Bidding frenzy at auction event
A MIX of local and interstate buyers engaged in frenzied bidding as Ray White Surfers Paradise Group cleared a whopping $35.4 million worth of sales at a mega-auction yesterday.
A crowd of about 1000 people, including more than 170 registered bidders, crammed into the RACV Royal Pines Resort in Benowa to be part of the agency's legendary annual The Event auction.
Ray White Surfers Paradise Group CEO Andrew Bell said the success of the auction showed confidence in the Gold Coast economy remained strong.
"The strong contingent of local buyers was the big surprise of the day," Mr Bell said.
"The other was the strength of bidding for properties around the $1 million to $1.5 million mark.
"Together they are an indicator of the strength of the local economy and the confidence of local buyers in their home market.
"The other notable trend is the return of the holiday home market, particularly from Sydney."
While the $35.4 million worth of deals confirmed at time of going to press was impressive, that figure is expected to climb further in coming days and weeks as sales are finalised.
"We're likely to see the momentum from this auction continue into the next month or so," Mr Bell said.
"We're expecting to secure sales for a number of properties passed in over the weekend over the coming weeks."
The highest price paid under the hammer yesterday was $1.4 million for 360 acres at 126 Blacks Rd, Kingsholme.
However a Xanadu North penthouse at Main Beach sold for more than $5 million ahead of The Event.
There were also some great buys for eagle-eyed bargain hunters, with a Southport unit snapped up for a mere $132,000.
Bernadette Parzatka and husband Henry were among several buyers on the day who "stood fairly firm" to successfully outbid their competition.
The Parzatkas snapped up a five-bedroom, three-bathroom home at Isle of Capri.
"I think from watching all the reality TV shows ... we know the tricks," Mrs Parzatka said.
Bidding on the property inched upwards before the Parzatkas took it from the underbidder by just $1000, for $1.256 million.
Mrs Parzatka said she had an eye on a few properties she had viewed in the lead-up to The Event, but was ultimately attracted to the Isle of Capri home for its weekly rental return of $1250.
"We bought it as an investment property," said Mrs Parzatka, who lives in an apartment in Surfers Paradise with her family.
Mrs Parzatka has bought property through auction before, but said The Event was the largest of its kind and that she would recommend it to other buyers.
"It is a bit scary ... you just have to be careful not to get caught up in the action," she said.