The boom in the southern Gold Coast property market has seen buyers encountering at least one of two problems; a shortage of quality stock, or anything priced under $2 million. The high demand from locals and interstate purchasers has seen beachside projects that may have been on the market for six months usually, sell-out in half of that time, some even selling out after a database send. That’s left buyers waiting and wondering when the next opportunity will be to buy into the highly coveted coastal strip.
The high prices being achieved for apartments has resulted in land becoming more and more difficult to find, and more expensive. That, paired with continually problematic build costs, makes it difficult for developers to enable boutique projects to stack up. They inevitably must pass those added costs onto the buyers, who are now paying a premium to be a part of the southern Gold Coast lifestyle.
But a savvy purchase of a prime Bilinga site by a local development team means Nusa, a collection of just six luxury villas a stones throw from the beach, can offer something that nowhere else in the immediate vicinity can.
“With substantial increases in land value and construction costs since acquiring the site, we don’t see villas of this size, quality and proximity to beach being repeated at these prices,” Matt Thompson from developer Coastech Projects says.
Olindah Property Group’s Nicole Riley says there’s nothing like this kind of development on the southern Gold Coast, certainly not east of the Gold Coast Highway, for under $2 million.
Prices at Nusa start from under $1.8 million for 243 sqm, and the attractive price point saw three of the six villas sell almost immediately when Olindah fired out the opportunity to their database.
Demolition is soon to start on the 760 sqm site, which currently homes an original block of flats dating back to the 1970s. Genco Construction will be on site next month, with new residents being able to move in by September 2023.
Genco and the developer, veteran local builder turned developer Coastech, are the same team who delivered the luxury home, The Bilinga Hideaway, down the road at 173 Golden Four Drive, which was completed earlier this year. The coastal home recently sold for just under $3 million – and Riley says it’s been a confidence booster for prospective purchasers to be able to point to one of the best houses in Bilinga as a completed development with the team also taking some learnings to fine tune their target market.
Thompson says the team are delivering the same level of quality at Nusa.
“We identified a gap in the market for right-sizers looking to transition from their family house into a maintenance-free beachside lifestyle without sacrificing on size or quality,” Thompson says.
“So, we decided to take a unique approach for a development, by under developing the site to pave the way for an ultra-boutique project of just six spacious villas, being the perfect hybrid between a house and apartment.
While there’s a lot of exciting projects coming or underway in Bilinga, Nusa is the only non-apartment project, so we have a really unique point of difference for buyers” Thompson adds.
Just three Nusa villas remain, priced at $1,799,000 (Villa Two), $1,899,000 (Villa Three), and $1,929,000 (Villa One), each with a unique offering. Villa One has street front appeal and the option to add a plunge pool to the rear. Villa Three has been designed with northeast balconies to optimise ocean views.
Each villa has three bedrooms across 240 to 250 sqm of usable space.
The main living, kitchen and dining area is on the first level, and the three bedrooms on level two. Level three can be a multi-purpose space, with the option to have a fourth master bedroom, a second living area, a gym, or a home office. This level opens to a rooftop terrace with a kitchenette and views over the beach. The ground has a double car garage, storage and exclusive use yard.
“Our owners get the luxury of a private double garage and an exclusive yard space while still capturing ocean views at a reasonable price,” Thompson says.
“For most owners, Nusa will be one of their last property purchases, so we future-proofed each home by including private lifts,” Thompson says.
Confirming the prime location, two of the buyers are from arguably the two best street’s in their suburbs. One downsizer family is set to move from Palm Beach’s Jefferson Lane, the other is building on Hedges Avenue, Mermaid Beach’s millionaire’s row.
The third purchaser came from Brisbane and intends to enjoy the villa for themselves when it’s completed in mid-2023.
“We’re very fortunate in that the property market in Sydney and Melbourne is seeing a modest correction, whereas the Gold Coast isn’t suffering the same fate,” Riley added.
“There’s still new people moving here, wanting to park their money in the blue chip Gold Coast coastal strip, as they see long term growth in the area.”
Article source: www.urban.com.au
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