Hundreds of bidders miss out as Gold Coast mega auction sells $114 million worth of property – realestate.com.au

More than 330 bidders are still without a home after a mega auction with a huge 76 percent clearance rate.

Ray White’s auction experience on the Gold Coast included approximately 150 properties ranging from luxury homes to one-bedroom apartments, with sales under the hammer totaling more than $114 million.

Ray White Malan + Co’s clearance rate of 76 per cent surpassed the day’s overall rate of 60 per cent, with the Burleigh Heads-based firm selling 64 properties either prior to the auction or on the day, for a total of $88 million.

There were an average of 3.7 bidders per auction

---

With more than 400 registered bidders on the day and an average of 3.7 buyers per auction, more than 330 people missed out on their dream home and are still on the market, said Michael Andrews, CEO of Ray White Malan + Co.

“It’s great that more than 60 people are now settling on their new purchase, but with so many underbidders on the day, the market is still packed with buyers and they won’t want to miss out a second or third time,” Mr Andrews said.

“That’s great news for sellers who may have thought they missed the summer auction season. The demand is still there, so I expect open houses to be very busy in the coming weeks.”

“The Auction Experience was an incredible event overall – there was so much energy in the room and in the first blocks around 49 of the 50 lots sold went under the hammer.”

Hundreds of buyers are still on the hunt

---

MORE NEWS

‘Ridiculous’: Gold Coast house price rise

Dud Block homes still for sale

‘Ambitious’: Ex-AFL star in mansion auction flop

The event brings together five Ray White agencies, including Surfers Paradise, Advantage, Robina and TMG.

The highest sale price of the day was $4.4 million for a renovated beach house at 106 Seagull Ave, Mermaid Beach, which last sold in 2022 for $3.35 million.

Among the entry-level properties, a dilapidated hut at Railway Pde 12, Nerang, was snapped up for $910,000.

“Selling $117 million worth of properties across all agencies shows that there is as much supply as there is demand, and I think this is overlooked in a lot of real estate commentary,” Mr Andrews said.

“We often hear about people moving to the Gold Coast in droves, and that’s true, but if sellers don’t list their homes, they can’t even make an offer.

“Good luck to all the underbidders; there is a house for them, I can guarantee them.”

Top sale: $4.4 million, 106 Seagull Ave, Mermaid Beach

---