Your Local Market Report October 2020 - Ashmore, Benowa and Molendinar

localmarket rty report prope local Your This report covers your local suburbs of Ashmore, Benowa and Molendinar October

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

Ashmore 4.3%

Ashmore 179 sales

Ashmore 43 days

Molendinar 9.1%

Ashmore 64 sales

Ashmore 59 days

Even despite the anxiety around a second wave of Covid-19 infections, the property market continues to recover from the lockdown period. While transaction numbers have been down by around 25 to 30%, property prices have remained very strong. A lack of property on the market supports strong prices as there is a lot of pent up buyer demand. Winter is always a time of lower listing numbers so we feel confident that properties that list to sell at this time will continue to perform very strongly. The easing of restrictions around open for inspections and auctions are encouraging buyers further.

Across our local market, we have seen 687 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 532 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 4.3%. The median sales price of a home in Ashmore is now $600,000. Benowa saw its median house sales price grow by 0.2% with the median price now sitting at $870,000 and Molendinar eased -4.9% across 73 individual sales with a median of $580,000.

The most traded suburb for houses in our area has been Ashmore with 179 homes sold over the past 12 months and it also had the most unit sales with 64 transactions. House prices in Ashmore have performed well with growth of 4.3% and now have a median price of $600,000.

Over the past month, about $2,225,000 in units and $6,341,000 in houses has been sold in Ashmore with $20.66m and $115.96m respectively sold over the past 12 months.

Molendinar has demonstrated the strongest price growth for units with prices rising 9.1% over the past 12 months. The median sales price for units in Molendinar is now $330,000 and with a median rent of $380 a week, they offer a rental yield of 6.6%.

The highest median housing rents in our area are $760 per week in Benowa and for units $485 per week in Benowa. Housing rental yields in Molendinar are currently 5.1% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 43 days in Ashmore to 44 days in Molendinar, and the shortest median time to sell a unit is 59 days in Ashmore.

Top performing local suburbs Ashmore

179

$600,000

4.3%

2.1%

Benowa

141

$870,000

0.2%

1.9%

Molendinar

73

$580,000

-4.9%

1.4%

Molendinar

19

$330,000

9.1%

1.1%

Ashmore

64

$315,000

-5.7%

0.2%

Benowa

56

$479,000

-11.0%

1.4%

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 Ashmore One of the most popular suburbs in our region is Ashmore where 269 houses were listed for sale over the past year. Houses in Ashmore have an average land size of 688 square metres.

Suburb snapshot

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The suburb also has a medium apartment market with 75 units listed for sale over the past year.

Number Sold

●

The suburb is tightly held with residents typically holding their house for 12.8 years.

Median Sale Price

●

The median value of houses in Ashmore is $657,840. This is higher than the median sales price which is currently $600,000.

●

Over the past 12 months, buyer interest has eased with 179 houses sold this year compared to 183 sales last year.

●

Houses are typically selling within 43 days.

●

Sales prices have stabilised by 4.3% over the past 12 months and vendors are typically discounting by -4.9% to secure a sale.

●

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

Over 12-month period (1 Jul 2019 to 30 Jun 2020)

●

Houses

Units

179

64

$600,000

$315,000

Annual Change in Median Price

4.3%

-5.7%

Median Asking Rent

$520

$430

Indicative Gross Rental Yield

5.0%

6.8%

Total Listings

269

75

Average Days on Market

43

59

$115.96m

$20.66m

Total Value of Sales

Our local area expertise – investing For housing investors, the best buying in our area can be found in Molendinar where houses are returning a 5.1% yield, while units in Ashmore are returning a 6.8% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Molendinar currently is $580,000 and average rents are $570 per week whereas median unit prices are $315,000 in Ashmore with rents of $430 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Ashmore have dropped substantially by -5.7% over the past year, meaning the suburb is now offering some good buying for smart

investors.

Molendinar is the second best yielding unit suburb in our area with units that cost around the median price of $330,000 returning 6.6% with median asking rents of $380 per week, while Benowa also is worth watching with returns of 5.5% based on a median price of $479,000 and rents of $485 per week.

For those interested in investing in houses, also consider Ashmore where prices have grown 4.3% while yields are 5.0% - which could be a cash flow positive investment.

Highest yielding suburbs in our area Number Sold

Median Sale Price

Change in Median Price

Median Asking Rent

Indicative Gross Rental Yield

Molendinar

73

$580,000

-4.9%

$570

5.1%

Ashmore

179

$600,000

4.3%

$520

5.0%

Benowa

141

$870,000

0.2%

$760

4.6%

Ashmore

64

$315,000

-5.7%

$430

6.8%

Molendinar

19

$330,000

9.1%

$380

6.6%

Benowa

56

$479,000

-11.0%

$485

5.5%

Over 12-month period (1 Jul 2019 to 30 Jun 2020)

Suburb

Houses

Units

LJ Hooker Nerang

2018

S ER M

MO ST

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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.

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