Issue 3 | February 1st, 2018 | Local Buyers Lead The Way At The Event 2018
Well of course everyone here in Australia is asking about The Event. It is Australia’s largest in room auction held each year and our company could not be more proud to have been the creator of the concept and indeed the coordinators of this for just on a quarter of a century.
It builds from strength to strength and this year saw yet again another amazing result with over $40 million in sales already. We do sell a proportion of the auctions prior to auction (as happened this year), a very large proportion of sales on the day and often contracts that could not be completed under auction conditions on Sunday continue in negotiations with sales occurring after; as is the case all through this week and into next week.
We were anticipating strong activity out of Sydney based on the huge number of inspections we had throughout the month of January. However, as it turned out, the local buyers came through strongly and made up approximately 50 percent of the buyers. The remaining 50 percent came largely from Sydney and other parts of Australia, with a small component from overseas. I suspect as we finish up on the residential component of The Event we will have well over $50 million in sales which is an awesome volume of property sold through this one singular auction event.
We now move onto the Commercial Event which is held on the 22nd of February and, again, a wonderful selection of great Gold Coast commercial properties. These can be viewed by going directly to our Commercial website: www.raywhitecommercialgoldcoast.com.au
Naturally, there were buyers who missed out on many of the properties and so we have a very large pool of buyers who are yet to find properties of their likely. We are moving rapidly to try and secure additional stock in what is a fairly tight stock situation at present here on the Gold Coast.
It is certainly an interesting environment at present. It is also interesting to read recently that Australia is on a cusp of the biggest wave of public infrastructure spending in at least 3 decades. The report out also says new infrastructure spending of over $100 billion is likely to be comparable or larger than what was invested during the resources boom over the past 15 years.
With Labour having just gone through its strongest 6 months stretch of job creation, creating some 273,000 jobs, unemployment will continue to decline as more and more people enter the work force to meet this massive infrastructure spending.
One other interesting factor is that 6 out of 10 new apartments on the Gold Coast are selling to owner-occupiers according to the latest research. Owner-occupiers are buying more expensive 2 bedroom apartments. In the last set of figures the new apartments market recorded 153 sales in the September quarter with a sale price jump of $48,381 to $676,307. The remaining supply of new apartments is just 1,170 apartments at the end of September which is lower than the two year quarterly average of 1,325.
That is it for this week. I trust you have had a wonderful January with some holidays and enjoying time with family and friends.
I will be with you again in a fortnight’s time.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group