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. 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 inancial advice. For our complete terms and conditions of use, go to www.corelogic.com.au