Local Market Report - March 2023 - Coomera

What’s happening in our local property market

Strongest growth

Most traded

Fastest sellers

Across our area, there were 2,299 listings advertised in the past 12 months compared to the rolling 12 month listings of 2,457 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 2,299 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 2,307 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 20.5%. The median sales price of a home in Pimpama is now $675,000. Upper Coomera saw its median house sales price grow by 20.1% with the median price now sitting at $770,000 and Coomera grew 19.4% across 458 individual sales with a median of $740,000.

The most traded suburb for houses in our area has been Pimpama with 569 homes sold over the past 12 months while Coomera had the most unit sales with 141 transactions. House prices in Pimpama have performed strongly with growth of 20.5% and now have a median price of $675,000.

Over the past month, about $1,100,000 in units and $20.92m in houses has been sold in Pimpama with $46.79m and $415.17m respectively sold over the past 12 months.

Oxenford has demonstrated the strongest price growth for units with prices rising 30.6% over the past 12 months. The median sales price for units in Oxenford is now $490,000 and with a median rent of $498 a week, they offer a rental yield of 5.5%.

The highest median housing rents in our area are $680 per week in Oxenford and for units $570 per week in Upper Coomera. Housing rental yields in Pimpama are currently 4.7% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 14 days in Willow Vale to 20 days in Coomera, and the shortest median time to sell a unit is 11 days in Oxenford.

This month it’s all about Upper Coomera

● One of the most popular suburbs in our region is Upper Coomera where 627 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 762 square metres.

● The suburb also has a medium apartment market with 90 units listed for sale over the past year.

● The suburb is tightly held with residents typically holding their house for 9.2 years.

● The median value of houses in Upper Coomera is $790,279. This is higher than the median sales price which is currently $770,000.

● Over the past 12 months, buyer interest has eased with 565 houses sold this year compared to 716 sales last year.

● Houses are typically selling within 20 days.

● Sales prices have grown by 20.1% over the past 12 months and vendors are typically discounting by -5.2% 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 Pimpama where houses are returning a 4.7% yield, while units in Upper Coomera are returning a 5.6% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Pimpama currently is $675,000 and average rents are $623 per week whereas median unit prices are $525,000 in Upper Coomera with rents of $570 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Upper Coomera have jumped by 25.0% 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 $490,000 returning 5.5% with median asking rents of $498 per week, while Coomera also is worth watching with returns of 5.4% based on a median price of $500,000 and rents of $520 per week.

For those interested in investing in houses, also consider Oxenford where prices have moved strongly by 17.8% while yields are 4.7% - which could be a cash flow positive investment.