With 77 properties under the hammer, the results of Ray White’s annual Gold Coast auction event have provided a glimpse into the popular Queensland market’s trajectory for the year ahead.
Held at the RACV Royal Pines Resort on Sunday, 23 January, the yearly event – known simply as “The Event” – is considered something of a starting gun for the region’s market among the network.
Now in its 30th year, 2022’s results did not disappoint. Ray White Surfers Paradise Group sold 80 per cent of the properties available under the hammer, which spanned both residential and commercial offerings.
Preliminary figures put the total value of sales at over $65 million, including 24 properties that sold prior to auction.
The group’s principal and auctioneer Andrew Bell noted that most of this year’s stock had gone for well over reserve.
“There is so much energy in the room. We had an array of properties from all over the Gold Coast in all sorts of price brackets, from beachfront to the mountain ranges,” he said.
And while the previous two years ushered in an array of tech capabilities allowing potential buyers to more easily bid from anywhere, he noted that property purchasers are showing a desire for the atmosphere of in-person events.
“We’ve seen some strong bidding from the floor and online but it’s mostly locals in the room bidding,” he said.
Ray White managing director Dan White agreed that the activity on the day signalled something of a return to form – or better.
“I have never seen The Event auction room so full with such fast and furious bidding across all residential and commercial properties,” he said.
“Once again the Surfers Paradise Group has led us all into the new year with a huge amount of confidence with a high degree of energy and excitement,” Mr White added.
The biggest sale saw 10 registered bidders compete for a horse training and rehabilitation facility in Boyland, which went for $5.95 million.
Of the residential properties on the block, the highest price achieved was for two adjoining properties with 23 metres of water frontage in Broadbeach that netted $3.67 million.
Ray White Queensland chief executive Jason Andrew said the day’s results reflected well on how the region might perform over the course of 2022.
“It really is a litmus test for what’s in store for the market that year, it doesn’t necessarily define what is in store for the year as the Gold Coast is its own unique market but it certainly gives us a barometer,” he said.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.