GOOD SIGNS FOR GOLD COAST PROPERTY MARKET

GOOD SIGNS FOR GOLD COAST PROPERTY MARKET

 HOT competition amongst bidders at this week’s Ray White Surfers Paradise Auction is a good sign for the property market, says Ray White Surfers Paradise principal Andrew Bell (pictured).

A dozen residential sales, worth $9.7 million, were completed – a clearance rate of 75 per cent.

A total of sixteen residential properties, five commercial properties and a motor yacht went under the hammer in front of 81 registered bidders and with negotiations continuing, Bell is expecting the clearance rate to boost to 85 per cent.

“It’s one of the best auction results on the Gold Coast for some time, and is in keeping with the increasing auction success rates happening around the country,” he says. 

“The result demonstrates buyer activity is continuing to strengthen across the property spectrum and buyers are identifying unrivalled value in Gold Coast property.”

The auction follows RWSP Group’s best month for two years.

“We are now feeling the effects of this year’s interest rate drops and this is adding to the perception buyers should get into the market,” says Bell. 

“This was evidenced today, in what was a very active auction room – competition amongst buyers is certainly on the increase.”

Amongst the sales was a five-bedroom, four-bathroom residence at 63 Admiralty Drive sold to an undisclosed buyer for $1.74 million.

It was place on the market following the appointment of receivers on behalf of businessman Gary Diamond.

Other notable sales included a six-bedroom residence at 2 Cabana Boulevard in Benowa Waters which sold for $1.36 million.

The final four top-floor apartments in The Sands building in Surfers Paradise also sold for $362,500 to $460,000.

A Lagoon 43 Power Cat marine vessel, which has four ensuited staterooms, was sold for $245,000 with no reserve price set.

Two of the five listed commercial properties sold with a further two under negotiation.

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Meta slammed over "dereliction" of commitment to Australian news

Meta slammed over "dereliction" of commitment to Australian news

The decision by Meta (NASDAQ: META) to "deprecate" the Fa...

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

A year on from the failure of an $11 million merger with Go to Cour...

Childcare veteran Chris Scott scaling up Embark Early Education with $25m acquisition

Childcare veteran Chris Scott scaling up Embark Early Education with $25m acquisition

Embark Early Education (ASX: EVO), a Gold Coast-based childcare cen...

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

Social media ‘finfluencer’ Tyson Scholz, widely known a...