$ 40 million in goods sold on the Gold Coast
More than $ 40 million worth of real estate was sold on Sunday at Australia’s largest auction, amid a “golden age” for real estate on the Gold Coast.
In a whirlwind of auctions spanning six hours, 90 properties have gone under the hammer, from entry-level apartments to waterfront mansions and lush backcountry homes. Fifteen more, which were to be auctioned, had already been sold.
An equestrian estate in Guanaba, comprising a main residence, two one-bedroom studios, stables, a dressage arena and five horse enclosures was the most expensive individual property sold that day, fetching $ 1,675,000.
Nervous homebuyers, seasoned investors and enthusiastic sellers were among the thousands who attended RACV Royal Pines Resort during the day for the annual auction event hosted by Ray White Surfers Paradise Group.
The auditorium’s capacity was reduced due to social distancing rules, but those who missed a seat in the auction room were able to broadcast the event live from an adjacent room.
Although it had an impact on the seating configuration, the pandemic did not slow down the pace of the auctions as bidders fought hard and quickly for a slice of beachside bliss.
Andrew Bell, CEO of Ray White Surfers Paradise Group, said COVID-19 has triggered a shift in priorities for people, paving the way for strong demand for real estate in lifestyle markets like the Gold Coast.
âThere was a sense of rush,â he said. âPeople knew the market was hot and came to see what was going to happen. “
Median house prices have reached new highs along Queensland’s southeast coast, rising 25% in Surfers Paradise by September, according to the Domain Group House Price Report.
âThe Gold Coast is in a golden age,â said Mr. Bell. “It’s pretty amazing to think of where we’ve come from in just a few months.”
The event achieved a 79% success rate, with Mr. Bell calling the results “the best of all time.”
The day started off with a bang as the auction for a three-bedroom villa on Chevron Island rose from $ 500,000 to $ 1.2 million. The buyers, a couple from Goulburn, said they plan to retire on the Gold Coast.
The top 20 properties sold one after another under the hammer, with Mr. Bell noting that most had sold between 5 and 10% above the reserve.
A two-bedroom, two-bathroom apartment on the Esplanade drew fierce competition from ten bidders, selling for $ 715,000.
Later, a three-story unit block at 44 Queen Street offering 17 rooms for rent hit the highest price of the day, with the hammer falling to $ 2.7 million.
Of the 379 registered bidders, about 70 percent were local while the remaining 30 percent came from interstate.
Homeowners were the most enthusiastic bidders, Mr. Bell said, followed by interstate buyers looking for properties that could serve as short-term rentals and vacation homes.
But investors also clashed over a range of apartments in Surfers Paradise, Southport and Chevron Island.
“Our vacancy rate has fallen to 0.4 percent,” said Mr. Bell. âThere is a serious shortage of rentals throughout the Gold Coast. “
He said the auction results were a statement on the market entering a new year. âWhen you have something that size, it’s a real test of the market,â he said.
“This confirms the belief that the Gold Coast is in a strong position in the real estate market.”
And he can’t see it slowing down this year.
âIt’s not out of control or overheated,â he said. âHe still has some way to go. “