February Local Market Report - Ormeau and Surrounds

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

February

2024

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

LJ Hooker Ormeau

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Kingsholme 16.4%

Pimpama 494 sales

Ormeau Hills 20 days

Ormeau 14.4%

Pimpama 82 sales

Pimpama 17 days

Across our area, there were 1,200 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,212 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 1,200 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,084 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Kingsholme which has seen its median sales price grow by 16.4%. The median sales price of a home in Kingsholme is now $1,950,000. Jacobs Well saw its median house sales price grow by 9.0% with the median price now sitting at $970,000 and Ormeau Hills grew 7.0% across 96 individual sales with a median of $782,500.

The most traded suburb for houses in our area has been Pimpama with 494 homes sold over the past 12 months and it also had the most unit sales with 82 transactions. House prices in Pimpama have performed well with growth of 4.9% and now have a median price of $702,500.

Over the past month, about $3,604,000 in units and $32.09m in houses has been sold in Pimpama with $46.33m and $371.75m respectively sold over the past 12 months.

Ormeau has demonstrated the strongest price growth for units with prices rising 14.4% over the past 12 months.

The highest median housing rents in our area are $900 per week in Jacobs Well and for units $600 per week in Pimpama. Housing rental yields in Ormeau Hills 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 20 days in Ormeau Hills to 51 days in Jacobs Well, and the shortest median time to sell a unit is 17 days in Pimpama.

Top performing local suburbs Kingsholme

10

$1,950,000

16.4%

14.0%

Jacobs Well

78

$970,000

9.0%

10.7%

Ormeau Hills

96

$782,500

7.0%

6.0%

Ormeau

14

$577,500

14.4%

6.7%

Pimpama

82

$560,750

11.0%

4.7%

Houses

Units

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

LJ Hooker Ormeau

This month it’s all about Ormeau One of the most popular suburbs in our region is Ormeau where 339 houses were listed for sale over the past year. Houses in Ormeau have an average land size of 1,020 square metres.

Suburb snapshot

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The suburb also has a small apartment market with 10 units listed for sale over the past year.

Number Sold

●

The suburb is tightly held with residents typically holding their house for 9.2 years.

Median Sale Price

●

The median value of houses in Ormeau is $834,182. This is higher than the median sales price which is currently $763,000.

●

Over the past 12 months, buyer interest has eased with 304 houses sold this year compared to 333 sales last year.

●

Houses are typically selling within 20 days.

●

Sales prices have stabilised by 3.8% over the past 12 months and vendors are typically discounting by -3.3% to secure a sale.

●

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

Over 12-month period (1 Nov 2022 to 31 Oct 2023)

●

Houses

Units

304

14

$763,000

$577,500

Annual Change in Median Price

3.8%

14.4%

Median Asking Rent

$650

NA

Indicative Gross Rental Yield

4.6%

5.2%

Total Listings

339

10

Average Days on Market

20

NA

$250.89m

$8,202,500

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 10.5% 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 9.0% over the past 12 months.

The median price of houses in Jacobs Well is currently $970,000. The suburb has also performed very strongly over the past three years with a growth of 57.7%.

Suburb Over 12-month period (1 Nov 2022 to 31 Oct 2023)

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

10.5%

Ormeau

6.4%

Pimpama

5.7%

Ormeau

6.6%

Pimpama

3.9%

Houses

Units

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.

LJ Hooker Ormeau

S ER M

MO ST

IED CUS TISF TO SA

2018

R

TS

EA N LE STATE AGE

”

Real estate is not about houses, it’s about people.”

- Sir Leslie Hooker

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.

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

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