Suburb Profile Report for Merrimac QLD (4226)

Merrimac House: Median price $497,000, Annual capital growth 3.78%, Number of sales 91, Weekly median advertised rent $460

Merrimac Unit: Median price $330,000, Annual capital growth 4.15%, Number of sales 109, Weekly median advertised rent $415

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property value increases in Merrimac have tracked just higher than the QLD average of 2.06% over the last 12 months.

Merrimac,4226 was ranked 2462 in Australia by increase in median property value over the quarter.

Merrimac4226 is located in QLD which offers an average discount of -7.32% to property investors. Merrimac itself is showing figures that indicate -3.71% is the average achievable by property buyers investing in the suburb.

Advertised rents are around the $460 mark per week – giving a return of 4.81% based on the median price in Suburb

Merrimac is in the bottom 20% in QLD when comparing median price capital growth over the last year. Merrimac gave property investors a dismal capital gain figure when compared to the rest of the state, with -9.09%.

Over the longer term, Merrimac has seen property prices show investors a -13.50% return over the last 3 years. This is an improvement over the last 12 months

Property investors looking for a bargain in Merrimac should be aiming for at least -4.44% off the asking price, which is the average vendor discount being achieved at the moment.

Residents and property investors in Merrimac have been waiting around 65.12 days to sell a property.

Merrimac, 4226’s gross rental yield is 6.54%

YIP MAG Information supplied by:

YIP MAG
May 2016

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On the western fringe of the Gold Coast, Merrimac’s properties for sale have been harder to come by over the past 12 monthsFull summary On the western fringe of the Gold Coast, Merrimac’s properties for sale have been harder to come by over the past 12 months.

Real Estate Investar’s figures show that since the corresponding period last year, the number of properties on the market in Merrimac has dipped by nearly a quarter.

This fall in stock could come down to two things: either buyers have taken notice of market movements and have looked to swoop in, or vendors have become content to sit and reap capital growth.

The median house price in Merrimac currently sits at a relatively affordable $470,000 and has shown good signs of growth in recent times, increasing by 24% in the past three years.

Units in the suburb haven’t been performing as well, though: their median price has gone backwards by 16% in the past five years.

The differing performance of houses and units can also be seen in their time on market, with houses taking 45 days to sell, and units 90.Close
HOUSE UNIT
$497,000 $330,000
0.40% 0.00%
4.63% -9.09%
3.78% 4.15%
$460 $415
91 109
4.81% 6.54%
50.06 65.12

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
Find a mortgage broker in Merrimac QLD
Demographics
Total population 6320
Median household income ($/weekly) 1229
Median age of persons 34
Median housing loan repayment ($/monthly) 1842
Average household size 2.7
  • Census Count Percent(%)
    5-14 years 868 13.7
    25-34 years 965 15.3
    35-44 years 955 15.1
    45-54 years 781 12.4
    55-64 years 591 9.3
    Others 2161 34.2
    Age Group
    Census Count Percent(%)
    Registered Married 1902 45.1
    Not Married 1782 42.2
    Defacto Relationship 534 12.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 3794 66.1
    South Korea 90 1.6
    Papua New Guinea 622 10.8
    United Kingdom 323 5.6
    Other 285 5.0
    Others 629 11.0
    Country of Birth
    Census Count Percent(%)
    Buddhism 141 2.6
    Christianity 3809 70.1
    Islam 25 0.5
    Other Religious Groups 26 0.5
    No Religion 1414 26.0
    Others 17 0.3
    Religious Affiliation
  • Census Count Percent(%)
    $600-$799 205 11.1
    $1,000-$1,249 211 11.4
    $1,250-$1,499 202 10.9
    $1,500-$1,999 316 17.0
    $2,000-$2,499 196 10.6
    Others 724 39.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 1791 40.8
    Not in the labour force 1212 27.6
    Employed, worked part-time 982 22.4
    Unemployed, looking for work 212 4.8
    Employed, away from work 193 4.4
    Person Characteristics
  • Census Count Percent(%)
    Professionals 460 15.5
    Technicians & trades workers 489 16.5
    Community & personal service workers 376 12.7
    Clerical & administrative workers 437 14.7
    Sales 413 13.9
    Others 794 26.7
    Occupation
    Census Count Percent(%)
    Pre-school 89 6.1
    Infants/Primary 533 36.6
    Secondary 447 30.7
    Technical or Further Educational Institution 126 8.6
    University or other Tertiary Institutions 211 14.5
    Others 52 3.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 3674 65.7
    Semi-detached, row or terrace house, townhouse 1872 33.5
    Flat, unit or apartment 43 0.8
    House or flat attached to a shop, office 7 0.1
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 836 41.6
    Being purchased 834 41.5
    Fully owned 334 16.6
    Other tenure type 4 0.2
    Tenure Type
Census 2011, ABS
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Recent sales & rentals