8 months ago

LJHN Local Market Report April 2018

What’s happening in

What’s happening in our local property market Strongest growth Most traded Fastest sellers Highland Park 13.6% Nerang 7.8% Nerang 213 sales Carrara 234 sales Highland Park 20 days Carrara 25 days At LJ Hooker Nerang, our goal is to provide you with the information you need to make conident decisions about property - whether you are buying, selling, investing or renting. We have created this report which details local market conditions and how property is performing in your area which at times can be very different to the combined performance of the capital cities. Let us help you stay on top of changes in your local property market every quarter. Across our local market, we have seen 1,924 properties listed for sale, over the past 12 months, which is higher than the same time last year. This has impacted sales with 1,894 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Highland Park which has seen its median sales price grow by 13.6%. The median sales price of a home in Highland Park is now $550,000. Nerang saw its median house sales price grow by 8.1% with the median price now sitting at $465,000 and Carrara grew 7.4% across 154 individual sales with a median of $582,500. The most traded suburb for houses in our area has been Nerang with 213 homes sold over the past 12 months while Carrara had the most unit sales with 234 transactions. House prices in Nerang have performed well with growth of 8.1% and now have a median price of $465,000. Over the past month, about $2,313,500 in units and $4,180,000 in houses has been sold in Nerang with $63.57m and $115.98m respectively sold over the past 12 months. Nerang has demonstrated the strongest price growth for units with prices rising 7.8% over the past 12 months. The median sales price for units in Nerang is now $325,500 and with a median rent of $370 a week, they offer a rental yield of 6.6%. The highest median housing rents in our area are $560 per week in Gilston and for units $440 per week in Carrara. Housing rental yields in Highland Park 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 20 days in Highland Park to 74 days in Mount Nathan, and the shortest median time to sell a unit is 25 days in Carrara. Top performing local suburbs Highland Park 88 $550,000 13.6% 3.0% Nerang 213 $465,000 8.1% 2.5% Houses Carrara 154 $582,500 7.4% 2.9% Nerang 187 $325,500 7.8% 1.7% Molendinar 73 $329,999 6.5% 0.9% Units Highland Park 29 $308,500 6.4% 0.8% Number sold (12 months) Median Price Median Growth 12 months Annual Change over 10 years Nerang

This month it’s all about Nerang d One of the most popular suburbs in our region is Nerang where 308 houses were listed for sale over the past year. Houses in Nerang have an average land size of 1,131 square metres. d The suburb also has a large apartment market with 227 units listed for sale over the past year. d The suburb is tightly held with residents typically holding their house for 12 years. d The median value of houses in Nerang is $453,296. This is lower than the median sales price which is currently $465,000. d Over the past 12 months, buyer interest has eased with 213 houses sold this year compared to 294 sales last year. d Houses are typically selling within 24 days. d Sales prices have grown by 8.1% over the past 12 months and vendors are typically discounting by -4.8% to secure a sale. d All of this means it is now a great time to sell in Nerang. Over 12-month period (1 Jan 2017 to 31 Dec 2017) Suburb snapshot Houses Units Number Sold Median Sale Price Annual Change in Median Price Median Asking Rent Indicative Gross Rental Yield Total Listings Median Days on Market Total Value of Sales 213 $465,000 8.1% $438 5.3% 308 24 $115.98m 187 $325,500 7.8% $370 6.6% 227 35 $63.57m Our local area expertise – investing For housing investors, the best buying in our area can be found in Highland Park where houses are returning a 5.3% yield, while units in Nerang are returning a 6.6% yield - making it a good place for savvy investors to look for inlation-beating returns. The median price of a house in Highland Park currently is $550,000 and average rents are $510 per week whereas median unit prices are $325,500 in Nerang with rents of $370 per week. This means it could be possible to purchase a cash-positive investment unit. Unit prices in Nerang have jumped by 7.8% over the past year, meaning investors who bought a year ago have seen good gains and good rental returns. Highland Park is the second best yielding unit suburb in our area with units that cost around the median price of $308,500 returning 6.4% with median asking rents of $370 per week, while Molendinar also is worth watching with returns of 6.2% based on a median price of $329,999 and rents of $383 per week. For those interested in investing in houses, also consider Nerang where prices have moved strongly by 8.1% while yields are 5.3% - which could be a cash low positive investment. Suburb Highland Park Nerang Carrara Nerang Highland Park Molendinar Highest yielding suburbs in our area Number Sold* 88 213 154 187 29 73 Median Sale Price* $550,000 $465,000 $582,500 $325,500 $308,500 $329,999 Change in Median Price* 13.6% 8.1% 7.4% 7.8% 6.4% 6.5% Median Asking Rent* $510 $438 $538 $370 $370 $383 Indicative Gross Rental Yield* 5.3% 5.3% 5.1% 6.6% 6.4% 6.2% Nerang

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