Downsizing baby boomers and Gen Ys are driving demand for terrace homes in the central Gold Coast, with values skyrocketing by 80 per cent over the last decade.
New research by independent property analyst Urbis found terrace homes had increased in value by 6 per cent per annum in Robina in the last 10 years, achieving individual sale prices of up to $699,000 in the last 12 months.
The Urbis Market Outlook found the consistent increase in values could be attributed to several factors, including the growing appeal of this style of living with baby boomers and Gen Ys in particular.
Azura Griffen, sales manager at Robina Group, said the trend was reflected in sales at the newly launched $170 million Vue Terrace Homes, overlooking the 17 hectare Robina City Parklands.
“Both of these demographics have a desire for low maintenance living in amenity-rich locations, meaning everyday conveniences and lifestyle assets like restaurants and shopping are in easy reach,” she said.
“In addition, young professionals want to be close to employment opportunities, which makes urban locations like Robina a top choice for terrace living.
“The development of new and high quality terrace home communities in Robina, like Vue Terrace Homes, to meet this demand has resulted in strong increases in both the volume of sales and the median price over the past decade, and the trend is only set to continue.”
The Urbis research also found three bedroom terrace homes achieved a median weekly rent of $523, well above the median rent for the area of $465, while vacancy rates remained extremely low.
Robina real estate agents are also reportedly achieving weekly rents of $580 to $610 for three-bedroom terrace homes.
As a whole suburb, Robina achieved higher weekly rents than the wider Gold Coast region.
Ms Griffen said the popularity of Robina with renters could be attributed to its high liveability and central location, which also made it a top choice for investors…
She said Vue had already achieved $12 million in sales since its launch in mid-October.
“Vue has appealed to buyers, who are looking for a modern and low maintenance home that is away from the hustle and bustle, but close to the heart of the action,” she said.
“The community ticks all the boxes, featuring a fresh take on Robina Group’s award winning signature terrace home design and an elevated resort-style pool and barbeque area with beautiful water and parkland views. Many homes will enjoy a spectacular Gold Coast skyline view”.
“At the same time, its just minutes from virtually every modern convenience and luxury you could need, along with one of Gold Coast City’s leading business hubs”.
“First home buyers, young professionals, empty nesters and investors have all already secured their place in the project and we have been inundated with enquiries since we launched the homes.”
Stage one of Vue Terrace Homes, which will be situated on East Lane, features 71 three-bedroom, plus media, dual level terrace homes, priced from $599,000.
Each home in the gated community features a modern and flexible design, European appliances, high quality finishes and fixtures and will be NBN-fibre ready on completion, allowing access to super-fast internet.
Construction is expected to start on Vue Terrace Homes early next year (2017).