LocalMarketReport Feb 2021- Coomera and surrounding areas

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

February

2021

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

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Upper Coomera 2.7%

Upper Coomera 505 sales

Oxenford 29 days

Oxenford 7.5%

Coomera 101 sales

Oxenford 41 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 567 listings advertised for sale in our area compared to 764 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 1,998 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,642 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Upper Coomera which has seen its median sales price grow by 2.7%. The median sales price of a home in Upper Coomera is now $498,000. Oxenford saw its median house sales price grow by 2.0% with the median price now sitting at $514,000 and Coomera eased -1.0% across 340 individual sales with a median of $520,500.

The most traded suburb for houses in our area has been Upper Coomera with 505 homes sold over the past 12 months while Coomera had the most unit sales with 101 transactions. House prices in Upper Coomera have performed well with growth of 2.7% and now have a median price of $498,000.

Over the past month, about $5,438,000 in units and $20.67m in houses has been sold in Upper Coomera with $29.81m and $271.7m respectively sold over the past 12 months.

Oxenford has demonstrated the strongest price growth for units with prices rising 7.5% over the past 12 months. The median sales price for units in Oxenford is now $332,250 and with a median rent of $413 a week, they offer a rental yield of 6.6%.

The highest median housing rents in our area are $480 per week in Oxenford and for units $413 per week in Oxenford. Housing rental yields in Coomera are currently 5.3% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 29 days in Oxenford to 71 days in Willow Vale, and the shortest median time to sell a unit is 41 days in Oxenford.

Top performing local suburbs Upper Coomera

505

$498,000

2.7%

1.6%

Oxenford

236

$514,000

2.0%

1.2%

Coomera

340

$520,500

-1.0%

2.8%

Oxenford

28

$332,250

7.5%

1.6%

Upper Coomera

87

$340,000

3.2%

-0.2%

Coomera

101

$295,000

0.9%

-0.7%

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 622 houses were listed for sale over the past year. Houses in Upper Coomera have an average land size of 686 square metres.

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The suburb also has a medium apartment market with 94 units listed for sale over the past year.

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The suburb is tightly held with residents typically holding their house for 9.0 years.

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The median value of houses in Upper Coomera is $534,269.

This is higher than the median sales price which is currently $498,000.

Suburb snapshot

Houses

Units

505

87

$498,000

$340,000

Annual Change in Median Price

2.7%

3.2%

Median Asking Rent

$460

$400

Indicative Gross Rental Yield

5.1%

6.7%

Total Listings

622

94

37

52

$271.7m

$29.81m

Number Sold Median Sale Price Over 12-month period (1 Nov 2019 to 31 Oct 2020)

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Over the past 12 months, buyer interest has lifted with 505 houses sold this year compared to 466 sales last year.

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Houses are typically selling within 37 days.

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Sales prices have stabilised by 2.7% over the past 12 months and vendors are typically discounting by -3.6% 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 Coomera where houses have observed a compound growth of 2.5% 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 -1.0% over the past 12 months.

The median price of houses in Coomera is currently $520,500. The suburb has also performed well over the past three years with a growth of 2.1%.

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

Coomera

2.5%

Upper Coomera

1.5%

Oxenford

1.1%

Oxenford

1.4%

Pimpama

-0.4%

Upper Coomera

-0.4%

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 Coomera could be worth considering for your next property purchase.

LJ Hooker Coomera

Not in love with your home?

We can help you make your next move!

Whether you are looking to upsize, downsize or are thinking of investing we would love to help!

Just give us a call.

07 5585 7888 coomera@ljh.com.au

Know what your property is worth in today’s market.

Ask the team at LJ Hooker Coomera.

(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