Local Market Report - March 2023 - Ormeau

What’s happening in our local property market

Strongest growth

Most traded

Fastest sellers

Across our area, there were 1,298 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,421 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 1,298 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,208 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. Yatala saw its median house sales price grow by 20.0% with the median price now sitting at $1,275,000 and Ormeau Hills grew 19.6% across 110 individual sales with a median of $747,500.

The most traded suburb for houses in our area has been Pimpama with 569 homes sold over the past 12 months and it also had the most unit sales with 91 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.

Ormeau has demonstrated the strongest price growth for units with prices rising 20.8% over the past 12 months. The median sales price for units in Ormeau is now $507,500 and with a median rent of $500 a week, they offer a rental yield of 5.9%.

The highest median housing rents in our area are $950 per week in Jacobs Well and for units $550 per week in Pimpama. Housing rental yields in Jacobs Well are currently 4.8% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 19 days in Ormeau Hills to 32 days in Jacobs Well, and the shortest median time to sell a unit is 13 days in Pimpama.

This month it’s all about Ormeau

● One of the most popular suburbs in our region is Ormeau where 360 houses were listed for sale over the past year. Houses in Ormeau have an average land size of 1,053 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 9.7 years.

● The median value of houses in Ormeau is $752,316. This is higher than the median sales price which is currently $740,000.

● Over the past 12 months, buyer interest has eased with 322 houses sold this year compared to 390 sales last year.

● Houses are typically selling within 20 days.

● Sales prices have grown by 17.5% 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 Jacobs Well where houses are returning a 4.8% yield, while units in Ormeau are returning a 5.9% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Jacobs Well currently is $890,000 and average rents are $950 per week whereas median unit prices are $507,500 in Ormeau with rents of $500 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Ormeau have jumped by 20.8% over the past year, meaning investors who bought a year ago have seen good gains and good rental

Highest yielding suburbs in our area

Number

Median

Annual

Median

Indicative

Total

Average

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returns.

For those interested in investing in houses, also consider Pimpama where prices have moved strongly by 20.5% while yields are 4.7% - which could be a cash flow positive investment.