Ray White's The Event auction anticipates pre-election investor spike for Surfers Paradise

Ray White's The Event auction anticipates pre-election investor spike for Surfers Paradise
Ray White's The Event auction anticipates pre-election investor spike for Surfers Paradise

Ray White have their big January 2019 auction, The Event scheduled for January 28.

Around 100 offerings are set to go under the hammer.

The Event has been going for 24 years.

"This year’s could be the most interesting so far,” says Andrew Bell, chief executive officer of Ray White Surfers Paradise Group.

The Ray White Surfers Paradise Group is gearing up for its big annual auction program which is set to cap off the busy Australia Day long weekend on the Gold Coast.

Ray White's The Event auction anticipates pre-election investor spike for Surfers Paradise

Ray White's The Event auction anticipates pre-election investor spike for Surfers Paradise

One property being taken to The Event is 610/22 Surf Parade, Broadbeach (pictured above), a two bedroom two bathroom apartment with city and hinterland views.

With 93 sqm the unit has an estimated weekly rental income of $468 per week and outgoings for body corporate at $5,970 per year, GCCC rates: $3,570 per year and GCCC Water at $1,775 per year.

The home was last sold in 2006 for $485,000.

The property was listed for 675 days from 2013 to 2015 listed AT $249,000.

Ray White's The Event auction anticipates pre-election investor spike for Surfers Paradise

Another property being taken to auction is 109/1-8 Paradise Island Drive, Surfers Paradise (pictured above), a one bedroom one bathroom unit being taken to auction.

With an estimated weekly rental return of $360 to $390 per week, the apartment's outgoings are body corporate of approximately $95.00 per week, council rates of approximately $59 per week and water of approximately $27 per week.

Located within easy reach Surfers Paradise beaches and the entertainment precint the listing notes that the owner is "extremely motivated and will even sell prior to auction."

Bell expects 2019 to be a pivotal year for the property market due to a looming federal election.

“We’ve taken a different approach to The Event next year for a number of reasons,” said Ray White Surfers Paradise (RWSP) CEO Andrew Bell.

“As always, sellers will still be taking advantage of the peak holiday season on Gold Coast,” he said.

“January remains our best month for tourism, and with more accommodation coming onto the market we’re expecting record numbers again next year accompanied by another strong buying season.

“We’re holding The Event on a Monday for the first time, taking advantage of the full long weekend to give prospective buyers more time to view properties ahead of the auction.”

“Inquiries traditionally are up 60 per cent during January and we’re expecting this year to be no different.

“However, next year’s program will be even more important from an investor’s perspective, especially with changes to property rules expected under a potential new government.

“We know from history that elections tend to distract the market anyway, but this time around there is the added uncertainty over the future of negative gearing on established properties should Labor win the election.

“Combined with the interest we are expecting from our traditional visitors to the Coast, this provides a compelling reason for many property owners to sell in January.

“We have no doubt that investors who depend on the negative gearing rules that exist today also will be looking closely at established properties.

“We’re expecting more buyers to take advantage of the proposed grandfathering provisions for negative gearing of established properties ahead of any official changes to the regulations.”

The Event, run in conjunction with the Gold Coast Home & Living Expo, is being held at RACV Royal Pines Resort on January 28 from 10am.

 Last year's auctions eventually led to the sale of 108 properties, following over 3 million online property views, 2500-plus registered property inspections and more than 170 registered bidders on the day.

Tags: 
Gold Coast Ray White

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