Gold Coast's 'A-grade' property attracting attention

Yesterday's monthly auctions on the Gold Coast from Ray White Surfer's Paradise (RWSP) saw an increase in buyers looking for 'A-grade' stock.

Almost $9 million of property was sold on the day, with a clearance rate of 65% and more than 50% selling well above reserve prices, RWSP group CEO, Andrew Bell, said. 

With 20 of 31 properties sold on the day, and a further three going to contract immediately after auction, the highest sale price was a property overlooking Currumbin Beach which sold for a cool $2.125 million to a local resident.

Bell said that the result was "outstanding" with strong demand in this higher quality category.

“There was a lot of investor activity as well as a strong showing from owner-occupiers and first home buyers," he said.

“People are seeing steady improvement in the local market and a lot of activity in the southern capitals which has cemented their confidence in Gold Coast property."

A Woodgee Street property (pictured below) saw spirited bidding, with bids rising in increments of $50,000 and $100,000.

“Similarly, the passing of the Federal Election and the record low interest rate environment has stimulated people’s interest in real estate and this was reflected in the clearance rate and sale prices achieved on the day," he said, noting the contrast to the nervousness seen two years ago.

Overall, 178 registered bidders and a crowd of more than 300 arrived on the day.

Other notable sales included a penthouse in the Surfers Mayfair building (pictured below), selling for $1,050,000 to a Brisbane buyer for use as a holiday home. 

A four-bedroom family home on one acre in Mudgeeraba for $663,000 and a two-bedroom apartment in the Liberty Panorama building at Main Beach for $700,000, also sold on the day.

Three properties sold prior to auction.