THE Gold Coast property market continued its improving run with more than $22 million in local property sold at the Ray White Surfers Paradise Group’s The Event auctions.
More than 100 properties were showcased with 52 sold throughout the course of the day yesterday and prior to auction, reflecting a clearance rate of around 50 per cent.
In a sign of a continued strengthening of the local property market, many properties sold well over their reserve prices and involved multiple bidders.
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The highest price paid was $1.405 million for a waterfront home in the blue chip Admiralty Drive at Paradise Waters (main photo). The property sold for “several hundred thousand” over the reserve price, according to RWSP Group CEO Andrew Bell.
“It has been an outstanding day and the positivity and excitement in the auction room set the scene for some great results which really exceeded our expectations,” said Mr Bell.
“Properties were selling well over reserve prices and there was a lot of bidding from multiple parties, which is a clear sign of a healthy marketplace.
He said the “results will give the market plenty of impetus over the coming months”.
“The bottom line is that the real estate market on the Gold Coast is offering some tremendous opportunities in what is undoubtedly a rising market.”
Mortgagee stock was markedly lower than in previous years, with just three properties on the order of sale in the hands of receivers.
There were 372 registered bidders, reflecting an average of more than three registered bidders per property.
Property sales ranged from $178,000 for a one-bedroom apartment in the “Florida” apartments in Surfers Paradise to the Admiralty Drive home – a sprawling three-bedroom, two-bathroom home in the prestigious Paradise Waters precinct.
Other key properties sold included:
North-east facing two-bedroom luxury apartment with ocean views in the Park Lane building at Main Beach (pictured below), hammered down on a bid of $720,000.
Highset three-bedroom home on a 1214sqm block in the TSS precinct at Southport with development potential, sold for $745,000.
Absolute beachfront two-bedroom apartment in the Breakers North building at Surfers Paradise (pictured below), sold for $710,000.
Large five-bedroom family home with pool in the hinterland suburb of Bonogin, sold for $570,000.
It is predicted that with a number of properties currently in negotiation, a clearance rate of 70 per cent will be achieved by week’s end.
The day’s outcome bodes well for the upcoming prestige auction on Thursday, where some of the Gold Coast’s most luxurious homes will go under the hammer at Palazzo Versace.
RWSP is Queensland’s largest full service agency achieving the highest volume of sales on the Gold Coast with divisions including prestige, project marketing, general residential, commercial and industrial.