Varsity Lakes home sails past $2m to set a new suburb record

2 Massachusetts Court, Varsity Lakes, has set a new price record for the suburb.
A Varsity Lakes home has become the second to smash through a $2m ceiling to set a new price record in the suburb.
The five-bedroom property at 2 Massachusetts Court on the banks of Lake Orr sold for $2.27m through Michelle Wegener of Harcourts Coastal.
Views over Lake Orr were a winner.
The home which has the capacity for dual living and was last sold in 2015 for $1m, was bought by a multi-generational family from Melbourne, who fell in love with the water views.
It is the second property in the suburb to fetch more than $2m, exceeding by almost $200,000 the previous record price of $2.08m set in March.
“It’s a good result for the suburb, which is really entering new territory,” Ms Wegener said.
“The first group that went through the home ended up buying it and the negotiations went on for five or six weeks, so they were genuine.
The house was bought by a Melbourne family.
“We had several offers on it and while there may not be as many buyers around, the ones that are there are quality, who are prepared to pay for the right home.”
Varsity Lakes has always stood in the shadow of the larger and better-recognised suburb of Robina to its northwest and popular Burleigh Heads to the southeast.
The home has four garages.
But Ms Wegener said Varsity was now starting to come into its own as buyers were priced out of the more expensive neighbouring areas.
“Varsity has always been a bit of a secret spot, but it is now being discovered because it has some great infrastructure,” she said.

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“Coles has recently spent $7m acquiring a site on the main road, so if they put a supermarket there, it will be great for the area.
The upper-level has been turned into a self-contained space for multigenerational living.
“It also has some of the region’s best state schools, including Varsity College, where everyone wants to send their kids, but you need to live in the catchment.”
The latest quarterly property data from PropTrack shows that price growth in Varsity has dipped by 3.2 per cent over the past quarter, but over the year it still stands at a strong 22 per cent.
Varsity was not the only suburb to experience a drop in values over the past three months.
House prices in Varsity are up 22 per cent over the year.
Across the Gold Coast more than 40 per cent of suburbs registered a fall as higher interest rates bite and the market slows. Burleigh dropped by 6.6 per cent, and last year’s price growth star Mermaid Waters, to the north of Varsity, dipped 4.1 per cent. Robina was less affected with a fall of 0.6 per cent.
Comparatively, Varsity still remains affordable with the median price sitting at $1.3m compared to $1.5m in Burleigh.
A peaceful place to sit.
“Prices have gone through the roof in Burleigh and it has become out of reach for many,” Ms Wegener said. “Varsity is right nextdoor and still close to the beach, so for $200,000 to $300,000 less than Burleigh you can be only two minutes away anyway,” she said.
Yet Varsity also has a lot of its own to offer, according to Ms Wegener.
“Varsity has come alive. More people are hearing about it and there is a whole lifestyle emerging around the lake, with people jogging, riding their bikes or walking around it. And there’s the rowing club. It’s a hive of activity centred around the water.
“And you can also walk to the shops. It’s not far from anything really.”

2 Massachusetts Court, Varsity Lakes

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