February Local Market Report - Coomera and Surrounds

localmarket rty report prope local Your This report covers your local suburbs of Coomera, Oxenford, Pimpama and Upper Coomera

February

2024

(07) 5585 7888 coomera@ljh.com.au coomera.ljhooker.com.au

LJ Hooker Coomera

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Coomera 5.0%

Pimpama 494 sales

Oxenford 16 days

Pimpama 11.0%

Coomera 91 sales

Upper Coomera 16 days

Across our area, there were 1,902 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,866 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 1,902 properties listed for sale, over the past 12 months, which is higher than the same time last year. This has impacted sales with 1,897 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Coomera which has seen its median sales price grow by 5.0%. The median sales price of a home in Coomera is now $773,500. Pimpama saw its median house sales price grow by 4.9% with the median price now sitting at $702,500 and Upper Coomera grew 2.6% across 454 individual sales with a median of $785,000.

The most traded suburb for houses in our area has been Pimpama with 494 homes sold over the past 12 months while Coomera had the most unit sales with 91 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.

Pimpama has demonstrated the strongest price growth for units with prices rising 11.0% over the past 12 months. The median sales price for units in Pimpama is now $560,750 and with a median rent of $600 a week, they offer a rental yield of 5.5%.

The highest median housing rents in our area are $750 per week in Oxenford and for units $620 per week in Upper Coomera. Housing rental yields in Pimpama 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 16 days in Oxenford to 21 days in Coomera, and the shortest median time to sell a unit is 16 days in Upper Coomera.

Top performing local suburbs Coomera

450

$773,500

5.0%

8.2%

Pimpama

494

$702,500

4.9%

6.1%

Upper Coomera

454

$785,000

2.6%

7.6%

Pimpama

82

$560,750

11.0%

4.7%

Coomera

91

$539,500

8.9%

3.6%

Upper Coomera

72

$560,000

7.2%

7.2%

Houses

Units

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

LJ Hooker Coomera

This month it’s all about Upper Coomera One of the most popular suburbs in our region is Upper Coomera where 480 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 718 square metres.

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The suburb also has a medium apartment market with 78 units listed for sale over the past year.

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The suburb is tightly held with residents typically holding their house for 9.0 years.

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The median value of houses in Upper Coomera is $877,267.

This is higher than the median sales price which is currently $785,000.

Suburb snapshot

Houses

Units

454

72

$785,000

$560,000

Annual Change in Median Price

2.6%

7.2%

Median Asking Rent

$700

$620

Indicative Gross Rental Yield

4.6%

5.6%

Total Listings

480

78

19

16

$386.94m

$41.8m

Number Sold Median Sale Price Over 12-month period (1 Nov 2022 to 31 Oct 2023)

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Over the past 12 months, buyer interest has eased with 454 houses sold this year compared to 584 sales last year.

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Houses are typically selling within 19 days.

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Sales prices have stabilised by 2.6% over the past 12 months and vendors are typically discounting by -4.7% to secure a sale.

Average Days on Market

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

Total Value of Sales

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

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 Coomera where houses have observed a compound growth of 7.9% 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 5.0% over the past 12 months.

The median price of houses in Coomera is currently $773,500. The suburb has also performed very strongly over the past three years with a growth of 38.1%.

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

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

Suburb

10yr Compound Growth

Coomera

7.9%

Upper Coomera

7.3%

Oxenford

6.0%

Oxenford

6.9%

Upper Coomera

6.8%

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 Coomera could be worth considering for your next property purchase.

LJ Hooker Coomera

2018

S ER M

MO ST

IED CUS TISF TO SA

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 Coomera. the team (07) 5585 7888 coomera@ljh.com.au LJ Hooker Coomera coomera.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