As the summer holiday season takes centre stage in January, it’s the perfect time to spotlight one of Australia’s annual property auctions—Ray White Surfers Paradise’s The Event. Now in its 31st year, this Australia Day weekend tradition has been reported as the nation's largest single auction program.
This year’s Event did not disappoint, drawing a reported crowd of 3,000 attendees and featuring over 100 properties under the hammer.
Initial figures suggest an impressive clearance rate of over 80% for the first part of the auction, with total sales nearing $100 million, however the overall clearance rates are still be finalised.
Diverse Offerings
The properties auctioned ranged from low end entry-level residential properties to luxurious mansions and numerous commercial properties. Sales varied widely, with prices starting at $55,000 for a 994m² vacant block on Russell Island to a standout $4.75 million sale for a rural lifestyle property in Nerang.
Notable Sales
Cherry Tree Downs, 277 Beaudesert Road, Nerang: Sold for $4.75M attracting 24 bids, exceeding it’s reserve by $750,000. The property sold with a Development Approval for a two-lot subdivision.
Grand Mariner Villa 1/12 Commodore Dve, Paradise Waters: This four-bedroom waterfront villa, complete with a 30-foot marina berth, sold for $3.175 million,
Trends and Observations
Local Acumentis staff attending the auction noted key trends shaping the market:
Limited Demand for Entry-Level Properties: After four years of strong price growth on the Gold Coast, demand for lower-end properties appears to be softening, signalling a potential stall in price growth.
Steady Demand for Quality Assets: Properties with strong location, design, and development potential remain highly sought after, demonstrating the market’s appetite for premium assets.
Beyond the Gold Coast: Byron Bay Luxury in Demand
Further afield in nearby Byron Bay, high-end luxury properties continue to attract attention despite the broader market slowdown. Reports indicate a sale for well above $30M at 8 Border Street, Byron Bay to an interstate buyer. As one of Australia’s premier beachfront homes with 30-metre beach frontage on Belongil Beach, this sale underscores the persistent demand for ultra-luxury homes in desirable coastal locations.