In one of the biggest auction days in Australia’s history, nearly 150 properties went under the auctioneer’s hammer on Sunday. Ray White Real Estate Surfers Paradise hosted around two thousand people for the auction, of which over 330 were registered bidders.
Of the 135 properties for sale, over half the properties were sold on the day, with 20 sold before the auction commenced. The real estate sales were split evenly between local and interstate buyers. An additional 7 properties were sold yesterday, bringing the combined total to $40.6 million.
The properties offered at the auction ranged from one-bedroom apartments to glamorous beachfront homes. The real estate sold on Sunday includes a $3.5 million riverfront mansion in Paradise Waters and a four-bedroom houseboat that sold for more than $600,000. Just over half the properties on offer were sold, with both buyers and sellers showing their stubborn streaks.
Ray White Surfers Paradise chief executive Andrew Bell said that the auction was an excellent sign for the real estate this year, particularly in Queensland.
“It’s going to be a strong 2017,” he said. “We’ve seen a large number of interstate buyers stepping back into the Gold Coast market, with many of them planning to move to the Gold Coast sometime in the future.”
The size of the auction could be a result of the recent revelation that real estate prices in Australian cities are severely unaffordable, which would indicate a coming change in the nation’s property industry.