A major two-day auction, to be held on the Gold Coast later this month, is expected to serve as a barometer for the property market in the year ahead, the principal responsible for the event has said.
In its 19th year, the auction, titled ‘The Event’, is being conducted by the Ray White Surfers Paradise Group (RWSP) on the weekend of January 28-29.
Mr Bell, CEO of the Ray White Surfers Paradise Group, said The Event attracts strong interest and brings in buyers and interested parties from around Australia and international markets.
“The Event continues to grow and its reputation as a litmus test for the national market year ahead makes it popular with buyers and sellers,” he said.
“The Event routinely boasts the best properties on the market and this year will once again showcase a great cross section of offerings from one bed units through to luxury homes and small offices up to large-scale industrial facilities.”
While Mr Bell acknowledged 2011 has been a tough year, he said a number of positive signs had emerged in recent months.
“There has been a surge in buyer confidence and activity in the Gold Coast market following recent interest rate reductions and the Gold Coast successfully securing the rights to host the 2018 Commonwealth Games,” he said.
"We have had strong auction results in November and December demonstrating that the expectations of buyers and sellers are now converging.
"This is a positive as we enter the peak summer season for real estate and has generated a real spike in interest for The Event which takes place at a time when the city is brimming with visitors."
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.
Mr Bell said it was not unusual to generate 2,000 inspections prior to the annual auction showcase which contributes substantially to the profile of the city and results in ongoing real estate activity in following months.
"We also receive feedback from many buyers that purchase later in the year having attended The Event to gain an understanding of the current market and are now in a position to purchase."
"The Event has never been duplicated and many real estate professionals from across Australia travel to the Gold Coast in order to attend."
The ‘Event 2012’ will commence on Saturday January 28 with the marine, commercial and prestige auctions all to be held at Palazzo Versace. On Sunday the January 29 Mr Bell will unveil an annual property report, followed by the residential auction, which will both be held at The Arts Centre Gold Coast.