Property Manager Ormeau Hills
Property Manager’s Suburb Report For Investors & Landlords
Your Local Expert Property Manager
Statistics Summary – Houses
Median rental price: $490 per week.
Median sale price: $500,000
Average gross rental yield: 5.10%
Change in Median Price (House)
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Property Manager’s Comments & Perspective On The Area
Ormeau Hills is essentially an extension of Ormeau (click here to see the profile I recently wrote on this suburb).
The broader Ormeau area is unique with an attractive mixture of properties ranging from medium density residential homes, to large acreage lots, commercial and shopfront, industrial warehouses, as well as terraced homes & townhouses. However, Ormeau Hills comprises only of residential with the small exceptions of a few businesses along Peachy Road, running parallel to the motorway. The residential homes are either medium to low density homes with block sizes ranging from about 400m2 all the way to large acreage sites.
From a rental management point of view, the quiet lifestyle that Ormeau Hills offers gains a great deal of interest from potential tenants given its proximity to major industry in both Ormeau and Yatala/Stapylton, as well as being approximately half way between Brisbane and Surfers Paradise.
Ormeau Hills is one of the most desirable suburbs along the Gold Coast corridor and in my experience, has been one of the easiest suburbs in which to rent properties and keep medium to long term tenants.
The average vacancy rate over the past 5 years within Ormeau Hills has been 1.9% according to SQM Research.
As I wrote within the Ormeau report recently, there really is no major downside to owning in Ormeau or Ormeau Hills as far as being able to find and keep good tenants. However there has been low growth in the area over the past 10 years and has not kept up with the Gold Coast average, but this is partly due to large acreage properties being split up and sold into medium density home lots at lower prices, so the averages are likely skewed a little due to this development which is ultimately good for the area.
What is the best way to find quality tenants in this area?:
The average home within Ormeau Hills is less than 10 years old and the major demographic is couples with children (families). The best way to find quality tenants is to target the advert copy and images around promoting the size and features of the home, as well as the area with it’s relaxed lifestyle while being close to major amenities.
Ensuring adverts have good quality photos of major selling points such as kitchen, bathrooms, living areas, outdoor entertaining and view/perspective are key to getting the most amount of enquirers and applications.
Sometimes competition can be high and in these times, I will recommend a ‘feature’ or ‘highlight’ advert on realestate .com .au. Also depending on the type of property, this can be an advisable option, especially if asking a premium with a unique home.
There are plenty of quality tenants, the vacancy rate is very low and demand for housing is high. Additionally, gross yield at over 5% remains substantially higher than the average within the broader Gold Coast region despite the lower-than-average capital growth rate.
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