Robina Property Market Update 2nd Half of 2023
In Q2 2023, Robina recorded a median house price of $1,120,000, and a median unit price of $722,500. This represents annual (Q2 2022 – Q2 2023) softening of -4.4% for houses and growth of 3.6% for units. On a quarterly (Q1 2023 – Q2 2023) basis however, median house price grew by 1.3%. Thus, cash rate hikes did translate into the house market, but consumer confidence is now returning. Interestingly house sales have declined in the past quarter, explaining the recovery in prices. Unit sales have increased annually and quarterly, which suggests a highly demanded and strong market throughout cash rate hikes.
Average vendor discounts between Q2 2022 and Q2 2023 have swung from a premium to a discount for both property types, of -2.9% for houses and -0.5% for units. The market conditions in Robina now favour buyers, as vendors are willing to accept below the first listing price. However, Q2 2023 average vendor discount are tighter than the past 6 months, thus buyers must act fast.
House rental yields in Robina was 4.6% in June 2023, above Gold Coast Main (3.8%). This was paired with a slight -4.5% median house price softening (to $850 per week) in the past 12 months to Q2 2023, alongside a 43.2% increase the number of houses rented (up to 106 rentals). Median unit price increased by 56.8% (to $630 per week) in the past 12 months and the number of units rented and 37.1% respectively, which suggests a highly supplied rental market.
3-bedroom houses have provided investors with +5.3% rental growth annually, achieving a median rent of $800 per week.
Robina recorded a vacancy rate of 1.3% in June 2023, which is below Gold Coast Main (1.6%) and above Brisbane Metro (1.0%) average. Vacancy rates in Robina grew slightly in the past 12 months, due to investors returning and capitalising on the tight market. However, 0.6% vacancy rate is still a very low reading and well below the Real Estate Institute of Australia’s healthy 3.0% benchmark. This creates a conducive and sustainable environment for investors.
