Gold Coast seeing ‘’the best real estate market conditions in more than eight years’’
“The best real estate market conditions in more than eight years’’ will enhance Ray White Surfers Paradise Group’s auction gala ‘The Event 2014’ on the Gold Coast in January.
CEO Andrew Bell said some of the Gold Coast’s best residential, commercial and prestige properties would go under the hammer at the auction being staged for the 21st consecutive year.
Preparations for the two-day event come amid strong auction clearance rates across the country and at a time when the Queensland Government has invested $15 million in local tourism.
The Event will be staged for the first time at the Gold Coast Turf Club on January 27 with residential and marine auctions and Bell’s annual property report. The prestige auction will take place on January 30 at Palazzo Versace.
Bell said the recent pick up in buyer activity augured well for The Event. “This year our agency has witnessed a very high success rate under the hammer, usually in the region of 70%, which then increases post-auction to between 90 and 100%. This is something that has not been seen on the Gold Coast for nearly a decade.’’
He said factors had aligned to create a ‘perfect storm’ scenario in time for the January auctions, such as the rise of the Asian investor, particularly on the Gold Coast.
“It sets an exciting scene for The Event 2014 and we are looking forward to accepting further properties to be part of the program as sellers respond to improving market conditions.’’
Bell said the auction format exposed properties to a bigger audience than through private treaty sales. “The auction process, where buyers are openly competing for a property, is the best way to know the highest sale price has been achieved.”
He said marketing was important to achieving the best sale price and The Event’s profile as “the country’s largest auction showcase’’ meant sellers would benefit from its reach. “There is great value in a comprehensive marketing campaign which goes further than online listings as these are usually only effective in picking up buyers who are actively searching for a property.
“This is particularly the case for The Event as it takes place during our peak holiday period while holiday makers are in town and may not even think about investing here until it is put in front of them.”
Bell said The Event was open to all types of properties, in all price brackets and in all areas of the Gold Coast.
The event corresponds with the Gold Coast’s peak tourism period and Chinese New Year holiday, giving maximum exposure for the properties listed.
Bell said The Event also served as something of a litmus test of the market and the year ahead in property. “This was the case in January this year when we hammered down on close to $50 million in Gold Coast property ahead of one of the most active years in real estate we’ve seen in the city in some time.’’
More than a billion dollars in sales has been achieved from The Event since the concept was pioneered by Andrew and Greg Bell in 1993.