Robina Property Market Update 1st Half of 2024
In Q4 2023, Robina recorded a median house price of $1,157,000, and a median unit price of $717,500. This represents annual (Q4 2022 – Q4 2023) growth of 5.2% for houses and 4.0% for units. Total house sales decreased, by -6.1% (to 93 sales), but grew by 3.7% for units (to 113 sales). There is an undersupply of houses, which provided a buffer against higher interest rates. Now is an ideal time for house owners to capitalise on their investments. Units are now slightly more affordable, in good news for first home buyers.
Average vendor discounts between Q4 2022 and Q4 2023 have significantly tightened to -0.3% for houses, which is the tightest discount recorded for the past 18 months and swung to a premium of 0.5% for units. The peak of a discount has passed (in Q4 2022) for both houses and units. There is a shift in market dynamics, one that is more favourable for sellers. There is limited time for buyers to either benefit from the slight discount for houses or small premium for units.
House rental yields in Robina was 4.4% as of December 2023, higher than the Gold Coast (4.0%). This was paired with a 4.2% increase in median house rental price in the past 12 months, at $875 per week, and a -17.4% decrease (to 100 houses) in the number of housed rented. Average day on the market declined by -10.0%, to a historical low level of 18 days. The unit market shows the same trends, thus there is an undersupplied rental market in Robina, in good news to investors.
3-bedroom houses have provided investors with +6.7% rental growth annually, achieving a median rent of $800 per week.
Robina recorded a vacancy rate of 0.8% in December 2023, below both the Gold Coast City LGA average (1.0%) and Brisbane Metro (1.2%). Vacancy rates have fluctuated in the past 12 months, due to investors entering / exiting the market alongside cash rate patterns. That said it declined in the past 6 months, indicating a tighter market and quicker occupancy of rental properties. A 0.8% vacancy rate is well below the Real Estate Institute of Australia’s healthy benchmark, Thus, a conducive and sustainable environment for investors, even with a higher entry / sale price.
