Ray White Surfers Paradise’s annual The Event auction saw a clearance rate of 59 per cent, with 302 registered bidders and more than 1200 attendees.
A total of 94 properties were scheduled to go under the hammer over the two-day event, with the most expensive of which was a Paradise Point home, which sold for $4.4 million.
The cheapest sale on the weekend was a Chevron Island apartment which sold for $345,000.
Andrew Bell, CEO of Ray White Surfers Paradise said that while the results were down on the 80 per cent clearance rate recorded at last year’s event, there was still plenty of buyer interest.
“After the feverish bidding wars and record sales of previous years, buyers at this years’ Ray White Surfers Paradise super auction The Event were, as expected, a little more reserved and circumspect,” Mr Bell said.
“This did not significantly impact the sales, with most properties selling and prices holding strong.”
He said that the results coming out of The Event, now in its 31st year, boded well for the year ahead.
“It was a really positive day and points to 2023 being healthy,” Mr Bell said.
“It was definitely more conservative in thinking than last year, but we were never expecting today to be like last year.
“Last year was an incredibly hot market, at the moment the market is somewhere between warm and hot, but it certainly isn’t cold, and today has proved that.
“Today was a really good outcome, especially compared to years outside the unprecedented boom of
the previous couple of years.”
CEO Residential of the Ray White Surfers Paradise Group, Charles Higgins, said that The Event allowed buyers and sellers to transact in a transparent environment.
“We find structured auction events are a simple and effective solution to help buyers and sellers make important decisions on their real estate ventures with guidance of our agents,” Mr Higgins said.
“These events provide structure, a timeline, a call to action with unconditional interest, high quality training, and the necessary support for our agents to get the job done.
“Even underbidders have a variety of other properties to choose from on the day. This means that
everyone has an opportunity to achieve a desired outcome.”
He said while the concept of an auction event was simple, it took many months of diligent planning to pull The Event off.
“We have a dedicated marketing team focusing solely on the promotion of The Event for months on end, with several years of experience behind them,” he said.
“We have a specialised contracts and administration team processing relevant documents, specifically for The Event.
“Our agents are highly skilled and trained, not only in the auction method, but how to facilitate in room auction campaigns.
“We also have dedicated auctioneers who understand the in-room auction environment, who are at the top of the game in their craft.
“In addition, we have a management and leadership team who focus, for a specific period of time, solely on the training and development of the in-room auction event for our agents.”