Your Local Market Report October 2020 - Nerang and surrounds

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

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

Worongary 29.8%

Nerang 218 sales

Merrimac 25 days

Molendinar 9.1%

Carrara 148 sales

Highland Park 40 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 1,402 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,108 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 29.8%. The median sales price of a home in Worongary is now $730,000. Gilston saw its median house sales price grow by 9.6% with the median price now sitting at $663,000 and Nerang grew 4.0% across 218 individual sales with a median of $470,000.

The most traded suburb for houses in our area has been Nerang with 218 homes sold over the past 12 months while Carrara had the most unit sales with 148 transactions. House prices in Nerang have performed well with growth of 4.0% and now have a median price of $470,000.

Over the past month, about $2,621,500 in units and $8,713,500 in houses has been sold in Nerang with $31.41m and $111.72m 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 $570 per week in Worongary and for units $480 per week in Carrara. Housing rental yields in Nerang are currently 5.6% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 25 days in Merrimac to 47 days in Carrara, and the shortest median time to sell a unit is 40 days in Highland Park.

Top performing local suburbs Worongary

71

$730,000

29.8%

3.6%

Gilston

33

$663,000

9.6%

2.7%

Nerang

218

$470,000

4.0%

1.8%

Molendinar

19

$330,000

9.1%

1.1%

Merrimac

80

$377,000

5.9%

0.0%

Carrara

148

$429,000

5.1%

0.3%

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 288 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,126 square metres.

Suburb snapshot

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The suburb also has a medium apartment market with 99 units listed for sale over the past year.

Number Sold

●

The suburb is tightly held with residents typically holding their house for 11.1 years.

Median Sale Price

●

The median value of houses in Nerang is $491,601. This is higher than the median sales price which is currently $470,000.

●

Over the past 12 months, buyer interest has lifted with 218 houses sold this year compared to 203 sales last year.

●

Houses are typically selling within 33 days.

●

Sales prices have stabilised by 4.0% over the past 12 months and vendors are typically discounting by -4.3% to secure a sale.

●

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

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

●

Houses

Units

218

98

$470,000

$311,250

Annual Change in Median Price

4.0%

-2.7%

Median Asking Rent

$463

$390

Indicative Gross Rental Yield

5.6%

7.1%

Total Listings

288

99

Average Days on Market

33

43

$111.72m

$31.41m

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 5.6% yield, while units in Nerang are returning a 7.1% yield - representing great opportunity to lock in strong inflation busting returns.

The median price of a house in Nerang currently is $470,000 and average rents are $463 per week whereas median unit prices are $311,250 in Nerang with rents of $390 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 7.1% with median asking rents of $385 per week, while Merrimac also is worth watching with returns of 6.8% based on a median price of $377,000 and rents of $420 per week.

For those interested in investing in houses, also consider Highland Park where prices have eased -0.1% while yields are 5.5% - which could be a cash flow positive investment.

Unit prices in Nerang have eased -2.7% over the past year, meaning the suburb is now offering some good buying for smart investors.

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

218

$470,000

4.0%

$463

5.6%

Highland Park

97

$540,000

-0.1%

$530

5.5%

Carrara

160

$612,500

-0.4%

$520

5.4%

Nerang

98

$311,250

-2.7%

$390

7.1%

Highland Park

19

$305,000

-5.0%

$385

7.1%

Merrimac

80

$377,000

5.9%

$420

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.

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