discounting by -5.0% to secure a sale. d All of this means it is now a good time to buy in Nerang.

Houses

Units

214

174

$475,000

$328,000

Annual Change in Median Price

8.0%

5.7%

Median Asking Rent

$450

$370

Indicative Gross Rental Yield

5.3%

6.6%

295

215

28

32

$115.77m

$58.48m

Number Sold Over 12-month period (1 Apr 2017 to 31 Mar 2018)

d The suburb is tightly held with residents typically holding their house for 11 years.

Suburb snapshot

Median Sale Price

Total Listings Median Days on Market Total Value of Sales

Our local area expertise – long term growth Research shows that most people own a property for an average of seven years before they decide to sell.

10 year growth suburbs in our area Suburb

10yr Compound Growth

Gilston

2.8%

Highland Park

2.7%

Worongary

2.7%

The median price of houses in Gilston is currently $640,000. The suburb has also performed very strongly over the past three years with a growth of 30.9%.

Ashmore

1.3%

Of course, past growth is not a guarantee of future performance but it does give you an insight into the fundamentals.

Molendinar

1.2%

Nerang

1.2%

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 Gilston where houses have observed a compound growth of 2.8% over the past 10 years. This igure is annualised, so it identiies that properties in the suburb have grown by this average amount each year. This igure also compares to the median price change of 8.0% over the past 12 months.

All in all, the data signals that Gilston could be worth considering for your next property purchase.

Nerang

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Nerang

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.

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