Investors toe in the water: The Event, 2016 Gold Coast auction wrap
More than $33 million in Gold Coast property changed hands when 45 of 105 properties on the order of sale at Ray White Surfers Paradise Group’s The Event sold under the hammer yesterday.
An additional 18 sold prior taking the clearance rate to 60 per cent for the 22nd annual gala auction.
The RWSP Group chief Andrew Bell credited much of the sales success "to the value disparity that continues to exist between the Gold Coast and southern capital markets."
While the clearance rate was lower than last year, the day’s initial results were an increase in both value and volume of sales on 2015 when 58 of 99 properties sold under the hammer or prior to auction for a $20 million total.
Southern investors led the charge at Australia’s largest annual property auction with Andrew Bell predicting an 80 per cent clearance rate by mid-week.
The auction kicked off at 11am Sunday with the final hammer coming after 5pm, with sales reflecting a $700,000 average price.
The agency put the attendee numbers at over 2000, including the Ray White chief Brian White.
There were more than 300 registered bidders, reflecting an average of about three bidders per property with the most popular attracting up to eight bidders.
The most popular offerings were sub-$500,000.
And the day’s highest priced residential sale was $1.2 million for an 875 sqm site zoned for redevelopment at 544 Marine Parade, Biggera Waters.
The passion was there among the 260 plus registered buyers for a bargain, highlighted by outrageously low, quick opening bids, but as the bidding got to the reserve price the depth of buyer interest was tested on most of the offerings. Even when sales were at below last sale price.
A three-level hilltop home at 38 Albany Avenue, Currumbin fetched $1.1 million, the top priced house of the day which was listed through RW Surfers Paradise agent Jackson Paradise. But the Currumbin was $410,000 less than the $1.51 million it fetched in late 2007 when the market was at its peak. The $1.1 million was the same price as paid in 2005 for the 1986 built home.
An elevated home at 4709 The Parkway, Sanctuary Cove sold prior to auction for more than $2 million.
The Broadbeach in the Park penthouse at Broadbeach attracted the day's highest offer when passed in at $4 million.
The unfinished hinterland home at 473 The Panorama, Tallai (pictured above) attracted seven registered bidders with four appearing to make offers.
It was passed in at $2.8 million.
The elevated three hectare property came with panoramic landscape view over the whole of the Gold Coast. The land holding was bought for $1,388,880 million in boomtime 2007.
It failed to sell at its January 2012 auction.