Oliver Hume Predicts LURA Sell Out

Property services agent Oliver Hume has achieved over 170 sales or over 10 sales per week, in just four months at LURA, with predictions the 282 lot Coomera residential land estate will be completely sold out before Christmas.

Oliver Hume has reached the record amount for the $70 million Partners in Property-developed estate at Amity and Foxwell Roads.

The first three stages are already sold out, with lots ranging from 300sqm to 849sqm. Prices for the lots begin from $220,000.

Oliver Hume Joint Managing Director Brinton Keath said the LURA project was currently the Gold Coast’s fastest selling land project in the past 15 years, with the project now 18 months ahead of schedule.

“$40 million or 170 sales in land sales in four months is something that has never been seen been before on the Gold Coast. The market is unbelievably strong at present,” Mr Keath said.

“For this location, you normally wouldn’t expect 170 sales in a year let alone four months.

“Given the phenomenal buyer interest, we’re confident that all 282 lots will be completely sold before the end of the year."Mr Keath said the Coomera land market was “white hot” with inquiries soaring since the commencement of the Section 52 overpass and the impending launch of Westfield Coomera.

“Sales have tripled since the announcement of the overpass and subsequently the Coomera Town Centre,” he said.

“The 15 year average of land sales on the Gold Coast is 1,750 and the city will well and truly surpass this figure in 2015. We expect it to top the 2,000 sales mark which will be the first time this has happened since 2007.

“While we’re witnessing an unprecedented boom within the region there’s still a significant undersupply of up to 800 lots when considering the current demand levels.

“The available residential zoned land is under immense pressure, as we’ll see almost all of this land taken up during the current property cycle.

“The pressure for the release of the Cane Field’s land further north is going to be on the cities doorstop in the next five to 10 years, not the next 20 years.”