Hottest under hammer
A tired ex-rental home in desperate need of a spruce-up was one of the most hotly contested lots at a Gold Coast auction event where a total of $30m worth of residential property was sold.
The four-bedroom house at 92 Anna Dr, Raceview sold for $580,500 after sparking a bidding frenzy among nine firsthome buyers and investors at LJ Hooker Property Hub’s highly anticipated auction.
Marketing agent Jayson Edwards said the brick-and-tile home sold to an interstate investor, with auctioneer Justin Nickerson, of Apollo Auctions, fielding a flurry of 38 bids.
“It was an absolute cracker,” Mr Edwards said.
“We had a pretty fair discussion with the owners prior to the auction about maybe not getting our hopes up, because the home was in urgent need of renovation and repair work.
“But people got carried away in the heat of the moment and the bidding frenzy kept going.”
LJ Hooker Property Hub director Dave Manby said 300 people packed the room as more than 80 bidders contested 43 lots, with 7 sold under the hammer, 12 prior and 1 post-auction.
Top sales included $1.5m for a single-level renovator on a 911 sqm block at 22 Silkyoak Ct, Burleigh Waters, on the market for the first time in 24 years. It sold for $170,000 over the vendor’s reserve price and attracted 14 registered bidders.
An ageing beachfront apartment at 14/100 The Esplanade, Burleigh Heads sold for $1.21m – $110,000 above reserve, and hot competition among seven bidders hit $1,236,500 for a family home on a corner block at 10 Windemere Cres, Varsity Lakes.
Mr Manby said the depth of interest across the program reflected an uptick in buyer confidence.
He noted strong inquiry for renovators and homes priced below $1m, with several properties drawing between 60 and 70 bids.
Move-in ready homes also remained popular, but those listings were limited.
Mr Manby said affordable beachside apartments were also in demand on the back of the city’s peak tourist period.
“Each year holiday-makers fall in love with the Gold Coast and then want to take a piece of it back with them,” he said.
“But the hottest market segment is at the upper end. There’s a short supply of turnkey homes around the $1.5m price point.”
Other program highlights included a contemporary waterfront family home at Hope Island and a rural lifestyle property at the foot of the Gold Coast Hinterland.
LJ Hooker general manager Steve Mutton said the event capitalised on the Glitter Strip’s brisk summer selling season.