Local Market Report - Coomera - July 2023

What’s happening in our local property market

Strongest growth

Most traded

Fastest sellers

Across our area, there were 1,960 listings advertised in the past 12 months compared to the rolling 12 month listings of 2,165 reported last quarter. Let's take a look at the rest of the data for our local market.

Across our local market, we have seen 1,960 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,928 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Pimpama which has seen its median sales price grow by 10.6%. The median sales price of a home in Pimpama is now $680,000. Upper Coomera saw its median house sales price grow by 7.7% with the median price now sitting at $765,000 and Coomera grew 7.4% across 419 individual sales with a median of $730,000.

The most traded suburb for houses in our area has been Upper Coomera with 495 homes sold over the past 12 months while Coomera had the most unit sales with 110 transactions. House prices in Upper Coomera have performed well with growth of 7.7% and now have a median price of $765,000.

Over the past month, about $2,561,000 in units and $33.22m in houses has been sold in Upper Coomera with $47.3m and $418.74m respectively sold over the past 12 months.

Coomera has demonstrated the strongest price growth for units with prices rising 14.4% over the past 12 months. The median sales price for units in Coomera is now $515,000 and with a median rent of $550 a week, they offer a rental yield of 5.7%.

The highest median housing rents in our area are $700 per week in Oxenford and for units $600 per week in Upper Coomera. Housing rental yields in Oxenford are currently 5.0% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 19 days in Oxenford to 24 days in Coomera, and the shortest median time to sell a unit is 13 days in Oxenford.

This month it’s all about Upper Coomera

● One of the most popular suburbs in our region is Upper Coomera where 536 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 778 square metres.

● The suburb also has a medium apartment market with 88 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 $827,329. This is higher than the median sales price which is currently $765,000.

● Over the past 12 months, buyer interest has eased with 495 houses sold this year compared to 683 sales last year.

● Houses are typically selling within 22 days.

● Sales prices have grown by 7.7% over the past 12 months and vendors are typically discounting by -5.5% to secure a sale.

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

Our local area expertise – investing

For housing investors, the best buying in our area can be found in Oxenford where houses are returning a 5.0% yield, while units in Upper Coomera are returning a 5.9% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Oxenford currently is $790,000 and average rents are $700 per week whereas median unit prices are $530,500 in Upper Coomera with rents of $600 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Upper Coomera have jumped by 12.9% over the past year, meaning investors who bought a year ago have seen good gains and

Highest yielding suburbs in our area

Suburb

Number

Median

Annual

Median

Indicative

Total

Average

Total

good rental returns.

Oxenford is the second best yielding unit suburb in our area with units that cost around the median price of $484,000 returning 5.8% with median asking rents of $498 per week, while Coomera also is worth watching with returns of 5.7% based on a median price of $515,000 and rents of $550 per week.

For those interested in investing in houses, also consider Pimpama where prices have moved strongly by 10.6% while yields are 5.0% - which could be a cash flow positive investment.