Ormeau Local Market Report - January 2023

What’s happening in our local property market

Strongest growth Most traded Fastest sellers

Kingsholme 26.7%

Ormeau 25.0%

Pimpama 636 sales

Pimpama 101 sales

Ormeau Hills 15 days

Pimpama 13 days

Across our area, there were 1,337 listings advertised in the past 12 months compared to the rolling 12 month listings of 1,497 reported last quarter. Let's take a look at the rest of the data for our local market.

Across our local market, we have seen 1,337 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,329 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Kingsholme which has seen its median sales price grow by 26.7%. The median sales price of a home in Kingsholme is now $1,652,500. Yatala saw its median house sales price grow by 22.9% with the median price now sitting at $1,272,500 and Pimpama grew 22.3% across 636 individual sales with a median of $660,500.

The most traded suburb for houses in our area has been Pimpama with 636 homes sold over the past 12 months and it also had the most unit sales with 101 transactions. House prices in Pimpama have performed strongly with growth of 22.3% and now have a median price of $660,500.

Over the past month, about $3,177,000 in units and $30.43m in houses has been sold in Pimpama with $51.28m and $453.6m respectively sold over the past 12 months.

Ormeau has demonstrated the strongest price growth for units with prices rising 25.0% over the past 12 months.

The highest median housing rents in our area are $695 per week in Jacobs Well and for units $550 per week in Pimpama. Housing rental yields in Pimpama are currently 4.4% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 15 days in Ormeau Hills to 30 days in Yatala, and the shortest median time to sell a unit is 13 days in Pimpama.

This month it’s all about Ormeau

● One of the most popular suburbs in our region is Ormeau where 363 houses were listed for sale over the past year. Houses in Ormeau have an average land size of 1,021 square metres.

● The suburb also has a small apartment market with 17 units listed for sale over the past year.

● The suburb is tightly held with residents typically holding their house for 9.4 years.

● The median value of houses in Ormeau is $751,858. This is higher than the median sales price which is currently $725,000.

● Over the past 12 months, buyer interest has eased with 337 houses sold this year compared to 372 sales last year.

● Houses are typically selling within 17 days.

● Sales prices have grown by 20.2% over the past 12 months and vendors are typically discounting by -4.6% to secure a sale.

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

Our local area expertise – investing

For housing investors, the best buying in our area can be found in Pimpama where houses are returning a 4.4% yield, while units in Pimpama are returning a 5.0% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Pimpama currently is $660,500 and average rents are $620 per week whereas median unit prices are $502,000 in Pimpama with rents of $550 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Pimpama have jumped by 18.6% over the past year, meaning investors who bought a year ago have seen good gains and

Highest yielding suburbs in our area

Suburb

Over 12-month period (1 Oct 2021 to 30 Sep 2022)

Houses Units

Pimpama

Jacobs Well

Ormeau Hills

Pimpama

Over 12-month period (1 Oct 2021 to 30 Sep 2022)

Suburb snapshot Houses Units

Number Sold

Median Sale Price

Annual Change in Median Price

Median Asking Rent

Indicative Gross Rental Yield

Total Listings

Average Days on Market

Total Value of Sales

33721

$725,000$500,000 20.2%25.0% $620 NA 4.3% NA 36317 1716

$267.36m$10.22m

good rental returns.

For those interested in investing in houses, also consider Jacobs Well where prices have moved strongly by 13.8% while yields are 4.4% - which could be a cash flow positive investment.

Number Sold Median Sale Price Change in Median Price Median Asking Rent

636 76 128 101

$660,500 $887,500 $720,000 $502,000

22.3% 13.8% 22.0% 18.6%

$620 $695 $650 $550

Indicative Gross Rental Yield

4.4% 4.4% 4.4% 5.0%

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