LocalMarketReport Feb 2021- Outer Areas

localmarket rty report prope local Your This report covers your local suburbs of Advancetown, Beechmont, Lower Beechmont, Numinbah Valley and Springbrook

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

Springbrook 13.5%

Fastest sellers

Beechmont 25 sales

Lower Beechmont 40 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 23 listings advertised for sale in our area compared to 41 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 77 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 65 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Springbrook which has seen its median sales price grow by 13.5%. The median sales price of a home in Springbrook is now $440,000. Lower Beechmont saw its median house sales price grow by 13.2% with the median price now sitting at $515,000 and Beechmont eased -11.3% across 25 individual sales with a median of $510,000.

There is not sufficient data discuss the time it takes to sell a home in our region.

The most traded suburb for houses in our area has been Beechmont with 25 homes sold over the past 12 months while Lower Beechmont had the most unit sales with 0 transactions. House prices in Beechmont have performed poorly with falls of -11.3% and now have a median price of $510,000.

Top performing local suburbs Springbrook

18

$440,000

13.5%

3.5%

Lower Beechmont

18

$515,000

13.2%

3.5%

Beechmont

25

$510,000

-11.3%

5.8%

Houses

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

LJ Hooker Nerang

This month it’s all about Beechmont ●

One of the most secret suburbs in our region is Beechmont where 27 houses were listed for sale over the past year. Houses in Beechmont have an average land size of 3,499 square metres.

Suburb snapshot

Houses

Units

25

0

$510,000

NA

-11.3%

NA

Median Asking Rent

NA

NA

Indicative Gross Rental Yield

NA

NA

Total Listings

27

NA

Average Days on Market

85

NA

$15.87m

NA

● The suburb is tightly held with residents typically holding their house for 13.2 years.

●

The median value of houses in Beechmont is $676,986. This is higher than the median sales price which is currently $510,000.

●

Over the past 12 months, buyer interest has lifted with 25 houses sold this year compared to 17 sales last year.

●

Houses are typically selling within 85 days.

●

Sales prices have eased by -11.3% over the past 12 months and vendors are typically discounting by -5.3% to secure a sale.

●

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

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

●

Annual Change in Median Price

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 Springbrook 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 13.5% over the past 12 months.

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

Springbrook

3.0%

Lower Beechmont

2.9%

Beechmont

1.5%

Houses

The median price of houses in Springbrook is currently $440,000. The suburb has also performed well over the past three years with a growth of 2.6%.

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 Springbrook 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. the team (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