Varsity Lakes: Home or Investment?

By Cameron Oliver – Bond University Journalism Student

A survey conducted in Varsity Lakes found locals believed there were too many rental properties in the area.

Reefwind Real Estate general manager and Varsity Lakes resident Kevin McMullan said he had noticed that the amount of renters in the area had increased in recent years.

“Varsity [Lakes] is a popular area for renters because it’s good value for money when compared to other suburbs on the Coast like Broadbeach,” he said.

“Although many houses in the area may look expensive, many are made with cheap materials therefore lowering rent.”

The Delfin Lend Lease Varsity Lakes market update said area’s population was 8000 and was one of the growth rate was one of the highest in Australia.

Varsity Lakes attracted one new family a day and the average rental price was around $430 a week the update said.

Telstra employee Alicia Zaniewska said she believed the area had become over populated with renters

“There are so many people sharing accommodation here now,” she said.

Ms Zaniewska said many renters did not take care of their houses detracting from property value for home owners.

“Maybe it’s because of the university, I’m not sure but it makes it hard for home owners.”

The Delfin Lend Lease Varsity Lakes market update also said the population was growing

The Delfin market update predicted there will be 10,000 residents and 4500 homes when the development of Varsity Lakes is completed in 2011.