localmarket rty report prope local Your This report covers your local suburbs of Carrara, Gilston, Highland Park, Merrimac, Molendinar, Nerang and Worongary
December
2021
(07) 5581 4422 nerang@ljh.com.au nerang.ljhooker.com.au
What’s happening in our local property market Strongest growth
Most traded
Fastest sellers
Carrara 26.5%
Nerang 288 sales
Highland Park 11 days
Highland Park 23.0%
Carrara 176 sales
Nerang 18 days
The property market has continued to perform strongly despite the Covid pandemic and lockdowns across capital cities. According to CoreLogic, the Australian national home value index rose 6.1% for the June quarter. This is down from a recent peak of 7.0% in the three months to May, but still excellent growth. The combined capital city home values finished the quarter 6.2% higher and combined regional housing values rose 6.0%. Across the 2021 financial year, Australian dwelling values rose 13.5% - the highest annual growth rate since April 2004. Across our area, there were 1,421 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,449 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 1,421 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,508 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Carrara which has seen its median sales price grow by 26.5%. The median sales price of a home in Carrara is now $760,000. Merrimac saw its median house sales price grow by 25.8% with the median price now sitting at $677,500 and Highland Park grew 24.0% across 125 individual sales with a median of $685,000. The most traded suburb for houses in our area has been Nerang with 288 homes sold over the past 12 months while Carrara had the most unit sales with 176 transactions. House prices in Nerang have performed strongly with growth of 20.0% and now have a median price of $570,000.
Over the past month, about $2,060,000 in units and $12.4m in houses has been sold in Nerang with $47.72m and $184.57m respectively sold over the past 12 months. Highland Park has demonstrated the strongest price growth for units with prices rising 23.0% over the past 12 months. The median sales price for units in Highland Park is now $380,000 and with a median rent of $420 a week, they offer a rental yield of 6.7%. The highest median housing rents in our area are $738 per week in Worongary and for units $500 per week in Carrara. Housing rental yields in Merrimac are currently 5.2% demonstrating why the area is popular with investors. The time it takes to sell a house in our region ranges from 11 days in Highland Park to 25 days in Gilston, and the shortest median time to sell a unit is 18 days in Nerang.
Top performing local suburbs Carrara
228
$760,000
26.5%
6.3%
Merrimac
96
$677,500
25.8%
5.6%
Highland Park
125
$685,000
24.0%
5.3%
Highland Park
27
$380,000
23.0%
3.3%
Merrimac
124
$435,000
21.1%
1.3%
Carrara
176
$494,000
15.2%
2.3%
Houses
Units
Number sold (12 months)
Median Price
Median Growth 12 months
Annual Change over 10 years
This month it’s all about Nerang One of the most popular suburbs in our region is Nerang where 281 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,136 square metres.
Suburb snapshot
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The suburb also has a medium apartment market with 111 units listed for sale over the past year.
Number Sold
●
The suburb is tightly held with residents typically holding their house for 11.9 years.
Median Sale Price
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The median value of houses in Nerang is $661,990. This is higher than the median sales price which is currently $570,000.
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Over the past 12 months, buyer interest has lifted with 288 houses sold this year compared to 244 sales last year.
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Houses are typically selling within 11 days.
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Sales prices have grown by 20.0% over the past 12 months and vendors are typically discounting by -4.4% 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 Sep 2020 to 31 Aug 2021)
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Houses
Units
288
127
$570,000
$345,000
Annual Change in Median Price
20.0%
7.8%
Median Asking Rent
$520
$410
Indicative Gross Rental Yield
5.1%
6.8%
Total Listings
281
111
Average Days on Market
11
18
$184.57m
$47.72m
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 6.0% 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 26.5% over the past 12 months. The median price of houses in Carrara is currently $760,000. The suburb has also performed very strongly over the past three years with a growth of 25.5%. 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.
Over 12-month period (1 Sep 2020 to 31 Aug 2021)
Research shows that most people own a property for an average of seven years before they decide to sell.
Suburb
10yr Compound Growth
Carrara
6.0%
Merrimac
5.3%
Worongary
4.9%
Highland Park
2.6%
Carrara
2.1%
Nerang
1.7%
Houses
Units
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Know what your property is worth in today’s market. Ask the team at LJ Hooker Nerang. (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