Principal of Ray White’s largest office Andrew Bell came up with 'The Event' more than two decades ago in an attempt to attract tourists to move to Queensland.
“It’s a really good time of year for sellers to sell property. A lot of our tourists visit here on holidays, and we present the properties to them while they’re here," he said.
“It just started as the summer auction but it became ‘The Event’ a few years later. It’s become a big day in the year for the local area. This year, we had to have a whole media section set up for national newspapers like the Australian Financial Review and Channel 9.”
This year, 108 properties were put to the gavel on the Monday of the long weekend, with 335 registered bidders competing for a slice of the 'sunshine state'.
“Many bidders had registered for a number of properties as fallback options,” Mr Bell claimed.
After the first few years of success, more and more people wanted to be part of The Event, but the auctioneers can only sell so many properties in one day.
“After cracking 100, we find it too difficult to keep it growing, so we’re going to have to cap it off at that or else it becomes a two-day event,” he said.
Mr Bell claimed that in order to provide each vendor with the best chance of selling under the hammer, each property is carefully selected for the day.
“We make sure we have a range of properties in different price brackets and areas so you don’t have two of the same. There’s never a situation when you have 10 properties competing for the same buyer,” he said.
Over the next week, Mr Bell expects the clearance rate from the day to rise to well above 80 per cent.