Local Market Report October 2018

Nerang

This report covers your local suburbs of Ashmore, Carrara, Gilston, Highland Park, Molendinar, Mount Nathan, Nerang and Worongary.

October

2018

Brought to you by the team at LJ Hooker Nerang

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What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Highland Park 11.0%

Nerang 207 sales

Gilston 27 days

Worongary 12.5%

Carrara 226 sales

Ashmore 30 days

At LJ Hooker Nerang our goal is to provide you with the information you need to make conident decisions about property - whether you are buying, selling, investing or renting. We have created this report which details local market conditions and how property is performing in your area which at times can be very different to the combined performance of the capital cities. Let us help you stay on top of changes in your local property market every quarter.

Across our local market, we have seen 1,797 properties listed for sale over the past 12 months, which is higher than the same time last year. This has impacted sales with 1,485 taking place over the period.

Looking at the house market, the best performing suburb has been Highland Park, which has seen its median sales price grow by 11.0%. The median sales price of a home in Highland Park is now $571,500. Nerang saw its median house sales price grow by 6.9% with the median price now sitting at $480,000 and Worongary grew 5.7% across 87 individual sales with a median of $607,500.

The most traded suburb for houses in our area has been Nerang with 207 homes sold over the past 12 months, while Carrara had the most unit sales with 226 transactions. House prices in Nerang have performed well with growth of 6.9% and now have a median price of $480,000.

Over the past month, about $1,069,000 in units and $5,481,500 in houses has been sold in Nerang, with $57.13m and $114.03m respectively sold over the past 12 months.

Worongary has demonstrated the strongest price growth for units with prices rising 12.5% over the past 12 months.

The highest median housing rents in our area are $598 per week in Worongary and for units $440 per week in Carrara. Housing rental yields in Nerang are currently 5.4% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 27 days in Gilston to 84 days in Mount Nathan, and the shortest median time to sell a unit is 30 days in Ashmore.

Top performing local suburbs

Houses

Units

Highland Park

89

$571,500

11.0%

2.9%

Nerang

207

$480,000

6.9%

2.1%

Worongary

87

$607,500

5.7%

3.7%

Worongary

10

$861,000

12.5%

12.5%

Molendinar

67

$330,000

7.3%

0.1%

Ashmore

99

$347,500

5.5%

1.5%

Number sold (12 months)

Nerang

Median Price

Median Growth 12 months

Annual Change over 10 years

This month it’s all about Nerang d One of the most popular suburbs in our region is Nerang where 278 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,272 square metres. d The suburb also has a large apartment market with 187 units listed for sale over the past year. d The suburb is tightly held with residents typically holding their house for 11.9 years. d The median value of houses in Nerang is $451,433. This is lower than the median sales price which is currently $480,000. d Houses are typically selling within 32 days. d Sales prices have grown by 6.9% over the past 12 months and vendors are typically discounting by -5.2% to secure a sale.

Suburb snapshot

Houses

Units

207

170

$480,000

$325,000

Annual Change in Median Price

6.9%

2.0%

Median Asking Rent

$450

$375

Indicative Gross Rental Yield

5.4%

6.6%

278

187

32

37

$114.03m

$57.13m

Number Sold Median Sale Price

Total Listings Median Days on Market Total Value of Sales

Over 12-month period (1 Jul 2017 to 30 Jun 2018) *Listings period is 1 Sep 2017 to 31 Aug 2018

Our local area expertise – investing For housing investors, the best buying in our area can be found in Nerang where houses are returning a 5.4% yield, while units in Nerang are returning a 6.6% yield - making it a good place for savvy investors to look for inlation-beating returns.

The median price of a house in Nerang currently is $480,000 and average rents are $450 per week whereas median unit prices are $325,000 in Nerang with rents of $375 per week. This means it could be possible to purchase a cashpositive investment unit.

Unit prices in Nerang have grown slightly by 2.0% over the past year, meaning rental returns are supported by reasonable capital growth.

Highland Park is the second best yielding unit suburb in our area with units that cost around the median price of $310,000 returning 6.4% with median asking rents of $373 per week, while Carrara also is worth watching with returns of 6.2% based on a median price of $458,800 and rents of $440 per week.

Nerang

For those interested in investing in houses, also consider Highland Park where prices have moved strongly by 11.0% while yields are 5.4% which could be a cash low positive investment.

Highest yielding suburbs in our area Change Median Sale Median in Median Price* Asking Rent* Price*

Indicative Gross Rental Yield*

Suburb

Number Sold*

Nerang

207

$480,000

6.9%

$450

5.4%

Highland Park

89

$571,500

11.0%

$535

5.4%

Carrara

131

$590,000

5.1%

$548

5.1%

Nerang

170

$325,000

2.0%

$375

6.6%

Highland Park

36

$310,000

2.0%

$373

6.4%

Carrara

226

$458,800

-4.4%

$440

6.2%

Make your dream holiday happen Win a luxury holiday for two to an iconic Australian destination worth $10,000* To celebrate LJ Hooker’s 90th Birthday, we’re offering you the chance of a dream holiday for two.

Have a free property appraisal by November 30 2018 Visit nerang.ljhooker.com.au/celebrate90years or speak to LJ Hooker Nerang for more details.

LJ Hooker 2018. NSW - LTPS/18/27743 ACT - TP/18/01726 SA - T18/1576. *Terms and conditions available at 90years.ljhooker.com.au/terms.

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

Ask the team at LJ Hooker Nerang.

(07) 5581 4422 nerang@ljh.com.au nerang.ljhooker.com.au

Nerang

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.

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