localmarket - Your local property report

localmarket rty report prope local Your This report covers your local suburbs of Carrara, Gilston, Highland Park, Merrimac, Molendinar, Nerang and Worongary

May

2020

(07) 5581 4422 nerang@ljh.com.au nerang.ljhooker.com.au

LJ Hooker Nerang

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Worongary 15.1%

Nerang 227 sales

Merrimac 29 days

Nerang 0.0%

Carrara 173 sales

Highland Park 36 days

Property prices have stabilised and are strengthening again according to the latest Queensland data from CoreLogic but what does that mean for buyers and sellers in our local area?

At LJ Hooker Nerang we've noticed that there are two big drivers occurring in the market currently. The first is that there is increasing buyer demand and confidence. This has been created by lower interest rates, tax cuts and a subtle easing in credit policy, together with a stable federal government post election. But the second observation is the lack of stock with just 1,553 listings advertised in the past 12 months compared to 1,817 in the year prior. For sellers, this means now is a great time to sell as there is not a lot of competition and buyers are keen to secure new homes. Let's take a look at the rest of the data for our local market.

Across our local market, we have seen 1,553 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,158 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 15.1%. The median sales price of a home in Worongary is now $725,000. Gilston saw its median house sales price grow by 6.7% with the median price now sitting at $640,000 and Molendinar grew 1.7% across 81 individual sales with a median of $600,000.

The most traded suburb for houses in our area has been Nerang with 227 homes sold over the past 12 months while Carrara had the most unit sales with 173 transactions. House prices in Nerang have underperformed with falls of -3.2% and now have a median price of $455,000.

Over the past month, about $2,988,500 in units and $9,689,250 in houses has been sold in Nerang with $29m and $113.68m respectively sold over the past 12 months.

Nerang has demonstrated the strongest price growth for units with prices rising 0.0% over the past 12 months. The median sales price for units in Nerang is now $310,000 and with a median rent of $380 a week, they offer a rental yield of 7.2%.

The highest median housing rents in our area are $595 per week in Worongary and for units $500 per week in Carrara. Housing rental yields in Nerang are currently 5.7% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 29 days in Merrimac to 64 days in Molendinar, and the shortest median time to sell a unit is 36 days in Highland Park.

Top performing local suburbs Worongary

71

$725,000

15.1%

4.3%

Gilston

42

$640,000

6.7%

3.4%

Molendinar

81

$600,000

1.7%

1.9%

Nerang

94

$310,000

0.0%

1.2%

Carrara

173

$420,000

-1.1%

0.9%

Merrimac

84

$350,000

-1.8%

1.8%

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 1,159 square metres.

Suburb snapshot

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The suburb also has a medium apartment market with 113 units listed for sale over the past year.

Number Sold

●

The suburb is tightly held with residents typically holding their house for 11.4 years.

Median Sale Price

●

The median value of houses in Nerang is $491,087. This is higher than the median sales price which is currently $455,000.

●

Over the past 12 months, buyer interest has eased with 227 houses sold this year compared to 234 sales last year.

●

Houses are typically selling within 32 days.

●

Sales prices have eased by -3.2% over the past 12 months and vendors are typically discounting by -5.6% to secure a sale.

●

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

Over 12-month period (1 Feb 2019 to 31 Jan 2020)

●

Houses

Units

227

94

$455,000

$310,000

Annual Change in Median Price

-3.2%

0.0%

Median Asking Rent

$460

$380

Indicative Gross Rental Yield

5.7%

7.2%

Total Listings

277

113

Average Days on Market

32

58

$113.68m

$29m

Total Value of Sales

Our local area expertise – investing For housing investors, the best buying in our area can be found in Nerang where houses are returning a 5.7% yield, while units in Nerang are returning a 7.2% yield - representing great opportunity to lock in strong inflation busting returns.

The median price of a house in Nerang currently is $455,000 and average rents are $460 per week whereas median unit prices are $310,000 in Nerang with rents of $380 per week. This means it could be possible to purchase a cash-positive investment unit.

Highland Park is the second best yielding unit suburb in our area with units that cost around the median price of $305,000 returning 6.9% with median asking rents of $370 per week, while Merrimac also is worth watching with returns of 6.8% based on a median price of $350,000 and rents of $430 per week.

For those interested in investing in houses, also consider Carrara where prices have eased -0.8% while yields are 5.6% - which could be a cash flow positive investment.

Unit prices in Nerang have been flat at 0.0% over the past year, meaning capital growth has stalled.

Over 12-month period (1 Feb 2019 to 31 Jan 2020)

Highest yielding suburbs in our area Suburb

Number Sold

Median Sale Price

Change in Median Price

Median Asking Rent

Indicative Gross Rental Yield

Nerang

227

$455,000

-3.2%

$460

5.7%

Carrara

157

$610,000

-0.8%

$580

5.6%

Merrimac

78

$523,500

1.1%

$530

5.6%

Nerang

94

$310,000

0.0%

$380

7.2%

Highland Park

17

$305,000

-2.2%

$370

6.9%

Merrimac

84

$350,000

-1.8%

$430

6.8%

Houses

Units

LJ Hooker Nerang

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 Nerang. the team (07) 5581 4422 nerang@ljh.com.au LJ Hooker Nerang 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