Cyclonic weather fails to dampen Ray White auctions

Cyclonic weather failed to dampen the interest of property enthusiasts at Australia’s largest real estate auctions on the Gold Coast today, with $32 million in property sold at the Ray White Surfers Paradise Group’s annual “The Event”.72 of 103 properties ranging from a one bedroom apartment in Surfers Paradise to a $2 million luxury home at Sanctuary Cove sold prior to and on the day. The clearance rate of 70 per cent made it the most successful auction on the Gold Coast for six years. At one stage, 23 of the first 24 properties in the Order of Sale sold under the hammer.RWSP Group’s CEO Andrew Bell said the strong sales outcomes and clearance rate indicated a revival in interest in the Gold Coast property market and would augur well for the rest of the country. Some 17 properties were sold prior to auction, reflecting strong competition for individual properties.“The strong competition for properties, the prices achieved and the great clearance rate certainly show renewed interest in the property market here on the Gold Coast,” he said.“For people to come out in such numbers in such atrocious weather conditions shows there was a great level of commitment and intent.“We’ve seen a change in sentiment as well. In the last five years we’ve had people waiting until after the auction to make an offer, but today many people felt they needed to be bidding if they wanted to secure a property. The clearance rates reflected that.“There is clear evidence we have reached the bottom of the market and this was the most frequent comment from buyers as to why they chose to buy today.“This is the best auction the Gold Coast has had by a country mile since the global financial crisis in 2007 and it shows we are recovering and people are eager to start moving on property again.”Mr Bell said both buyers and sellers had approached The Event with realistic expectations, their attitudes conducive to strong sales.“Buyers are feeling they have found great value while sellers are generally satisfied with that we’ve been able to achieve,” said Mr Bell.“A combination of record-low interest rates, massive infrastructure development on the Gold Coast and a strengthening local market has seen people identify great value here.“In time, people who have purchased today will look back and be thankful they did.”undreds of people braved the horrific weather conditions battering the Gold Coast to attend the auctions, which are seen as the first litmus test of the national property scene.Sales on the day included:

• A one bedroom apartment on Stanhill Drive, Surfers Paradise, for $170,000.

• A luxury three-bedroom home on Anchorage Terrace in Sanctuary Cove for $2 million.
• Six three-bedroom apartments in ‘The Cape’ at Varsity Lakes for an average price of $400,000.
• An exclusive five-bedroom home set on half an acre at Worongary for $1.255 million.
• A five-bedroom family home in Southport for $680,00.

Ray White Marine also sold three of their eight offerings on the day.The auctions are a strong barometer for the next phases of RWSP’s bumper auction season, the Ray White Commercial auctions to be held on Wednesday and the prestige auctions to be held at Palazzo Versace on Thursday evening.To date more than half a billion in property has been sold through The Event with more than $30 million in total sales achieved each year since 2008.RWSP is Queensland’s largest full service agency achieving the highest volume of sales on the Gold Coast with divisions including prestige, project marketing, general residential, commercial and industrial.