Photo caption: Prospective
buyers examine the Blu
sales office.
Photo by Ryan Paterson |
(By Ryan Paterson, Bond University Journalism student)
The negative stigma surrounding the Gold Coast real estate market has recently affected new Varsity Lakes property developer, Blu.
Blu is the latest luxury property development in the Varsity Lakes area, and Managing Director Ben Skubris said it isn’t selling as well as it should.
“We’ve got ten unconditional contracts, but it’s not good enough in my book,” he said.
“The Gold Coast itself is getting tarred with the same brush and as much as we’re a different product, we’re still getting effected by the sentiment.
“It’s just the herd mentality.
“Brisbane’s going okay, Sydney’s going okay, Melbourne’s going okay, but the Gold Coast has still got this speculative image.”
Blu, which will be located within South Bay, is made up of 11 lakefront terrace houses, 47 two-bedroom apartments and 17 three-bedroom apartments.
Also included in the development are a pool terrace, a barbeque terrace, a lawn terrace, a 20-metre pool and a fully equipped gymnasium.
Prices start at $429,000 as opposed to other Gold Coast developments, which can cost up to $1million.
Bond University Property and Sustainable Development student Tamyka Patterson said that the development is a good investment.
“From a design point of view, it’s definitely of a high standard,” she said.
“The architects did a great job in constructing a high quality, low cost style of building.
“When the market recovers I would expect a place like Blu to sell very well.”
Mr Skubris is optimistic about the future and hopes that the real estate industry on the Gold Coast recovers soon.
Blu began selling in December, and construction is expected to begin halfway through 2011.
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