February Local Market Report - Tamborine Mountain and Surrounds

localmarket rty report prope local Your This report covers your local suburbs of Cedar Creek, Maudsland, Tamborine, Tamborine Mountain and Wongawallan

February

2024

(07) 5545 1500 tamborinemountain@ljhgc.com.au tamborinemountain.ljhooker.com.au

LJ Hooker Tamborine Mountain

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Tamborine 6.7%

Tamborine Mountain 197 sales

Maudsland 19 days

Tamborine Mountain 13.6%

Tamborine Mountain 16 sales

NA NA days

Across our area, there were 562 listings advertised in the past 12 months compared to the rolling 12 month listings of 593 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 562 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 441 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Tamborine which has seen its median sales price grow by 6.7%. The median sales price of a home in Tamborine is now $1,200,000. Tamborine Mountain saw its median house sales price grow by 5.9% with the median price now sitting at $969,000 and Maudsland grew 3.9% across 134 individual sales with a median of $940,000.

The most traded suburb for houses in our area has been Tamborine Mountain with 197 homes sold over the past 12 months and it also had the most unit sales with 16 transactions. House prices in Tamborine Mountain have performed well with growth of 5.9% and now have a median price of $969,000.

Over the past month, about $450,000 in units and $12.52m in houses has been sold in Tamborine Mountain with $9,144,000 and $215.07m respectively sold over the past 12 months.

Tamborine Mountain has demonstrated the strongest price growth for units with prices rising 13.6% over the past 12 months. The median sales price for units in Tamborine Mountain is now $625,000 and with a median rent of $440 a week, they offer a rental yield of 4.4%.

The highest median housing rents in our area are $800 per week in Maudsland and for units $440 per week in Tamborine Mountain.

Housing rental yields in Maudsland are currently 4.3% demonstrating why the area is popular with investors.

There is not sufficient data discuss the time it takes to sell a home in our region.

Top performing local suburbs Tamborine

68

$1,200,000

6.7%

9.7%

Tamborine Mountain

197

$969,000

5.9%

9.0%

Maudsland

134

$940,000

3.9%

7.2%

Tamborine Mountain

16

$625,000

13.6%

10.6%

Houses

Units

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

LJ Hooker Tamborine Mountain

This month it’s all about Tamborine Mountain One of the most popular suburbs in our region is Tamborine Mountain where 262 houses were listed for sale over the past year. Houses in Tamborine Mountain have an average land size of 2,096 square metres.

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The suburb also has a small apartment market with 13 units listed for sale over the past year.

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The suburb is tightly held with residents typically holding their house for 11.8 years.

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The median value of houses in Tamborine Mountain is $1,010,801. This is higher than the median sales price which is currently $969,000.

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Over the past 12 months, buyer interest has lifted with 197 houses sold this year compared to 191 sales last year.

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Houses are typically selling within 52 days.

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Sales prices have grown by 5.9% over the past 12 months and vendors are typically discounting by -6.5% to secure a sale.

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

Suburb snapshot

Houses

Units

197

16

$969,000

$625,000

Annual Change in Median Price

5.9%

13.6%

Median Asking Rent

$685

$440

Indicative Gross Rental Yield

4.0%

4.4%

Total Listings

262

13

Average Days on Market

52

NA

$215.07m

$9,144,000

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

●

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 Tamborine where houses have observed a compound growth of 9.3% 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 6.7% over the past 12 months.

The median price of houses in Tamborine is currently $1,200,000. The suburb has also performed very strongly over the past three years with a growth of 64.4%.

10yr Compound Growth

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.

Tamborine

9.3%

Tamborine Mountain

8.8%

Wongawallan

8.0%

Tamborine Mountain

9.4%

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 Tamborine could be worth considering for your next property purchase.

LJ Hooker Tamborine Mountain

2018

S ER M

MO ST

IED CUS TISF TO SA

TS

R

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 LJ Hooker Tamborine Mountain at LJ Hooker Tamborine Mountain.

LJ Hooker Tamborine Mountain (07) 5545 1500 tamborinemountain@ljhgc.com.au LJ Hooker Tamborine Mountain tamborinemountain.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