PROPERTY buyers were out in force on the Gold Coast today at Australia’s largest in-house auction, The Event, which is hosted annually by Ray White Surfers Paradise Group (RWSP).
By 4pm today, a total of $19 million in properties had sold under the hammer with a clearance rate of almost 50 per cent.
Today’s result was buoyed by the strength of registered bidders which totalled 230.
The highest price paid under the hammer was $1.1 million for a three-bedroom apartment at Rivage Royale, in Southport, while the lowest was $118,000 for a hotel suite at Mantra on View in Surfers Paradise.
More than 2000 people passed through the doors of the Royal Benowa Ballroom at the RACV Royal Pines Resort throughout the day with an even split between Gold Coast and interstate buyers.
Ninety-five properties were offered to the market, ranging from prime waterfront homes, apartments and spacious rural retreats to one-bedroom apartments.
RWSP CEO Andrew Bell said the turnout for The Event 2019 was better than expected and reflected a surge in interest in the Gold Coast property market over the past three months.
“The atmosphere in the room was the most energetic we’ve seen in some time,” said Mr Bell.
“The great majority of properties drew bids, some of them quite robust, and the sales conversion exceeded our expectations given the sentiment in the market nationally.
“The auction results demonstrate to us the value that is placed on Gold Coast property by both owner occupiers and investors.”
Mr Bell said the level of interstate inquiry reflected that view.
“The level of enquiry for The Event was significantly more than we anticipated, with some properties receiving between 80 to 100 inspections over the marketing campaign, and others a very healthy 40 to 50 inspections,” he said.
Mr Bell identified two significant groups of buyers at this year’s auction program.
“The first was locals looking to upgrade or downgrade or simply enter the market for the first time as they’ve found prices more attractive.
“The second, almost equally sized group, were the migrating baby boomers out of the southern states who have been buying Gold Coast property at unprecedented levels.”
The Event is now in its 25th year, establishing itself as the premier showcase of Gold Coast property that attracts buyers from interstate and potentially overseas during city’s the peak summer holiday period.
“In preparing for The Event 2019, we were well aware that we needed to adjust our marketing to cater for active buyers who typically follow internet listings daily, and also the more passive buyers who may not actively be looking but will buy properties that are of interest,” said Mr Bell.
“It was also essential to tailor a marketing campaign for our interstate buyers, where so many of them were holiday on the Gold Coast over the Christmas-New Year period.”