Local Market Report - Ormeau - July 2023

What’s happening in our local property market

Strongest growth

Most traded

Fastest sellers

Across our area, there were 1,205 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,287 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 1,205 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,060 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Yatala which has seen its median sales price grow by 25.0%. The median sales price of a home in Yatala is now $1,350,000. Ormeau Hills saw its median house sales price grow by 12.3% with the median price now sitting at $730,200 and Ormeau grew 11.5% across 303 individual sales with a median of $747,500.

The most traded suburb for houses in our area has been Pimpama with 478 homes sold over the past 12 months and it also had the most unit sales with 80 transactions. House prices in Pimpama have performed strongly with growth of 10.6% and now have a median price of $680,000.

Over the past month, about $4,980,000 in units and $18.52m in houses has been sold in Pimpama with $42.34m and $349.83m respectively sold over the past 12 months.

Ormeau has demonstrated the strongest price growth for units with prices rising 17.7% over the past 12 months.

The highest median housing rents in our area are $700 per week in Jacobs Well and for units $575 per week in Pimpama. Housing rental yields in Ormeau Hills are currently 5.1% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 21 days in Pimpama to 36 days in Jacobs Well, and the shortest median time to sell a unit is 18 days in Pimpama.

This month it’s all about Ormeau

● One of the most popular suburbs in our region is Ormeau where 357 houses were listed for sale over the past year. Houses in Ormeau have an average land size of 1,040 square metres.

● The suburb also has a small apartment market with 13 units listed for sale over the past year.

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

● The median value of houses in Ormeau is $783,052. This is higher than the median sales price which is currently $747,500.

● Over the past 12 months, buyer interest has eased with 303 houses sold this year compared to 394 sales last year.

● Houses are typically selling within 27 days.

● Sales prices have grown by 11.5% over the past 12 months and vendors are typically discounting by -5.0% to secure a sale.

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

Our local area expertise – investing

For housing investors, the best buying in our area can be found in Ormeau Hills where houses are returning a 5.1% yield, while units in Pimpama 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 Ormeau Hills currently is $730,200 and average rents are $650 per week whereas median unit prices are $527,500 in Pimpama with rents of $575 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Pimpama have jumped by 13.4% over the past year, meaning investors who bought a year ago have seen good gains and

Highest yielding suburbs in our area

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good rental returns.

For those interested in investing in houses, also consider Jacobs Well where prices have fallen by -7.9% while yields are 5.1% - which could be a cash flow positive investment.