THE central Gold Coast property market centred on Robina is showing signs of recovery driven by dramatically different fundamentals to that of the tourist strip, according to a The Robina Group development arm director.
Robina Projects Australia’s (RPA) director Tony Tippett said Robina had been less impacted by fluctuations in the market driven by a predominantly local market that has remained robust in recent years.
He said evidence of the strong state of the residential market could be found in sales activities across a range of projects under-taken by RPA.
Century 21 Princz Property Group principal Frank Princz said the Gold Coast had some fantastic “niche” real estate pockets currently enjoying increasing buyer activity.
“Varsity Lakes and Robina are two examples of areas that fit,” he said.
“Both areas have extensive infrastructure and services. In addition they receive some of the highest median rents and are also reporting property growth (based on last quarter’s figures).
“This value is recognised by many independent property analysts including tertiary and unbiased commentators such as the Commonwealth Bank that is currently rating the entire Gold Coast as an ‘extreme buyers’ market’.”
RPA reports few apartments remain for sale in their latest apartment projects — 38 Riverwalk Avenue and The Wharf apartments.
RPA’s $10 million Paddington Terraces has also recently sold out of the first stage.
“We’re very happy with the state of play in both the residential and commercial sectors of the Robina market,” Mr Tippett said. “We are virtually sold out of our residential apartment product, with just two out of 115 apartments remaining. Sales are ticking over nicely in Paddington Terraces, which has plugged into strong demand for terrace homes in the Robina community for both owner-occupiers and investors.
“Robina has certainly been less affected by the fluctuations of the coastal strip because of its popularity in terms of a location.
“We’ve had a general policy of releasing new product based on market conditions but we are noticing a distinct increase in sales activity across the board, which will see the acceleration of new projects in the very near future.”
Mr Tippett said Robina’s strength as a residential destination was underpinned by value drivers such as Robina Town Centre, the growth of the CBD Robina precinct, the Robina Hospital and Queensland Health precinct, the M1, the Robina train line and Bond University.
