LocalMarketReport - LJ Hooker Ormeau

localmarket rty report prope local Your This report covers your local suburbs of Jacobs Well, Kingsholme, Ormeau, Ormeau Hills, Pimpama and Yatala

December

2021

(07) 5549 4500 ormeau@ljh.com.au ormeau.ljhooker.com.au

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Jacobs Well 20.6%

Pimpama 586 sales

Ormeau 14 days

Pimpama 21.9%

Pimpama 78 sales

Pimpama 29 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 1,442 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,396 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 1,442 properties listed for sale, over the past 12 months, which is higher than the same time last year. This has impacted sales with 1,331 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Jacobs Well which has seen its median sales price grow by 20.6%. The median sales price of a home in Jacobs Well is now $680,000. Yatala saw its median house sales price grow by 19.1% with the median price now sitting at $905,000 and Pimpama grew 13.8% across 586 individual sales with a median of $520,000.

The most traded suburb for houses in our area has been Pimpama with 586 homes sold over the past 12 months and it also had the most unit sales with 78 transactions. House prices in Pimpama have performed strongly with growth of 13.8% and now have a median price of $520,000.

Over the past month, about $6,109,000 in units and $34.33m in houses has been sold in Pimpama with $31.42m and $322.8m respectively sold over the past 12 months.

Pimpama has demonstrated the strongest price growth for units with prices rising 21.9% over the past 12 months. The median sales price for units in Pimpama is now $408,500 and with a median rent of $430 a week, they offer a rental yield of 5.7%.

The highest median housing rents in our area are $520 per week in Jacobs Well and for units $430 per week in Pimpama. Housing rental yields in Pimpama are currently 4.9% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 14 days in Ormeau to 63 days in Yatala, and the shortest median time to sell a unit is 29 days in Pimpama.

Top performing local suburbs Jacobs Well

87

$680,000

20.6%

5.4%

Yatala

18

$905,000

19.1%

4.6%

Pimpama

586

$520,000

13.8%

3.5%

Pimpama

78

$408,500

21.9%

1.5%

Houses

Units

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

This month it’s all about Ormeau One of the most popular suburbs in our region is Ormeau where 390 houses were listed for sale over the past year. Houses in Ormeau have an average land size of 1,155 square metres.

Suburb snapshot

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The suburb also has a small apartment market with 16 units listed for sale over the past year.

Number Sold

●

The suburb is tightly held with residents typically holding their house for 9.8 years.

Median Sale Price

●

The median value of houses in Ormeau is $668,423. This is higher than the median sales price which is currently $570,000.

●

Over the past 12 months, buyer interest has lifted with 361 houses sold this year compared to 229 sales last year.

●

Houses are typically selling within 14 days.

●

Sales prices have grown by 12.9% over the past 12 months and vendors are typically discounting by -3.1% to secure a sale.

●

All of this means it is now a great time to sell in Ormeau.

Over 12-month period (1 Sep 2020 to 31 Aug 2021)

●

Houses

Units

361

26

$570,000

$391,000

Annual Change in Median Price

12.9%

NA

Median Asking Rent

$480

NA

Indicative Gross Rental Yield

4.7%

NA

Total Listings

390

16

14

NA

$225.68m

$10.49m

Average Days on Market Total Value of Sales

Our local area expertise – long term growth 10 year growth suburbs in our area

Research shows that most people own a property for an average of seven years before they decide to sell.

The best performing suburb in our area for long term growth is Jacobs Well where houses have observed a compound growth of 5.1% 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 20.6% over the past 12 months.

The median price of houses in Jacobs Well is currently $680,000. The suburb has also performed very strongly over the past three years with a growth of 40.1%.

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 Over 12-month period (1 Sep 2020 to 31 Aug 2021)

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.

10yr Compound Growth

Jacobs Well

5.1%

Yatala

4.2%

Pimpama

3.3%

Ormeau

1.1%

Pimpama

1.0%

Houses

Units

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Know what your property is worth in today’s market.

Ask the team at LJ Hooker Ormeau.

(07) 5549 4500 ormeau@ljh.com.au LJ Hooker Ormeau ormeau.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