Local Market Report - Coomera - May 2023

What’s happening in our local property market

Strongest growth

Most traded

Fastest sellers

Across our area, there were 2,818 listings advertised in the past 12 months compared to the rolling 12 month listings of 2,997 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 2,818 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 2,701 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Cedar Creek which has seen its median sales price grow by 28.2%. The median sales price of a home in Cedar Creek is now $1,250,000. Tamborine saw its median house sales price grow by 27.1% with the median price now sitting at $1,125,000 and Wongawallan grew 19.9% across 21 individual sales with a median of $1,387,500.

The most traded suburb for houses in our area has been Pimpama with 547 homes sold over the past 12 months while Coomera had the most unit sales with 134 transactions. House prices in Pimpama have performed strongly with growth of 18.8% and now have a median price of $677,000.

Over the past month, about $600,000 in units and $15.87m in houses has been sold in Pimpama with $44.65m and $400.77m respectively sold over the past 12 months.

Oxenford has demonstrated the strongest price growth for units with prices rising 27.8% over the past 12 months. The median sales price for units in Oxenford is now $490,000 and with a median rent of $495 a week, they offer a rental yield of 5.6%.

The highest median housing rents in our area are $788 per week in Tamborine and for units $580 per week in Upper Coomera. Housing rental yields in Pimpama are currently 4.9% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 15 days in Willow Vale to 55 days in Cedar Creek, and the shortest median time to sell a unit is 11 days in Oxenford.

This month it’s all about Upper Coomera

● One of the most popular suburbs in our region is Upper Coomera where 611 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 767 square metres.

● The suburb also has a medium apartment market with 92 units listed for sale over the past year.

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

● The median value of houses in Upper Coomera is $791,234. This is higher than the median sales price which is currently $765,225.

● Over the past 12 months, buyer interest has eased with 544 houses sold this year compared to 705 sales last year.

● Houses are typically selling within 20 days.

● Sales prices have grown by 15.9% over the past 12 months and vendors are typically discounting by -5.2% to secure a sale.

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

Our local area expertise – investing

For housing investors, the best buying in our area can be found in Pimpama where houses are returning a 4.9% yield, while units in Upper Coomera are returning a 5.7% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Pimpama currently is $677,000 and average rents are $630 per week whereas median unit prices are $531,000 in Upper Coomera with rents of $580 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Upper Coomera have jumped by 23.9% over the past year, meaning investors who bought a year ago have seen good gains and

Highest yielding suburbs in our area

Suburb

Number

Median

Annual

Median

Indicative

Total

Average

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good rental returns.

Oxenford is the second best yielding unit suburb in our area with units that cost around the median price of $490,000 returning 5.6% with median asking rents of $495 per week, while Coomera also is worth watching with returns of 5.5% based on a median price of $500,000 and rents of $535 per week.

For those interested in investing in houses, also consider Oxenford where prices have moved strongly by 13.8% while yields are 4.8% - which could be a cash flow positive investment.