Suburb spotlight: Expat buyer drops $2.5 million on Robina home

An expat couple has dropped $2.5 million on a Robina home fronting a golf course in a deal rivalling waterfront prices in the sprawling Gold Coast suburb.

The five-bedroom, three-bedroom house at 19 Banff Ct was on the market for the first time since it was built in 2003 and attracted strong interest from local as well as international buyers through the campaign.

It was marketed by Ben Williams, of Re/max Regency, and notched up the highest sale price on record for a dry block, or non-waterfront property, in Robina.

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The property faces the Palmer Golf Course in Robina

Mr Williams said 12 offers were received within the first two weeks of the expressions of interest campaign, including from buyers in London, New York, China and Dubai.

An Australian expat and his wife who had been living in Malaysia for several years made the successful cash offer.

“Even though the market is changing due to to the RBA [Reserve Bank of Australia] increasing interest rates, well-presented properties in good locations are still achieving sensational and record-breaking prices, even in suburbs like Robina that have recently seen annual growth decline from the Covid boom we experienced,” Mr Williams said.

“This sale further cements how attractive the Gold Coast property market is to international buyers, even in this very challenging market.”

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High ceilings are an appealing feature

The property on a 1,221sq m block facing Palmer Golf Course had been renovated in 2018 and featured multiple living areas with 4.4m-high ceilings, a media room or home office, and generously proportioned bedrooms, as well as an al fresco entertaining area with a saltwater pool.

PropTrack records show house prices in Robina have levelled off from the pandemic boom of 2021/22, but climbed 4.8 per cent over the last 12 months to a median of $1.05 million.

PropTrack senior economist Eleanor Creagh said the impact of 11 interest rate hikes since last year had been counterbalanced by continued strong housing demand and tight supply, underpinned by the return of international migration and low rental vacancy.

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The property was renovated in 2018

Commenting on the RBA’s decision to lift the cash rate to 3.85 per cent — its highest level since April 2012, Ms Creagh said:

“Even as interest rates continued to rise this month, the end is in sight. It is likely the bottoming process will continue, with the bounce in home prices firming and values stabilising as uncertainty eases.”

The highest recorded sale for a residential property in Robina was $2.765m for a renovated home with a tennis court fronting the canals at 5 Pipers Point.

It sold under the hammer in March this year.

Robina is popular with families for its central location and proximity to major shopping hubs, highly regarded public and private schools, and Bond University.

Article source: Queensland Property Investor