Ray White Surfers see energetic auction bidding at The Event 2019

Ray White Surfers see energetic auction bidding at The Event 2019
Ray White Surfers see energetic auction bidding at The Event 2019

The Gold Coast had close to 100 auction offerings offered under the hammer yesterday in Ray White's 24th annual big January auction, The Event.

The auction saw a clearance rate of nearly 50 percent, with a total of $19 million in property sold under the hammer.

There were 230 registered bidders over the day, with homes selling from $118,000 to $1.1 million.

The highest price paid under the hammer was $1.1 million for a three-bedroom apartment at Rivage Royale, in Southport. Similar units have sold for $1.2 million in recent times.

A five-bedroom waterfront home at Biggera Waters, north of Southport, sold for $1.01 million

The lowest sale was $118,000 for a hotel suite at Mantra on View in Surfers Paradise through Glenn Shillig.

The unit comes fully furnished.

There is another in the same block for sale by private treaty at $135,000, with recent sales from $110,000.

The body corporate fee is $65 per week, council rates $62 per week and water $25 per week. 

All electricity and building insurance is fully paid by the hotel operator.

Owners have the benefit of staying up to 28 days and pay only 12% of the room tariff plus an exit cleaning fee of $69.50.

A recent offering suggested rental income was $14,500 pa.

A one-bedroom unit at Southport was declared on the market at $190,000, and sold at $195,000.

More than 2000 people passed through the doors of the Royal Benowa Ballroom at the RACV Royal Pines Resort throughout the day with an even split between Gold Coast and interstate buyers.

RWSP CEO Andrew Bell said the atmosphere in the room was the "most energetic we’ve seen in some time."

“The level of enquiry for The Event was significantly more than we anticipated, with some properties receiving between 80 to 100 inspections over the marketing campaign, and others a very healthy 40 to 50 inspections,” he said.

Mr Bell identified two significant groups of buyers.

“The first was locals looking to upgrade or downgrade or simply enter the market for the first time as they’ve found prices more attractive. 

“The second, almost equally sized group, were the migrating baby boomers out of the southern states who have been buying Gold Coast property at unprecedented levels.” 

The mix did not include many oversea buyers.

Younger bidders picked up many of the offerings which averaged around $400,000.

One young couple secured a three-bedroom, two-bedroom entry-level property at Ashmore, inland from Surfers Paradise, at $498,000.

Tags: 
Ray White Auction

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