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.

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