PROPERTY on the Gold Coast is as hot as ever with almost $20 million worth of sales inked at the nation’s largest in-house auction The Event at the weekend.
The success of Ray White Surfers Paradise Group’s annual mega-auction was on par with last year’s, which racked up $19 million in sales on the day.
Hundreds of house hunters crowded into Royal Pines Resort on Saturday where more than 100 registered buyers engaged in frenzied bidding.
By the end of the day, 31 properties had sold while many more were under negotiation.
Several prestige properties were among those being negotiated, including a Sovereign Islands residence that received an $8.5 million pre-auction offer.
Ray White Surfers Paradise Group chief executive Andrew Bell said they were pleased with the outcome and expected the clearance rate to rise in coming days.
“The results came off the back of 176 registered bidders, which saw many properties the subject of strong bidding, and as often happens in a rising market, a gap occurs between the ambitions of the sellers and the comfort of the purchaser,” he said.
“But the gap is so small in most cases we expect to see strong further outcomes in terms of sales.
“Another observation from this year’s Event was the number of properties that sold well over the reserve price, which is a telltale sign of the market’s strength.”
Mr Bell said the strong start to 2020 was a standout in the company’s 30-year history.
“We’ve done just over 110 sales in the past three weeks so I’m very confident in what is ahead of us on the Gold Coast,” he said.
“The real estate environment is very positive – the omens are very good with REA reporting searches and viewings up by more than 60 per cent on this time last year.
“Similarly we are recording the highest number of inspections since 2017, so there is no doubt we have entered a very strong, positive market in 2020.”
Aaron and Celeste Morgan were the first buyers of the day, snapping up a Southport duplex. A quick decision to bid an extra $1000 ensured the property was theirs.
When $580,000 was called, the pair made a final bid of $581,000 when the hammer came down.
While no strangers to buying property, their purchase was still a shock.
“It’s the first time (we’ve bought) at auction, we normally do it through private treaty,” Ms Morgan said.
“But we’re really excited, it’s like a new chapter.”
Ray White Queensland chief executive Tony Warland said the Gold Coast had a buzz about it heading into 2020.
“Making predictions can only come from past and present data but all indicators at present show a market that’s strong, as Queenslanders have always had a deep passion for a home and property investments, and we’re seeing that passion become more ambitious within the marketplace,” he said.