Up to 3,000 people are tipped to attend a special mass auction this Australia Day long weekend which could set the tone for the Queensland property market in 2019.
‘The Event’ is an annual mass auction of entry level to prestige properties across the Gold Coast and hinterland areas, hosted by the Ray White Surfers Paradise Group.
A total of 110 properties will go under the hammer starting at 10am on Monday at the Royal Pines Resort, Benowa.
Early signs are that the market is strengthening with Ray White Surfers Paradise Group CEO Andrew Bell reporting a 30 per cent increase in inquiries this year compared with last year.
“Most surprising is the locals who have been more active than we’ve seen for 12 months,” Mr Bell said.
“They are predominantly owner-occupiers with a smidgen of investors.
“The interstate interest is largely Baby Boomers who are getting on with life and know the market is coming off in Sydney and Melbourne.”
By Wednesday afternoon, 10 per cent of properties had already sold prior to auction.
Others likely to sell at auction on Monday include a deceased estate in the Rivage Royale apartment building at Southport.
A three-bedroom house in need of renovation at 1 Cutana Court, Ashmore which would make an entry level home for first home buyers.
And 18/40 Marine Parade, Miami, which presents a rare opportunity to buy beachfront property for under $1 million.
While the prestige property offerings include 2 Witches Chase, Tamborine Mountain, which is a chateau with separate lodge on two hectares of mountainside.
Mr Bell remains realistic that properties will only sell when the price is right.
“Last year the majority of vendors had their head in the clouds so the success rate on the day was 23 per cent,” he said.
That rate increased to 79 per cent with post-auction sales in the first month after auction.
“I suspect that we may get a higher success rate this year because generally-speaking, people going to auction are more realistic than private treaty sellers.”
Ray White agent and auctioneer Haesley Cush said the long weekend’s auction results will be the first read on holiday house sales.
“This is always a good gauge of consumer confidence and a market to watch for those trying to get a read on the year ahead,” Mr Cush said.
Mr Bell said the Gold Coast property market took a 10 per cent correction in 2018 and is now well-priced to remain steady this year.