Your local property report localmarket This report covers your local suburbs of Jacobs Well, Kingsholme, Ormeau, Ormeau Hills, Pimpama and Yatala (07) 5549 4500 ormeau@ljh.com.au ormeau.ljhooker.com.au February 2023 LJ Hooker Ormeau
What’s happening in our local property market
Strongest growth
Most traded
Fastest sellers
Across our area, there were 1,323 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,445 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 1,323 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,263 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 21.8%. The median sales price of a home in Pimpama is now $670,000. Yatala saw its median house sales price grow by 20.7% with the median price now sitting at $1,267,500 and Ormeau Hills grew 17.7% across 118 individual sales with a median of $730,000.
The most traded suburb for houses in our area has been Pimpama with 594 homes sold over the past 12 months and it also had the most unit sales with 98 transactions. House prices in Pimpama have performed strongly with growth of 21.8% and now have a median price of $670,000.
Over the past month, about $2,810,000 in units and $21.88m in houses has been sold in Pimpama with $50.19m and $430.14m respectively sold over the past 12 months.
Ormeau has demonstrated the strongest price growth for units with prices rising 20.6% over the past 12 months. The median sales price for units in Ormeau is now $505,000 and with a median rent of $499 a week, they offer a rental yield of 5.8%.
The highest median housing rents in our area are $700 per week in Jacobs Well and for units $550 per week in Pimpama. Housing rental yields in Jacobs Well are currently 4.6% demonstrating why the area is popular with investors.
The time it takes to sell a house in our region ranges from 18 days in Ormeau Hills to 32 days in Jacobs Well, and the shortest median time to sell a unit is 13 days in Pimpama.
Houses Units Number sold (12 months) Median Price Median Growth 12 months Annual Change over 10 years Pimpama Yatala Ormeau Hills Ormeau Pimpama 594 18 118 17 98 $670,000 $1,267,500 $730,000 $505,000 $505,000 21.8% 20.7% 17.7% 20.6% 18.8% 6.0% 10.5% 5.3% 3.7% 3.8% LJ Hooker Ormeau
Top performing local suburbs
Pimpama 21.8% Ormeau 20.6% Pimpama 594 sales Pimpama 98 sales Ormeau Hills 18 days Pimpama 13 days
This month it’s all about Ormeau
● One of the most popular suburbs in our region is Ormeau where 358 houses were listed for sale over the past year. Houses in Ormeau have an average land size of 1,029 square metres.
● The suburb also has a small apartment market with 18 units listed for sale over the past year.
● The suburb is tightly held with residents typically holding their house for 9.6 years.
● The median value of houses in Ormeau is $751,202. This is higher than the median sales price which is currently $730,000.
● Over the past 12 months, buyer interest has eased with 327 houses sold this year compared to 376 sales last year.
● Houses are typically selling within 18 days.
● Sales prices have grown by 16.3% over the past 12 months and vendors are typically discounting by -4.4% to secure a sale.
● All of this means it is now a good time to buy in Ormeau.
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.
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 Jacobs Well where houses have observed a compound growth of 8.7% 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 12.3% over the past 12 months.
The median price of houses in Jacobs Well is currently $887,500. The suburb has also performed very strongly over the past three years with a growth of 63.6%.
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 Jacobs Well could be worth considering for your next property purchase.
Suburb snapshot Houses Units
Number Sold
Median Sale Price
Annual Change in Median Price
Median Asking Rent
Indicative Gross Rental Yield
Total Listings
Average Days on Market
Total Value of Sales
10 year growth suburbs in our area
10yr Compound Growth Houses Units
Suburb
Over 12-month period (1 Nov 2021 to 31 Oct 2022) Over 12-month period (1 Nov 2021 to 31 Oct 2022) Jacobs Well Yatala Ormeau Ormeau Pimpama 8.7% 8.0% 5.7% 4.1% 3.0%
LJ Hooker Ormeau 32717 $730,000$505,000 16.3%20.6% $630$499 4.4%5.8% 35818 18 NA $259.71m$8,367,000
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 Know what your property is worth in today’s market. Ask the team at LJ Hooker Ormeau. the team (07) 5549 4500 ormeau@ljh.com.au LJ Hooker Ormeau ormeau.ljhooker.com.au MOSTSATISFIEDCUSTOMERS STNAGEATETSALEER 2018 2018 For 90 years people have been at the core of our business. We’re extremely proud to be the winner of the prestigious Canstar award for the Most Satisfied Real Estate Customers. You’ll always be at the centre of everything we do. Real estate is not about houses, it’s about people. - Sir
” ”
Leslie Hooker
