$27.6 million in properties sold under the hammer at The Event

Interstate buyers have stepped back into the Gold Coast market with a notable increase in southern interest at Australia’s biggest in-room auction on the Gold Coast today.By late Sunday afternoon, more than $27.6 million in properties went under the hammer at Ray White Surfers Paradise Group’s (RWSP) auction, The Event, which has become an annual benchmark for the Australian property market.Forty-three properties had sold under the hammer by late afternoon from 84 lots offered so far to buyers, with final figures not expected until Monday.The properties were among a record 115 on the auction program, 20 of which had sold prior to The Event.Final sales figures are still being tallied with preliminary estimates showing a current clearance rate of at more than 51 per cent, ahead of final negotiations which continued with bidders into the evening and tomorrow. Estimates are that sales rates will be over 65 per cent in finalising current negotiations with highest bidders in 24 hours.There were more than 300 registered bidders at today’s auction and sales were evenly split between local and interstate buyers.The highest price achieved was $3.5 million for 76 Admiralty Drive, Paradise Waters, a luxury waterfront home located on the main river.A vacant home site at Paradise Waters, one of the Gold Coast’s most sought-after residential enclaves, sold under the hammer for $2.85 million.The vacant site, at 115 Commodore Drive, sold to a local buyer. The sale at Admiralty Drive also went to a local buyer.An oceanfront two-level penthouse in the Paloma apartment building at 93 Albatross Avenue, Mermaid Beach, sold for $1.6 million.The sale of the renovated 237sqm luxury apartment was struck at $6751/sqm. This compares with new beachfront apartments currently selling from about $9000/sqm.RWSP CEO Andrew Bell said The Event 2017 had shown strong buyer interest in luxury apartments and waterfront properties on the Gold Coast.“Some of the prices achieved today for absolute beachfront apartments is good news for the luxury apartment market which firmly supports the prices of new projects,” Mr Bell said.“We’ve seen a large number of interstate buyers stepping back into the Gold Coast market today, with many of them planning to move to the Gold Coast sometime in the future.“These buyers are essentially locking in today’s prices and getting their foot in the door as the Gold Coast market continues to improve.”The Event, which included the Property Expo, drew more than 2000 buyers.“We couldn’t be happier with the day. Many of the sales were well over reserve, and amongst those properties we are currently negotiating we’re confident of further sales over coming days,” said Mr Bell.This year’s auction program offered a broad range of properties, from one-bedroom apartments to luxury rural mansions and upmarket beachfront homes.Among the bargains of the day was a one-bedroom apartment at 15/3355 Surfers Paradise Boulevard, Surfers Paradise, for $218,000.