Ray White Surfers Paradise Record 87% Clearance Rate at Auction Event

Ray White Surfers Paradise Record 87% Clearance Rate at Auction Event

October 2021
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Ray White Surfers Paradise Record 87% Clearance Rate at Auction Event

A 78% clearance rate was achieved at Ray White’s Auction Event

The Ray White Surfers Paradise Group were proud to showcase their latest offerings to the Queensland and Australian market. 

Held at the Gold Coast Turf Club on Thursday October 21st, 23 properties comprising of residential, commercial and development type assets were up for sale, all in well-established locations across the Gold Coast.

Sites across Southport, Surfers Paradise, Main Beach, Hope Island and Bundall caught the attention of many investors’ eyes as the prestigious auction event gathered a packed house of buyers and vendors. Phone bidders were also present from across Australia. 

The event successfully achieved a 87% clearance rate with an abundance of properties selling well above the reserve price. 

Marketed by expert Ray White Agents Jackson Rameau and Michael Williems, the commercial site at 122 Bundall Road, Bundall attracted significant interest as 24 bidders contested for the in-demand dental clinic. The property ended up selling under the hammer for $2.8 million, generating a yield of 4.27%.

Also managed by Mr Rameau, the Commercial asset at 4101/3027 The Boulevarde, Carrara gained much interest with 14 investors eager to get their hands on Grocer and Dental tenanted asset. Tightly secured until 2031, the property was knocked down for $2.4 million, achieving a passing yield of 6.6%.

Ray White Surfers Paradise Associate Director Luke Boulden said, “buyer sentiment proves to be strong, with income producing assets being in key demand”. 

“Energy among buyers drove bidding across all asset classes, with several properties achieving results well above the listed reserves.”

Reflecting on the results, Ray White Surfers Paradise CEO Andrew Bell said, "traditional ‘gap' was starting to surface which is not unusual after a real estate market has been running strong for 18 months or more. The gap is where we see sellers entering the market for no other reason than trying to capture what would have otherwise been an impossible sale’s figure to get.  Their only reason for selling is to try and secure that magical sale price which is often above current market values.  So whilst often there will be many bidders bidding on the property a sale is not achieved because the seller’s ambitions are beyond market value. There are early signs of that throughout the country and we are starting to see it here on the Gold Coast as well.

Mr Bell added, “there is no lack of buyers and plenty of them paying outstanding prices and whilst the sales are not occurring always under the hammer, those properties invariably do sell in the days or weeks later as the sellers adjust their pricing to market."

"We are looking forward to a very strong summer. There are already huge bookings of interstate holiday makers that have been recorded since it was announced that Queensland is re-opening their borders on 19 October 2021 and so Ray White Surfers Paradise is building a large listing bank in order to present properties to those travelling to the Gold Coast to secure their real estate dream."

Check out all the results from the event below 

1.    1&2/41 Musgrave Avenue, Labrador – $1,150,000 – Sold 

2.    ‘Hibiscus on the Beach’, 301/3555 Main Beach Parade, Main Beach - $670,000 – Sold 

3.    ‘Beachpoint’, 168/3277 Surfers Paradise Boulevard, Surfers Paradise - $725,000 – Sold 

4.    781 Pavilions Close, Hope Island - $1,190,000 – Sold 

5.    ‘The Inlet’, 321/24 Breaker Street - $2,550,000 – Sold 

6.    122 Bundall Road, Bundall - $2,800,000 – Sold 

7.    ‘Hilton Surfers Paradise’, 10704/3113 Surfers Paradise Boulevard - $600,000 – Sold 

8.    4101/3027 The Boulevarde, Carrara - $2,400,000 – Sold 

9.    ‘Kings Row Centre’, 20/20 Commodore Drive – Sold Prior 

10.    400 Mount Nimmel Road, Springbrook – Passed-In 

11.    56 Rawlinson Street, Murarrie – $888,000 – Sold 

12.    20 Bahrs Scrub Road - $1,890,000 – Sold 

13.    ‘Paradise Pearl’, 2/5 Old Burleigh Road – Sold Prior 

14.    6/33-37 Lenneberg Street, Southport – $250,000 – Sold 

15.    2-4 Christie Street, Canungra – Passed-In 

16.    53 Nicklaus Court, Merrimac – Sold Prior 

17.    ‘Thornton Tower’, 45/33 Thornton Street, Surfers Paradise - $735,000 – Sold

18.    ‘Alpha Sovereign’, 1101 & 810/140-144 Ferny Avenue, Surfers Paradise - $162,000 – Sold  

19.    10/52 Davenport Street, Southport – Passed-In 

20.    Alpha Sovereign’, 5 & 6/140-144 Ferny Avenue, Surfers Paradise – Passed-In 

21.    ‘Huntington’, 48/10 Marine Parade, Southport – Passed-In 

22.    Koala Town Road, Upper Coomera – Sold Prior 

23.    3/54 Blake Street, Southport – Sold Prior 

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