Local Market Report Coomera October 2022

localmarket rty report prope local Your This report covers your local suburbs of Coomera, Oxenford, Pimpama, Upper Coomera and Willow Vale

October

2022

(07) 5585 7888 coomera@ljh.com.au coomera.ljhooker.com.au

LJ Hooker Coomera

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Oxenford 31.4%

Pimpama 704 sales

Oxenford 10 days

Upper Coomera 37.3%

Coomera 150 sales

Oxenford 10 days

The property market has continued to perform strongly despite the Covid pandemic and lockdowns across capital cities. According to CoreLogic, the Australian national home value index rose 6.1% for the June quarter. This is down from a recent peak of 7.0% in the three months to May, but still excellent growth. The combined capital city home values finished the quarter 6.2% higher and combined regional housing values rose 6.0%.

Across the 2021 financial year, Australian dwelling values rose 13.5% - the highest annual growth rate since April 2004.

Across our area, there were 2,571 listings advertised in the past 12 months compared to the rolling 12 month listings of 2,724 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 2,571 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 2,736 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Oxenford which has seen its median sales price grow by 31.4%. The median sales price of a home in Oxenford is now $775,000. Upper Coomera saw its median house sales price grow by 31.0% with the median price now sitting at $740,000 and Pimpama grew 26.5% across 704 individual sales with a median of $645,000.

The most traded suburb for houses in our area has been Pimpama with 704 homes sold over the past 12 months while Coomera had the most unit sales with 150 transactions. House prices in Pimpama have performed strongly with growth of 26.5% and now have a median price of $645,000.

Over the past month, about $4,954,000 in units and $39.8m in houses has been sold in Pimpama with $58.56m and $482.2m respectively sold over the past 12 months.

Upper Coomera has demonstrated the strongest price growth for units with prices rising 37.3% over the past 12 months. The median sales price for units in Upper Coomera is now $515,000 and with a median rent of $500 a week, they offer a rental yield of 5.4%.

The highest median housing rents in our area are $650 per week in Upper Coomera and for units $520 per week in Pimpama. Housing rental yields in Oxenford are currently 4.4% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 10 days in Oxenford to 13 days in Coomera, and the shortest median time to sell a unit is 10 days in Oxenford.

Top performing local suburbs Oxenford

285

$775,000

31.4%

6.6%

Upper Coomera

668

$740,000

31.0%

7.3%

Pimpama

704

$645,000

26.5%

5.8%

Upper Coomera

113

$515,000

37.3%

4.6%

Coomera

150

$474,000

37.0%

4.7%

Oxenford

64

$470,000

36.2%

5.9%

Houses

Units

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

LJ Hooker Coomera

This month it’s all about Upper Coomera One of the most popular suburbs in our region is Upper Coomera where 702 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 720 square metres.

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The suburb also has a medium apartment market with 97 units listed for sale over the past year.

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The suburb is tightly held with residents typically holding their house for 9.4 years.

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The median value of houses in Upper Coomera is $835,154.

This is higher than the median sales price which is currently $740,000.

Suburb snapshot

Houses

Units

668

113

$740,000

$515,000

Annual Change in Median Price

31.0%

37.3%

Median Asking Rent

$650

$500

Indicative Gross Rental Yield

4.4%

5.4%

Total Listings

702

97

13

12

$549.6m

$56.92m

Number Sold Median Sale Price Over 12-month period (1 Jul 2021 to 30 Jun 2022)

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Over the past 12 months, buyer interest has lifted with 668 houses sold this year compared to 642 sales last year.

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Houses are typically selling within 13 days.

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Sales prices have grown by 31.0% over the past 12 months and vendors are typically discounting by -4.3% to secure a sale.

Average Days on Market

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All of this means it is now a great time to sell in Upper Coomera.

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 Upper Coomera where houses have observed a compound growth of 7.0% 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 31.0% over the past 12 months.

The median price of houses in Upper Coomera is currently $740,000.

The suburb has also performed very strongly over the past three years with a growth of 52.6%.

Suburb Over 12-month period (1 Jul 2021 to 30 Jun 2022)

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.

10yr Compound Growth

Upper Coomera

7.0%

Coomera

6.7%

Oxenford

6.3%

Oxenford

5.2%

Upper Coomera

3.8%

Coomera

3.0%

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 Upper Coomera could be worth considering for your next property purchase.

LJ Hooker Coomera

2018

S ER M

MO ST

IED CUS TISF TO SA

R

TS

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 the team at LJ Hooker Coomera. the team (07) 5585 7888 coomera@ljh.com.au LJ Hooker Coomera coomera.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