Gold Coast buyers defy market fears to deliver strong Ray White auction results

Andrew Bell in action at Ray White Bell Group’s monthly auction event.

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Buyers who said they would not attend or bid still showed up and exceeded their own price indications at an auction event on the Gold Coast.

Ray White Bell Group’s monthly auction event recorded a 71.4 per cent clearance — CEO Andrew Bell said it was positive to see such robust activity in the Gold Coast market.

Of the seven residential and commercial properties up for auction, five were sold on auction day, with a further property being sold post-auction, and negotiations near complete for the final remaining property.

Of the seven residential and commercial properties up for auction, five were sold on auction day. Picture: Supplied

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Mr Bell said several of the bidders had mentioned during the week prior to auction that they would not be attending the auction and not bidding.

“However, they did attend and bid on the day,” Mr Bell said.

“In almost all cases the feedback on the prices bidders indicated they would pay were surpassed during the auction process.

“Whilst buyers may be showing some hesitation in today’s market, the results certainly show that despite rising interest rates, changes to taxation and concerns about the economy, the need for a home surpasses those fears.”

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1/3 Tate Street, Southport sold for $624,000.

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Mr Bell said his team averaged 2.1 bidders per property.

“But in reality we found that in almost all cases there was one strong bidder and a second bidder who was somewhat softer,” Mr Bell said.

“We have been passionate advocates of auctions for more than 40 years, regardless of market conditions, and in fact we actually revel in the types of conditions that many other agents find difficult.

5/14 Liam Court, Labrador sold under the hammer for $907,500.

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“Understandably, it has been a more challenging environment with higher interest rates, conflict in the Middle East, and uncertainty surrounding taxation changes.

“However, the fundamentals remain very strong and that is — everyone needs a roof over their head, and there continues to be more buyers than sellers in the marketplace.

“If you do everything right in the auction process, sellers will achieve their sale on or before auction day.”

5/14 Liam Court, Labrador sold under the hammer for $907,500.

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The top sale of the event was 5/14 Liam Court, Labrador, which sold via to sales agent Brooke Westaway under the hammer for $907,500.

Ms Westaway also had the auction with the most bidders with three registered bidders and three active bidders recorded at her 1/3 Tate Street, Southport, auction.

The property sold under the hammer for $624,0000.