Suburb Profile Report for Merrimac QLD (4226)

Merrimac House: Median price $520,500, Annual capital growth 4.12%, Number of sales 81, Weekly median advertised rent $470

Merrimac Unit: Median price $335,000, Annual capital growth 4.27%, Number of sales 116, Weekly median advertised rent $430

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Over the last year, property investments in Merrimac, 4226 have given investors a capital gain of 10.74%. This compares very favourably with the 2.39% for QLD as a whole.

The five-year average increase in median property values for Merrimac,4226 has given property investors a potential capital gain of 36.97% across each of those five years.

LACK OF BUYER INTEREST may well be the reason that Merrimac is offering property investors an average of -7.16. This rate of discount on properties puts Suburb at number 775th in terms of most discounted suburbs in QLD

At number 920 in a list of fastest selling suburbs, Merrimac is in the TOP 30% of suburbs in Australia with an average of days on market 58.16 for properties listed there.

Using the current median advertised rental of $470 and the average annual increase in value of a median property of 4.12%, investors should hope to achieve an overall return of 4.70%

At number 1549th in the list of Australian suburbs ordered by increase in median house value over the last year, Merrimac, 4226 is in the BOTTOM 20% with a property value increase of -9.95% recorded in median house prices.

Across a shorter period, Merrimac, 4226 has seen a median price increase of 0.00% over the last quarter.

Vendor discounting in Merrimac is giving property investors an average Vendor Discount of around -4.65%. This puts suburb at number 233th in QLD when ranking the most discounted suburbs.

Advertised rents are around the $430 mark per week – giving a return of 6.67% based on the median price in Suburb

YIP MAG Information supplied by:

YIP MAG
May 2016

M
O

W
E
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
Metrics i HOUSE UNIT
$520,500 $335,000
4.41% 0.00%
10.74% -9.95%
4.12% 4.27%
$470 $430
81 116
4.70% 6.67%
58.16 68.17

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
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
Chart Table
Recent sales & rentals