localmarket rty report prope local Your This report covers your local suburbs of Carrara, Gilston, Highland Park, Merrimac, Molendinar, Nerang and Worongary
February
2021
(07) 5581 4422 nerang@ljh.com.au nerang.ljhooker.com.au
What’s happening in our local property market Strongest growth
Most traded
Fastest sellers
Worongary 18.2%
Nerang 241 sales
Merrimac 18 days
Molendinar 9.4%
Carrara 147 sales
Highland Park 21 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 341 listings advertised for sale in our area compared to 441 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 1,341 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 Worongary which has seen its median sales price grow by 18.2%. The median sales price of a home in Worongary is now $730,000. Gilston saw its median house sales price grow by 9.7% with the median price now sitting at $680,000 and Highland Park grew 8.1% across 90 individual sales with a median of $567,500. The most traded suburb for houses in our area has been Nerang with 241 homes sold over the past 12 months while Carrara had the most unit sales with 147 transactions. House prices in Nerang have performed well with growth of 4.3% and now have a median price of $475,000.
Over the past month, about $2,548,000 in units and $7,866,300 in houses has been sold in Nerang with $32.29m and $124.61m 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 $610 per week in Worongary and for units $475 per week in Carrara. Housing rental yields in Highland Park are currently 5.5% demonstrating why the area is popular with investors. The time it takes to sell a house in our region ranges from 18 days in Merrimac to 46 days in Carrara, and the shortest median time to sell a unit is 21 days in Highland Park.
Top performing local suburbs Worongary
69
$730,000
18.2%
3.5%
Gilston
29
$680,000
9.7%
2.1%
Highland Park
90
$567,500
8.1%
3.0%
Molendinar
27
$325,000
9.4%
1.1%
Merrimac
79
$363,500
3.9%
-1.0%
Nerang
98
$320,000
3.2%
0.6%
Houses
Units
Number sold (12 months)
Median Price
Median Growth 12 months
Annual Change over 10 years
LJ Hooker Nerang
This month it’s all about Nerang One of the most popular suburbs in our region is Nerang where 277 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,075 square metres.
Suburb snapshot
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The suburb also has a medium apartment market with 95 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 11.7 years.
Median Sale Price
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The median value of houses in Nerang is $507,483. This is higher than the median sales price which is currently $475,000.
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Over the past 12 months, buyer interest has lifted with 241 houses sold this year compared to 206 sales last year.
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Houses are typically selling within 25 days.
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Sales prices have stabilised by 4.3% over the past 12 months and vendors are typically discounting by -3.2% to secure a sale.
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All of this means it is now a great time to sell in Nerang.
Over 12-month period (1 Nov 2019 to 31 Oct 2020)
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Houses
Units
241
98
$475,000
$320,000
Annual Change in Median Price
4.3%
3.2%
Median Asking Rent
$480
$378
Indicative Gross Rental Yield
5.5%
7.1%
Total Listings
277
95
Average Days on Market
25
40
$124.61m
$32.29m
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 Worongary where houses have observed a compound growth of 3.0% 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 18.2% over the past 12 months. The median price of houses in Worongary is currently $730,000. The suburb has also performed very strongly over the past three years with a growth of 26.4%.
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
Worongary
3.0%
Carrara
2.9%
Highland Park
2.7%
Molendinar
0.7%
Highland Park
0.6%
Nerang
0.5%
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 Worongary could be worth considering for your next property purchase.
LJ Hooker Nerang
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 5581 4422 nerang@ljhgc.com.au
Know what your property is worth in today’s market. Ask the team at LJ Hooker Nerang. (07) 5581 4422 nerang@ljh.com.au nerang.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