Blockbuster Gold Coast Auction Reaps $26.5m

THE weekend of big residential auctions kicked off yesterday with more than $26.5 million worth of property sold. Ray White Broadbeach took 60 properties from across the Gold Coast to the auction block with 21 selling.

The real estate group originally had 72 homes listed for the yearly Blockbuster auction, however, 12 properties were withdrawn.

Ray White Broadbeach boss Gary Gannon said the 600-plus people that turned out for the day was an indication that confidence was returning to the market. He said it was a positive result and that he expected another $10 million to $15 million worth of properties to sell in coming days.

“There are a few of the luxury properties that are under negotiation – we expect contracts within 48 hours,” said Mr Gannon.

“The confidence is there – we are headed in to a strong buying market”.

“The sellers and the buyers were testing the water today.”

The cheapest property to sell was a one-bedroom unit in the Australis Sovereign Hotel in Surfers Paradise.

Adelaide resident Peter Hutton paid $112,000 for the unit so his 16-year-old daughter could use it for Schoolies at the end of the year.

“I came up here to buy investment properties and the unit came out of the blue – I was there to buy a Paradise Point property,” he said.

“My daughter and her friends couldn’t rent a unit for Schoolies – so I thought I would buy this one for her to use.”

The most expensive property to go under the hammer yesterday was $2.47 million for a duplex at 6 Marine Parade in Miami.

The beachside property was picked up by a Gold Coast doctor, who did not want his name disclosed.

The most prestigious property to go to the auction block was a five-bedroom two-level Mermaid Beach mansion at 247 Hedges Avenue, known as the Beachhouse.

The bidding started at $5 million for the beachside property and quickly rose to $6.25 million, at which time the owner, Victorian Tim Rice, raised the selling price to $6.45 million.

Agent Michael Kollosche said he was in negotiations with five parties from Brisbane and the Gold Coast for the property. “We should have a contract on the Hedges Avenue property in the next couple of days,” he said.

Gold Coast Auction Reaps $26.5m

Source: Gold Coast Bulletin News

Photos: Blockbuster Gold Coast Auction Reaps $26.5m - click to enlarge