Metacap's Riverbend over-50s estates log $39m in sales
Metacap's two Riverbend over-50s communities have recorded about $39m in sales across Hervey Bay and Agnes Water, on a combined $280m of projects.
Developer Metacap has recorded about $39 million in sales across its two Riverbend over-50s communities at Hervey Bay and Agnes Water, according to realestate.com.au. For Queensland developers, the numbers point to buyer depth for age-restricted housing well north of the south-east corner.
Why it matters
The two estates carry a combined investment of $280 million. Riverbend Hervey Bay is a $130 million, 160-home gated community in the Fraser Coast region. Riverbend Agnes Water is a $150 million, seven-stage project in the Gladstone Regional Council area, the report says.
Regional over-50s product has often been treated as a slow, thin market. These results suggest buyers will commit to off-the-plan and staged homes outside the major centres when the price gap to the city is wide.
Riverbend sales director Steve Condon framed it as a value story. He said a three-bedroom home in a secure estate sells for the same price as a one-bedroom apartment in Sydney, Brisbane or the Gold Coast, per the article.
For builders, the program is also a pipeline signal. Two builders are carrying the delivery, and the Agnes Water schedule runs for years.
The numbers
Hervey Bay has recorded 32 sales worth about $24 million, according to the report. That is roughly one in five of the 160 homes. Prices run from $730,000 to $850,000.
The estate is almost halfway built. The remaining homes are expected to be finished within 12 to 18 months, the same article states.
Agnes Water has logged more than $15 million in sales. The article does not give a home count or a price range for that estate, so those figures are not reproduced here.
Together the two figures make up the $39 million headline. Measured against the $280 million combined investment, sales to date are about 14 per cent of project value. That is our calculation from the reported figures, not a number supplied by the developer.
Construction is split between two firms. AGI Homes is delivering the Hervey Bay program and is also working at Agnes Water alongside Skycity Homes, the report states. Agnes Water is scheduled for progressive completion through to 2032.
Condon said demand was coming from independent downsizers.
“Riverbend is meeting a clear demand from people who want to enjoy a coastal lifestyle while remaining independent and living in a well-designed, secure community.”
What’s next
Hervey Bay is the nearer-term test. With the build close to half complete, the key question is how quickly the remaining 128 homes sell as buyers can inspect finished product. That count is simply 160 less the 32 reported sales.
Agnes Water has the longer runway. A program running to 2032 means sales pace and construction capacity will both be tested over several years, and builders in the Gladstone region should watch the staging.
Other Queensland operators eyeing regional over-50s sites can read the data two ways. Demand looks real at roughly $730,000 to $850,000 a home, but the evidence here is developer-reported sales volumes, not settlements.
Settlement data and council approvals for later stages will show whether the sales convert. Our wider coverage of the state’s pipeline is at Queensland development news.