The Gold Coast is set to host Australia’s largest in-room property auction this weekend, providing an extensive array of residential and commercial property opportunities across various budget levels. Titled ‘The Event’, this annual auction, now in its 30th year, is considered a key indicator of the Australian property market’s trajectory for the upcoming year.
Conceived by Ray White Surfers Paradise under the guidance of Principal Andrew Bell OAM, The Event strategically aligns with the peak tourist season on the Gold Coast, attracting hundreds of thousands of visitors from late December to early February. This influx of tourists has transformed the auction into an annual pilgrimage for property buyers looking to augment their investment portfolios.
Amidst a challenging environment with a 37 percent decrease in stock levels, Andrew Bell OAM, Chairman of the Ray White Surfers Paradise Group, noted the team’s exceptional efforts in curating a near-record 127 properties for auction this weekend, Sunday January 28. The focus this year has been on presenting a diverse range of residential and commercial properties spanning the entire Gold Coast region, catering to a broad spectrum of budgets, from entry-level to prestigious homes and land blocks.
Particularly noteworthy is the team’s emphasis on offering affordable properties in the lower 30 percent price bracket, catering to first home buyers, low-income buyers, investors, and downsizers. The Event, held in the Grand Ballroom of the Royal Pines Resort in Benowa, coincides with the Gold Coast Home and Living Expo, providing attendees with access to various essential services such as finance, legal, pest and building inspections, removalists, security companies, and more, all crucial elements in the property purchase process.
The auction is widely regarded by property investors and economists as a litmus test, setting a benchmark for market trends in Australia for the year ahead. The residential listings feature a diverse range of properties from across the Gold Coast, including those in high-growth areas such as Hope Island. Apartments, townhouses, family homes, premium canal and Nerang river-front homes, mountain hideaways, and rare land blocks are all set to go under the hammer.
Based on the Gold Coast, Regional Homes Australia has observed continued evidence of high demand and increased prices throughout 2023. While the expo coupled with the auction event may fuel competitive fervour among buyers, lower bid prices on some properties are anticipated, given the extensive list of property offerings that may confuse buyers.
This auction is poised to be the ultimate benchmark for the 2024 market, with the understanding that a property’s value is quite simply determined by what people are willing to pay for it. The Ray White Surfers Paradise ‘The Event’ auction is part of a series of in-room auctions on the Gold Coast. ‘The Auction Showcase’ hosted by LJ Hooker Property Hub, Robina will take place on January 31 at 6 pm at TAFE Robina Campus. Paradise Point-based agency Phillis Real Estate, earlier this month advertised an auction event called ‘The Elite Auction Event’, however, as they state: was ‘cancelled due to a high number of propertied selling privately before the event could take place’.
For more information:
The Event hosted by Ray White Surfers Paradise
When: Sunday 28 January, 2024
Where: Royal Pines Resort, Benowa (Gold Coast), Queensland
Time: 10am
theauctionevent.com.au
The Auction Showcase hosted by LJ Hooker Property Hub
When: Wednesday 31 January, 2024
Where: TAFE Robina Campus, Anna Rose Room, Robina (Gold Coast), Queensland
Time: 6pm, registrations from 5pm
propertyhub.ljhooker.com.au
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