Gold Coast clearance rates improve: Ray White

In a sign of recovery for the Gold Coast, Ray White Surfers Paradise sold seven out 10 properties up for auction in the Gold Coast at the weekend with more than $2.5 million of sales.

Three of them sold before auction.

Ray White Surfer’s Paradise CEO Andrew Bell says buyers seem compelled to act sooner rather than later.

“It bodes well for local real estate and shows buyers no longer expect properties to languish on the market, so they’re jumping straight in with offers vendors can’t refuse.

“Competitive bidding of late has seen many properties selling well above reserve, including one property which achieved a sale price 26% reserve earlier this month.”

The auction sales included a four bedroom house in Helensvale which sold for $671,000 and a two-bedroom Paradise Waters apartment in Atlantis West which sold for $430,000.

The properties which sold before auction included a beachfront two-bedroom apartment in the Bahia building for $360,000 and an Ashmore home with a freehold marina berth for $550,000.

Bell says there has been a series of strong auction sales.

“Today’s result is further evidence the long awaited upturn in the city’s property market is well underway,” he said.

“This year the Gold Coast is in keeping with the best markets in Australia and our auction success rates of late are up there with Sydney and Melbourne.”

A recent CBRE report says things are looking better in the Gold Coast.

“The Gold Coast market is finally stabilising, with the perception of good value buying having boosted the prestige market in particular. However, the new unit market remains fragile,” it said on Tuesday.

Herron Todd White’s latest report says Central Gold Coast is firming up.

“Market activity for detached housing (between $0 to $500,000) on the central Gold Coast has been gradually firming over the past six months, with the higher bracket ($500,000 to $1,000,000) remaining slow to steady, however over the past few weeks we are seeing increased sales in the latter price range,” the report says.

“We are even seeing signs of $1 million and above housing market lift in recent months.”