Homes continue to sell from massive in-house auction

AN extra $7.5 million in property has changed hands in the days after Australia’s largest in-house auction.

Ray White Surfers Paradise’s 25th mega-auction The Event was held on January 28 at RACV Royal Pines Resort where 95 properties went under the hammer.

About $19 million in sales were made on the day but that figure has climbed to $26.5 million. The clearance rate now stands at more than 60 per cent.

A further seven per cent of properties were under conditional contract awaiting finance approvals yesterday.

Ray White Surfers Paradise Group chief executive Andrew Bell expected more homes to sell in coming weeks.

“We’ve been assisting buyers and sellers in the negotiation process and, of course, post auction we’ve been able to start negotiations with conditional buyers,” he said.

“Of the unsold properties, the last two weeks has given many additional buyers the opportunity to inspect the remaining properties and enter negotiations, and we can expect to see those results flow through over coming weeks.”

Mr Bell said he was happy with the results.

“There has been some negative sentiment around real estate markets of Australia recently, although the market here on the Gold Coast has spoken differently.”

More than 2000 people attended this year’s event, with 230 of those registering to bid on the day. Last year, about 1000 people attended, including 170 registered bidders, recording $35.4 million worth of sales on the day.