Ray White’s GOLD COAST annual 'The Event' - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: THE EVENT. SUPPLIED

Strong demand for beachfront apartments and luxury houses on the Gold Coast was evident at Ray White’s annual auction event, showcasing the appeal of the region’s affordable beach lifestyle compared to larger cities for potential home buyers.

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Results from the packed auction at the Royal Pines Resort revealed a clearance rate ranging between 80% and 85%, a significant increase from the previous year’s 60% clearance rate, with 79 out of 119 auctions successful.

Ray White Surfers Paradise CEO Andrew Bell noted that auction clearances at the Gold Coast event consistently exceeded 80%. He highlighted the broad demand across all price brackets, a departure from the previous year, attributing the change to indications of potential interest rate drops in the current year.

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Mr. Bell explained that the current point in the economic cycle has instilled confidence in buyers, encouraging them to bid and purchase properties. Higher-valued homes were particularly sought after during the event, with about three-quarters of the homes sold valued at over $1 million.

Over the past year, the Gold Coast’s residential market has gained momentum, witnessing a median home sale price increase of $97,271 to surpass $1.1 million. This growth outpaced the national median house price increase of $75,000 during the same period, according to Ray White.

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Among the notable sales during the auction was a four-bedroom waterfront apartment on Main Beach Parade, which changed hands for $6.35 million and attracted six active bidders. Additionally, two three-bedroom, two-bathroom apartments on Admiralty Drive sold for $1.9 million and $1.55 million.

Mr. Bell emphasized that a higher interest rate environment did not deter buyers, especially those in higher income brackets. He attributed the strong demand to a housing supply shortage and a growing population, making the Gold Coast an appealing residential market.

Auction clearances at Ray White’s annual Gold Coast event were sitting above 80 per cent, Ray White Surfers Paradise chief executive Andrew Bell said. Celeste Humphrey

The local economy’s shift away from a reliance on tourism has transformed the perception of Gold Coast properties from holiday homes to coveted residential investments, according to Ray White chief economist Nerida Conisbee. This shift has shielded the region’s residential properties from the price crashes experienced by coastal towns like Byron Bay, where house prices have slumped by as much as $614,000.