Ray White Surfers Paradise secures competitive auction clearance rate as prices bounce along the bottom
Ray White Surfers Paradise Group secured more than $5 million in sales at their Autumn auction on the Gold Coast last Sunday.
Some 28 properties went under the hammer with 16 sold, reflecting a clearance rate of 57%.
The highest priced sale included an acreage dwelling in Helensvale which sold for $1.1 million.
The main home includes three bedrooms plus a study and a family room with a wet bar. The 4,318-square-metre riverfront property last sold in 2004 for $720,000.
Another sale was a 14th floor apartment in the Surfers Paradise block, Surfers Manhattan, which sold for $980,000 through Tolemy Stevens from Ray White Prestige.
The unit (pictured below) occupies half of the 14th floor and features three bedrooms and two bathrooms.
Surfers Manhattan is a residential building only, with no holiday letting allowed.
The apartment last sold in 2009 for $970,000 and $1.05 million in November 2004, suggesting prices continue to bounce along the bottom.
The most recent sale at Surfers Manhattan was $1,565,000 for the 350 square metre whole floor on the 17th floor. It had previously sold at $105 million in 1997 and at $1.1 million in 1994.
The prestige properties sold last weekend by Ray White Surfers Paradise almost totalled $20 million.
“The result follows prestige sales very strong week of sales in the prestige segment of the market,” says Ray White Surfers Paradise CEO Andrew Bell.
“This reinforces a strong sales trend in the first quarter across the Ray White Surfers Paradise Group, with sales result in keeping with the best market in Australia.”
Bell says inspection volumes are also very high this year, which shows there are more people looking to get into the market.
“Buyer confidence is improving and coupled with lower than usual supply levels is creating greater competition for properties,” says Bell.
There were 103 registered bidders at the auction.