Local Market Report - Ormeau - May 2023

What’s happening in our local property market

Strongest growth

Most traded

Fastest sellers

Across our area, there were 1,236 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,336 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 1,236 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,143 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Yatala which has seen its median sales price grow by 19.5%. The median sales price of a home in Yatala is now $1,287,500. Pimpama saw its median house sales price grow by 16.5% with the median price now sitting at $679,000 and Ormeau Hills grew 14.1% across 106 individual sales with a median of $730,200.

The most traded suburb for houses in our area has been Pimpama with 529 homes sold over the past 12 months and it also had the most unit sales with 81 transactions. House prices in Pimpama have performed strongly with growth of 16.5% and now have a median price of $679,000.

Over the past month, about $2,696,000 in units and $29.43m in houses has been sold in Pimpama with $42.25m and $388.47m respectively sold over the past 12 months.

Pimpama has demonstrated the strongest price growth for units with prices rising 18.3% over the past 12 months. The median sales price for units in Pimpama is now $516,000 and with a median rent of $560 a week, they offer a rental yield of 5.3%.

The highest median housing rents in our area are $835 per week in Jacobs Well and for units $560 per week in Pimpama. Housing rental yields in Jacobs Well are currently 5.1% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 19 days in Yatala to 30 days in Jacobs Well, and the shortest median time to sell a unit is 14 days in Pimpama.

This month it’s all about Ormeau

● One of the most popular suburbs in our region is Ormeau where 350 houses were listed for sale over the past year. Houses in Ormeau have an average land size of 1,017 square metres.

● The suburb also has a small apartment market with 16 units listed for sale over the past year.

● The suburb is tightly held with residents typically holding their house for 10.1 years.

● The median value of houses in Ormeau is $762,165. This is higher than the median sales price which is currently $730,000.

● Over the past 12 months, buyer interest has eased with 321 houses sold this year compared to 389 sales last year.

● Houses are typically selling within 22 days.

● Sales prices have grown by 10.6% over the past 12 months and vendors are typically discounting by -5.1% to secure a sale.

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

Our local area expertise – investing

For housing investors, the best buying in our area can be found in Jacobs Well where houses are returning a 5.1% yield, while units in Pimpama are returning a 5.3% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Jacobs Well currently is $830,000 and average rents are $835 per week whereas median unit prices are $516,000 in Pimpama with rents of $560 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Pimpama have jumped by 18.3% over the past year, meaning investors who bought a year ago have seen good gains and

Highest yielding suburbs in our area

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good rental returns.

For those interested in investing in houses, also consider Ormeau Hills where prices have moved strongly by 14.1% while yields are 5.0% - which could be a cash flow positive investment.