Thousands of house hunters will pass up a public holiday at the beach in the hope of snapping up property at Ray White Surfers Paradise’s annual mega-auction event today.
The Event lives up to its name with more than 100 properties set to go under the hammer at Benowa’s Royal Pines Resort from 10am.
Prospective buyers from across the country will vie for a range of properties, from million-dollar waterfront mansions and rural retreats to family homes and entry-level apartments.
Ray White Surfers Paradise Group chief executive Andrew Bell said it was unlike any other auction event.
“It’s the biggest auction event in the country every year,” he said.
“We’re proud to have that one the Gold Coast.
“(There are) 2000 to 3000 people that come throughout the day.”
He expected this year’s event to attract plenty of interstate buyers following a rush of interest in the city over the past few months.
“We’ve seen a significant resurgence in interest in the Gold Coast property market in the past few months,” he said.
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“Not surprisingly locals are leading the charge, eyeing off properties that they believe have strong future growth potential.
“However, interstate buyers have also been very active, particularly from Sydney and Melbourne where the markets have passed their peaks.
“The Gold Coast is definitely looking pretty good from their perspective.”
He said they have had much more enquiries about the properties going under the hammer than they anticipated. However, he said they were going to be “extremely realistic” about their expectations on the day.
“We know that the market goes in cycles, at the moment it’s correcting after three really strong years of good growth,” he said.
He said it was ideal for buyers as prices were becoming more realistic.
While he remained tight-lipped on the properties he thought might attract the most interest, Mr Bell said there seemed to be more people willing to sacrifice their dream home in favour of one in a better location.
He said the Gold Coast had been recognised for its economy’s strength and diversity in recent years, including its low unemployment rate, which was making it an appealing place to live.
“Based on these fundamentals alone there is compelling value in the Gold Coast property market at the moment,” he said.
“We’re experiencing this daily through the level of inquiries our offices are receiving, including some instances where interstate buyers have flown in just for the day to undertake inspections.”
The Event is being held in conjunction with the Home & Living Expo.