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An office that held a mammoth auction event last Sunday expects it to result in more than 80 sales.
Ray White Surfers Paradise had 63 confirmed sales worth $33 million at the end of last Sunday’s annual auction event.
That included 45 homes sold under the hammer and 18 sold before the auction.
Negotiations are ongoing for some of the remaining properties, with chief executive Andrew Bell forecasting an eventual clearance rate of 80 per cent, which would translate to 84 sales.
Sales so far have ranged from $185,000 for a one-bedroom Bundall apartment to $1.2 million for a Biggera Waters property zoned for redevelopment.
About 2,000 people attended the event and more than 300 registered to bid – including a significant number from the southern states, according to Mr Bell.
“Stacked up against Sydney and Melbourne, the Gold Coast is very affordable, and because we’re still coming off a fairly low base there is more room for capital growth,” he said.
“Property investors are responding to this and about 50 per cent of our registered bidders were from interstate.”
This was the 22nd consecutive year that Ray White Surfers Paradise has held this January auction event. Last year, 58 of 99 properties valued at $20 million were sold.
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