Your Local Market Report October 2020 - Ormeau and surrounds

localmarket rty report prope local Your This report covers your local suburbs of Jacobs Well, Kingsholme, Ormeau, Ormeau Hills, Pimpama and Yatala

October

2020

(07) 5549 4500 ormeau@ljhooker.com.au ormeau.ljhooker.com.au

LJ Hooker Ormeau

What’s happening in our local property market Strongest growth

Most traded

Fastest sellers

Ormeau Hills 4.7%

Pimpama 246 sales

Yatala 42 days

Pimpama -13.8%

Pimpama 26 sales

Pimpama 45 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 1,083 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 635 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Ormeau Hills which has seen its median sales price grow by 4.7%. The median sales price of a home in Ormeau Hills is now $524,000. Ormeau saw its median house sales price grow by 4.2% with the median price now sitting at $500,000 and Pimpama eased -0.4% across 246 individual sales with a median of $470,000.

The most traded suburb for houses in our area has been Pimpama with 246 homes sold over the past 12 months and it also had the most unit sales with 26 transactions. House prices in Pimpama have remained relatively stable with falls of -0.4% and now have a median price of $470,000.

Over the past month, about $365,000 in units and $4,925,000 in houses has been sold in Pimpama with $9,328,000 and $120.82m respectively sold over the past 12 months.

Pimpama has demonstrated the the lowest price falls for units with prices falling -13.8% over the past 12 months. The median sales price for units in Pimpama is now $350,000 and with a median rent of $390 a week, they offer a rental yield of 6.0%.

The highest median housing rents in our area are $483 per week in Jacobs Well and for units $390 per week in Pimpama. Housing rental yields in Ormeau Hills are currently 5.3% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 42 days in Yatala to 69 days in Pimpama, and the shortest median time to sell a unit is 45 days in Pimpama.

Top performing local suburbs Ormeau Hills

68

$524,000

4.7%

0.3%

Ormeau

225

$500,000

4.2%

1.0%

Pimpama

246

$470,000

-0.4%

1.4%

Pimpama

26

$350,000

-13.8%

0.3%

Houses

Units

Number sold (12 months)

Median Price

Median Growth 12 months

Annual Change over 10 years

LJ Hooker Ormeau

This month it’s all about Pimpama One of the most popular suburbs in our region is Pimpama where 415 houses were listed for sale over the past year.

Houses in Pimpama have an average land size of 614 square metres.

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The suburb also has a medium apartment market with 59 units listed for sale over the past year.

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The suburb is tightly held with residents typically holding their house for 5.7 years.

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The median value of houses in Pimpama is $472,170. This is higher than the median sales price which is currently $470,000.

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Over the past 12 months, buyer interest has lifted with 246 houses sold this year compared to 235 sales last year.

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Houses are typically selling within 69 days.

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Sales prices have eased by -0.4% over the past 12 months and vendors are typically discounting by -5.3% to secure a sale.

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All of this means it is now a great time to sell in Pimpama.

Suburb snapshot

Houses

Units

246

26

$470,000

$350,000

Annual Change in Median Price

-0.4%

-13.8%

Median Asking Rent

$430

$390

Indicative Gross Rental Yield

5.2%

6.0%

Total Listings

415

59

Average Days on Market

69

45

$120.82m

$9,328,000

Number Sold Median Sale Price Over 12-month period (1 Jul 2019 to 30 Jun 2020)

●

Total Value of Sales

Our local area expertise – investing For housing investors, the best buying in our area can be found in Ormeau Hills where houses are returning a 5.3% yield, while units in Pimpama are returning a 6.0% yield - making it a good place for savvy investors to look for inflation-beating returns.

smart investors.

For those interested in investing in houses, also consider Pimpama where prices have eased -0.4% while yields are 5.2% - which could be a cash flow positive investment.

The median price of a house in Ormeau Hills currently is $524,000 and average rents are $440 per week whereas median unit prices are $350,000 in Pimpama with rents of $390 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Pimpama have dropped substantially by -13.8% over the past year, meaning the suburb is now offering some good buying for

Highest yielding suburbs in our area Number Sold

Median Sale Price

Change in Median Price

Median Asking Rent

Indicative Gross Rental Yield

Ormeau Hills

68

$524,000

4.7%

$440

5.3%

Pimpama

246

$470,000

-0.4%

$430

5.2%

Jacobs Well

48

$557,500

-1.3%

$483

4.9%

Pimpama

26

$350,000

-13.8%

$390

6.0%

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

Suburb

Houses

Units

LJ Hooker Ormeau

S ER M

MO ST

IED CUS TISF TO SA

2018

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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 Ormeau. the team (07) 5549 4500 ormeau@ljhooker.com.au LJ Hooker Ormeau ormeau.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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