$3m of sales in a few weeks

HOUSING development The Arbour at Burleigh Heads has recorded three sales worth nearly $3m in a matter of weeks.

The Arbour is being developed by Villawood, with sales and marketing managed by property services group Oliver Hume.

In recent weeks Oliver Hume has completed three sales at The Arbour, ranging in price from $949,000 to $1m.

The sites, which range from 653sq m to 778sq m, are larger than the Gold Coast average of 430sq m.

Oliver Hume Queensland project director Matt Barr said as well as being some of the largest new homesites available on the Gold Coast, they were located just a few minutes’ drive from popular Burleigh Heads beach and James St shopping and dining precinct.

“The Gold Coast has continued to outperform the rest of the country by becoming the hotspot for post-COVID homebuyers,” he said.

“However, with rising interest rates and costs, future residential developments have been put on hold, fuelling greater demand for pre-existing development projects.”

“There does not seem to be any slowing in the economic or population growth of the Gold Coast so we would expect the interest in premium homesites to continue.”

Sales at The Arbour and ongoing land shortage across the Coast helped lift the average price for a block of land on to $997,500 in the June quarter, according to research by Oliver Hume.

In the three months to the end of June, there were just 31 homesites sold in residential communities across the Gold Coast.

The average price was $997,500, and the average size was 430sq m. The Gold Coast made up just 2.5 per cent of the sales across southeast Queensland.

The lack of more affordable homesites means the average price of land on the Gold Coast has more than doubled over the last 12 months.

Mr Barr said the land shortage on the Gold Coast had reached a critical level, with the absence of affordable sites driving up interest in more premium sites like those at The Arbour.

“We desperately need more land before it begins to affect the attractiveness of the Gold Coast as a destination for international and interstate migration.”

The Arbour Burleigh was launched in 2021 and currently has seven homesites available ranging in size from 630sq m to 1503sq m swith prices starting from $749,900.

The project includes 66 homesites and has already recorded $34.2m in sales.