31 properties go under the hammer at The Event
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Jan 28, 2020
31 properties go under the hammer at The Event
The annual auction, held by Ray White Surfers Paradise Group called The Event, has given a clear indication of strong real estate demand on the Gold Coast.
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Ray White Surfer's Paradise GroupAndrew Bell, CEO of Ray White Surfer's Paradise Group in action at the annual The Event's auctions.
A total of 31 properties were sold at last week's Ray White Surfers Paradise Group's annual The Event auctions.
The result has pointed to a robust Gold Coast market, according to RWSP CEO Andrew Bell.
"By the end of (the) auctions, close to $20 million (was sold) and a large number are still under negotiation and close to sale," said Mr Bell.
"Negotiations were continuing on a number of blue chip homes in the luxury locations of Sanctuary Cove and The Sovereign Islands – which was the subject of a pre-auction offer of
$8.5 million - and further sales were expected over coming days.
Some of the action at The Event last week. Photo: Ray White Surfers Paradise
“The results came off the back of 176 registered bidders which saw many properties the subject of strong bidding, and as often happens in a rising market, a gap occurs between the
ambitions of the sellers and the comfort of the purchaser."
Mr Bell said another observation from this year’s Event was the number of properties that sold well over the reserve price, a tell-tale sign of the market’s strength.
He said 2020 was the strongest start to a year he had seen in the company’s 30-year history.
“We’ve done just over 110 sales in the past three weeks so I’m very confident in what is ahead of us on the Gold Coast," said Mr Bell.
“The real estate environment is very positive – the omens are very good with REA reporting searches and viewings up by more than 60 per cent on this time last year.
“Similarly we are recording the highest number of inspections since 2017, so there is no doubt we have entered a very strong, positive market in 2020.
“The high proportion of interstate buyers is something that separates the Gold Coast property market from other markets across the country."
Properties that sold included a wide range of duplexes, whole floor apartments, small family homes and multi-million dollar mansions.
Some of the value properties sold included an apartment at Q1, which went for $410,000 and a home in Ashmore which was snapped up for $370,000.
The 2020 ‘The Event’, held at RACV Royal Pines Resort, acts as a clear barometer of the strength of the Gold Coast’s property market.
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