Buyers snap up properties worth over $22 million at Ray White's Gold Coast auction

The annual Spring selection auction by Ray White Surfers Paradise saw more than $22 million in Gold Coast property change hands.

Thirty properties were auctioned with 141 registered bidders.

RWSP group CEO Andrew Bell, who has more than 14,000 auctions under his belt, said competitive bidding drove many sales well over the reserve.

“Collectively, properties that sold under the hammer achieved more than $1.5 million above their reserve prices,” he said. 

The RWSP Group recorded its third highest sales month in history in September, with $96 million in sales across its Gold Coast offices.

“Month after month we are seeing serious and competitive bidding at our in-room auctions which has allowed us to gain momentum heading into peak selling season.”

Previous highs were in the latter part of 2007, at the peak of the Gold Coast’s last property boom.

Bell said this reflected increased market share, resurgence of the local property market and success of the auction format.

“Auctions represent approximately half our sales, but it is this method of sale where we are seeing the most significant price growth,” he said.

Bell said his agency was also seeing the return of the owner-occupier market on the Gold Coast.

While the very top end of the market was slowly gaining traction, the $1-$2 million sector was seeing much activity, he added.

Ray White Surfers Paradise is the largest office in the Ray White Network and services the residential, prestige, commercial, industrial and marine sectors.