A new and improved format at Australia’s largest property auction, The Event, has struck a chord with buyers after delivering more than $20 million in Gold Coast property sales on Sunday (Jan 25).
The Event was taken to new heights for its 22nd year with the inclusion of the Gold Coast Home & Living Expo, drawing a 1000-strong crowd.
Fifty-eight of 99 residential properties on the order of sale sold under the hammer or prior to auction, reflecting a healthy clearance rate of close to 60 per cent.
In a sign of a continued strengthening of the local property market, many properties sold well over their reserve prices and involved several bidders.
The highest price paid was $3.755 million for a three-bedroom penthouse with private rooftop pool at Nirvana by the Sea in Kirra (pictured below).
Ray White Surfers Paradise Group CEO Andrew Bell said The Event 2015 was one of the best on record.
“It was a great day and the positivity and excitement in the auction room set the scene for some fantastic results,” Mr Bell said.
“Properties were selling well over reserve prices and many properties that sold had four or five bidders competing.
“It was a big step up from last year – there were more people here and more bidders per property on average.
“Selling close to 60 properties in the space of six hours is a big statement for the state of the local property market.”
Mr Bell said investors dominated this year with a strong showing from Melbourne and Sydney buyers.
“The high volume of investors says a lot about market confidence and discretionary spending power,” he said.
“Those who may have steered clear of the Gold Coast a few years ago are seeing opportunities for growth and strong returns based on our low rental vacancy rate of less than two per cent.
“There is also a general feeling that Melbourne and Sydney have passed the top of the market so astute investors are looking north for better value.
“One of the most notable changes this year was the absence of mortgagee stock – in recent years mortgagee sales have comprised up to 20 per cent of our order of sale, this year there was just one property in the hands of receivers.”
There were 243 registered bidders on the day, reflecting an average of 2.5 registered bidders per property.
Properties ranged in price, upwards from $96,000 for a studio apartment in the Outrigger at Surfers Paradise.
Other properties sold included:
- A two bedroom, high floor apartment in the Soul building at Surfers Paradise for $905,000;
- A luxurious four-bedroom family home in Helensvale with pool and water frontage which sold for $847,000 (pictured below);
- A Paradise Point character-filled beach shack which sold for $480,000;
- A three-bedroom duplex on Chevron Island which sold for $659,000; and
- A four-bedroom Coomera home which realised $390,000 under the hammer.
It is predicted that with strong negotiations continuing on a number of properties, a clearance rate of 80 per cent will be achieved by the end of the week.
RWSP Group is Queensland’s largest full service agency achieving the highest volume of sales on the Gold Coast annually, with divisions including prestige, project marketing, general residential, commercial and industrial.