localmarket rty report prope local Your This report covers your local suburbs of Ashmore, Benowa and Molendinar February
2021
(07) 5581 4422 solutions@ljhgc.com.au solutions.ljhooker.com.au
What’s happening in our local property market Strongest growth
Most traded
Fastest sellers
Ashmore 6.6%
Ashmore 198 sales
Molendinar 33 days
Molendinar 9.4%
Benowa 77 sales
Ashmore 26 days
With Covid lockdown restrictions easing, the property market is primed to pick up as we enter the summer selling season. Transaction numbers were hit hard during the pandemic. There were just 214 listings advertised for sale in our area compared to 220 the year prior. But this lower volume has kept prices strong which has been great news for sellers. And the news is likely to continue to be good as having spent so much time at home in 2020, many people are ready to move and there are some great incentives for first home buyers. With so much pent up demand, we’re confident that properties that list to sell at this time will continue to perform very strongly.
Across our local market, we have seen 678 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 590 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Ashmore which has seen its median sales price grow by 6.6%. The median sales price of a home in Ashmore is now $610,000. Molendinar saw its median house sales price grow by 5.2% with the median price now sitting at $610,000 and Benowa grew 3.6% across 151 individual sales with a median of $900,000. The most traded suburb for houses in our area has been Ashmore with 198 homes sold over the past 12 months while Benowa had the most unit sales with 77 transactions. House prices in Ashmore have performed well with growth of 6.6% and now have a median price of $610,000.
Over the past month, about $1,233,000 in units and $11.9m in houses has been sold in Ashmore with $20.47m and $129.05m respectively sold over the past 12 months. Molendinar has demonstrated the strongest price growth for units with prices rising 9.4% over the past 12 months. The median sales price for units in Molendinar is now $325,000 and with a median rent of $380 a week, they offer a rental yield of 6.5%. The highest median housing rents in our area are $750 per week in Benowa and for units $523 per week in Benowa. Housing rental yields in Molendinar are currently 5.2% demonstrating why the area is popular with investors. The time it takes to sell a house in our region ranges from 33 days in Molendinar to 50 days in Benowa, and the shortest median time to sell a unit is 26 days in Ashmore.
Top performing local suburbs Ashmore
198
$610,000
6.6%
2.6%
Molendinar
78
$610,000
5.2%
2.0%
Benowa
151
$900,000
3.6%
1.9%
Molendinar
27
$325,000
9.4%
1.1%
Ashmore
59
$320,000
-5.2%
0.5%
Benowa
77
$520,000
-5.5%
1.7%
Houses
Units
Number sold (12 months)
Median Price
Median Growth 12 months
Annual Change over 10 years
This month it’s all about Ashmore One of the most popular suburbs in our region is Ashmore where 265 houses were listed for sale over the past year. Houses in Ashmore have an average land size of 717 square metres.
Suburb snapshot
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The suburb also has a large apartment market with 84 units listed for sale over the past year.
Number Sold
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The suburb is tightly held with residents typically holding their house for 13.0 years.
Median Sale Price
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The median value of houses in Ashmore is $674,038. This is higher than the median sales price which is currently $610,000.
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Over the past 12 months, buyer interest has lifted with 198 houses sold this year compared to 190 sales last year.
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Houses are typically selling within 36 days.
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Sales prices have grown by 6.6% over the past 12 months and vendors are typically discounting by -4.4% to secure a sale.
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All of this means it is now a great time to sell in Ashmore.
Over 12-month period (1 Nov 2019 to 31 Oct 2020)
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Houses
Units
198
59
$610,000
$320,000
Annual Change in Median Price
6.6%
-5.2%
Median Asking Rent
$540
$478
Indicative Gross Rental Yield
4.9%
6.9%
Total Listings
265
84
Average Days on Market
36
26
$129.05m
$20.47m
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 Ashmore where houses have observed a compound growth of 2.4% 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 6.6% over the past 12 months. The median price of houses in Ashmore is currently $610,000. The suburb has also performed well over the past three years with a growth of 6.1%. 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 Ashmore could be worth considering for your next property purchase.
Suburb Over 12-month period (1 Nov 2019 to 31 Oct 2020)
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
Ashmore
2.4%
Molendinar
1.9%
Benowa
1.7%
Molendinar
0.7%
Benowa
0.6%
Ashmore
0.3%
Houses
Units
Not in love with your home?
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Know what your property is worth in today’s market. Ask the team at LJ Hooker Solutions Gold Coast (07) 5581 4422 solutions@ljhgc.com.au solutions.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