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Ray White ‘Event’ auctions a pointer to a buoyant 2020

Ray White Surfers Paradise Group’s (RWSP) annual The Event auctions have pointed to a robust Gold Coast market, according to RWSP CEO Andrew Bell.

Held last weekend on the Gold Coast, a total of 31 properties were sold by the end of Saturday’s auctions, totalling close to $20 million. Meanwhile, a large number are still under negotiation and close to sale.

Negotiations were continuing on a number of blue chip homes in the luxury locations of Sanctuary Cove and The Sovereign Islands (which was the subject of a pre-auction offer of $8.5 million) and further sales are expected over coming days.

“We are very happy with the outcome and we expect the clearance rate to rise further with additional negotiations still underway,” Mr Bell said.

“The results came off the back of 176 registered bidders which saw many properties the subject of strong bidding, and as often happens in a rising market, a gap occurs between the ambitions of the sellers and the comfort of the purchaser.

“But the gap is so small in most cases we expect to see strong further outcomes in terms of sales,” Mr Bell said.

“Another observation from this year’s Event was the number of properties that sold well over the reserve price, which is a tell-tale sign of the market’s strength.”

Mr Bell said 2020 was the strongest start to a year he had seen in the company’s 30-year history.

“We’ve done just over 110 sales in the past three weeks, so I’m very confident in what is ahead of us on the Gold Coast.

“The real estate environment is very positive. The omens are very good, with REA reporting searches and viewings are up by more than 60 per cent on this time last year.

“Similarly, we are recording the highest number of inspections since 2017, so there is no doubt we have entered a very strong, positive market in 2020.

“The high proportion of interstate buyers is something that separates the Gold Coast property market from other markets across the country,” Mr Bell said.

A wide range of properties were put under the hammer including duplexes, whole floor apartments, small family homes and multi-million dollar mansions.

Among them were an apartment at Q1, which went for $410,000, a home in Ashmore which was snapped up for $370,000 and a small apartment in Palm Meadows which is currently on hold for just over $60,000.

Numerous multi-million dollar properties are still being negotiated including a home in Australia’s leading masterplanned community Sanctuary Cove and the Sovereign Islands property.

“We look forward to seeing the sale of these properties currently under deep negotiations within the coming days,” Mr Bell said.

The 2020 ‘The Event’, held at RACV Royal Pines Resort, acts as a clear barometer of the strength of the Gold Coast’s property market.

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