Coolangatta takes the gold but no sales nirvana for all Gold Coast apartment sellers

Almost 60% of the 99 properties auctioned at the Gold Coast yesterday sold with Ray White The Event attracting 243 registered bidders

A 770 square metre two level penthouse at the Nirvana by the Sea block in Kirra was the top sale at $3,755,000 among the $20 million auction proceeds.

1504/1-3 Douglas St, Coolangatta had previously sold for $2.75 million in 2011, but its $4.4 million hopes held since its early 2014 listing proved overly ambitious.

There had been two earlier higher sales in the prime block of 60 apartments developed by Niecon.

Its 2007 marketing was promoting Kirra as the "new Noosa" with prices from $950,000 to $2,895,000, replacing 1970s brick blocks of units.

Once known as a casual village popular with surfers, Kirra is at the southern end of the Gold Coast.

But sellers of a two-bedroom unit in the Soul building at Surfers Paradise secured just $905,000, which was $795,000 less than it fetched in 2012, the Gold Coast Bulletin reported.

The 2502/4-14 The Esplanade, Soul, Surfers Paradise was a 122 square metre offering last sold in June 2012 at $1.7 million to Brisbane buyers.

Onthehouse recently gave a $1.6 million plus guidance.

There were 12 pre-sales among the 58% success rate. There was a 58% initial clearance rate in January 2012. The clearance rate was higher than last year, when around 50% of the homes sold on the day.

The Ray White Surfers Paradise Group chief executive Andrew Bell said the auction was one of the best on record with many properties having four or five bidders.

“Selling close to 60 properties in the space of six hours is a big statement for the state of the local property market,” he told the News Ltd local paper.

The 22nd annual auction showcase, the biggest in Australia, included family homes, investment properties and trophy homes.

28 Lakelands Drive is now under offer. It has four bedrooms, and the listing states that it would comfortably rent for $800 per week.

Bell said investors dominated this year with a strong showing from Melbourne and Sydney buyers.

“The high volume of investors says a lot about market confidence and discretionary spending power,” he said.

Other sales included 50 Falkinder Ave, Paradise Point for $480,000.

The property last sold for $460,000 in 2013.

A one bedroom unit in the Paradise Isles Resort on the Gold Coast was sold for $160,000 to a Sydney investor, with $270 a week plus rental potential,thereby reflecting around a 9% yield. Set on Chevron Island, it had first sold back in 1997 for $161,900 at the low rise 40 Burra Street. There was a $189,000 and $167,000 sale in the block last year.

PRD Research recently noted South East Queensland experienced positive property price growth in 2014; despite a soft decline in transaction volume.

Professional golfer Wayne Grady's riverfront Gold Coast home also went to weekend LJ Hooker auction without success. The 1988-built Ashmore house on a 3364 square metre holding had been his home since $850,000 was paid in early 1996. It was listed with $2.79 million hopes in April last year.

It has been a tightly held property having sold at $36,000 in 1978.