This week’s Auction Showcase 2024 lived up to its name, drawing a crowd of over 300 eager participants to the glamorous Anna Rose room at TAFE Queensland, Robina campus. The event, presented by LJ Hooker Property Hub (Gold Coast), featured contributions from up to 40 agents showcasing listings from the Gold Coast, hinterland hamlets, and even outer Brisbane postcodes.
Market Overview
With 44 lots going under the hammer, the auction provided a captivating snapshot of market movements in the Gold Coast and Southeast Queensland. High prices were paid for top Gold Coast suburbs, particularly focusing on family-oriented 3+ bedroom dwellings. Noteworthy was the keen interest from savvy investors in mid-market 4-bedroom homes in Raceview (Ipswich), west of Brisbane.
Bidding Frenzies and Under-Performing Areas
Key areas that experienced bidding frenzies included Burleigh Heads, Varsity Lakes, Broadbeach, Robina, Southport, and Reedy Creek. However, some areas, including Hope Island, Coomera Waters, Pimpama, Tugan, and Helensvale, underperformed, suggesting a preference for more established and safe suburbs among the 40-60 year old age group in attendance.
Notable Sales
Out of the 44 lots offered for sale, 10 were sold prior to the auction. Here’s a closer look at some of the key properties that caught our attention:
Lot 5 – 10 Windermere Crescent, Varsity Lakes
- A wonderfully presented 3-bedroom single-level home on a corner block with a lap pool.
- Bids reached an impressive $1,236,500.
Lot 17 – 52 Stanford Avenue, Varsity Lakes
- A 3-bedroom home on a 528sqm block.
- Sold for a final bid price of $1,216,000, a significant jump from the 1995 sale price of $190,000.
Lot 19 – 92 Anna Drive, Raceview (Ipswich)
- A surprise investor’s delight, a 4-bedroom home.
- A lengthy bidding war concluded with a value of $580,500, showcasing savvy buying in the outer western Brisbane market.
Lot 21 – 23 Altissimo Close, Varsity Lakes
- A single-level north-facing 3-bedroom renovated home.
- Initially bid at $900,000, the auction was paused for negotiations and later reintroduced at $1,025,000, finally selling for $1,035,000.
Lot 23 – 304/46-48 Peerless Avenue, Mermaid Beach
- A single-bedroom apartment in a sought-after suburb.
- Paused with a lone bid of $550,000, emphasising the crowd’s preference for larger family living.
Lot 24 – 36 Currumburra Road, Ashmore
- A well-presented 3-bedroom home on a large 780sqm block.
- Negotiations followed after bidding reached $680,000, highlighting its appreciation since March 2008 when it last changed hands for $398,000.
Lot 27 – 4 Lotus Key, Broadbeach Waters
- An unrenovated 4-bedroom home.
- Reached a final auction bid of $1.7 million, with negotiations post-auction, surpassing the March 2020 sale price of $1,175,000.
Lot 28 – 2/2 Bulolo Avenue, Runaway Bay
- A 4-bedroom, 2-level duplex with canal front water access.
- Surprisingly passed in with no bids, given its scale and position.
Lot 29 – 1/2 Pearwood Lane, Robina
- A well-presented 3-bedroom duplex.
- Started with bids at $650,000, finally selling post auction showcasing the demand for family dwellings in Robina.
Lot 30 – 12 Skyburnett Street, Reedy Creek
- An impressive 5-bedroom, double-story home.
- Opened at $1.4 million and negotiated to a final price offer of $1,675,000.
Lot 32 – 64/1 Bondi Avenue, Mermaid Beach
- A top-floor beachside apartment.
- Bidding reached $909,000 with negotiations continuing for the 2-bedroom ocean-view apartment.
Lot 34 – 36 Warana Avenue, Southport
- A hotly contested property.
- The 3-bedroom single-level family home on a large 850sqm block reached a final bid of $845,000, currently $50-$100,000 shy of the current estimated value, with negotiations ongoing.
The Auction Showcase 2024 was a resounding success, reflecting the dynamic real estate landscape of the Gold Coast and Southeast Queensland. The event not only showcased the demand for family-oriented properties but also unveiled potential opportunities for buyers in emerging areas.
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