More than $33 million properties were sold in an auction in last Sunday.
According to Domain, it was Australia's biggest residential auction. "The Event," held in the Bundall's Gold Coast Turf Club on Sunday by Ray White Surfers Paradise Group's, saw a total of 45 out of 105 properties getting sold on the same day and 18 before the auction, fetching the clearance rate of 60 percent. It was the group's 23rd consecutive mega-auction that was attended by 300 registered bidders and about 2000 spectators.
The sale of an 875sqm redevelopment site at 544 Marine Parade, Biggera Waters was the biggest at $1.2 million followed by a three-story hilltop home at 38 Albany Avenue, Currumbin that got sold for for $1.1 million.
According to Domain, Ray White Surfers Paradise Group chief executive officer Andrew Bell said, "It's the biggest crowd we've had. This year we have 150 more chairs than ever before and there's still lots of people standing at the back." He also said "The Events" reputation helped rake in a record breaking number of bidders and general attendance and it has put the spotlight on Gold Coast's real estate.
"It's the Magic Million's equivalent in real estate," Mr. White said feeling positive about the future of Gold Coast's real estate. He added, "It lifts the profile of the properties and really puts the spotlight on them.
"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."
One of the Melbourne-based couple, Paul and Marie Foster, are very happy that they have won the Chevron Renaissance apartment in Surfers Paradise. Paul believes that they got it at the right price as wife Marie said, "In the last minutes it looked like we weren't going to get it because people kept on bidding."
