LUXURY property on the Gold Coast fetched top dollar under the hammer this year despite clearance rates plunging.
Twelve months ago the clearance rate on the Gold Coast was 86 per cent, according to PropTrack data. This month it’s 47 per cent.
Surfers Paradise recorded the most auctions this year followed by Broadbeach Waters, Upper Coomera, Southport and Mermaid Waters.
Despite the clearance shift, a Burleigh Heads mansion still managed to wow crowds when it sold under the hammer for $9.7 million in September.
The property at 10-12 Elanora Drive was owned by the founder of failed fund manager, Blue Sky Alternative Investments while the winning bid was from a Tallebudgera woman, who said she bought the dream home for her son and his fiancee.
Marketing agent Troy Dowker, of Kollosche, said it was an easy decision to take the property to auction.
“It had such unique attributes that you just couldn’t put a price on it,” Mr Dowker said.
“The vendors didn’t want to put a ceiling on it and let the market dictate what it was worth.
“We had 12 registered bidders and three active bidders above $9m which gave the current owners confidence that there was competition at a similar level.”
Mr Dowker said auctioning a property on the Gold Coast had skyrocketed in popularity in recent years.
“As far as the auction culture in southeast Queensland, it’s a lot more accepted and embraced compared to 10 years ago
“It’s the most transparent way you can sell a property in a public forum.”
One of Queensland’s best beach homes, ‘Pacific’ in Tugun, came in second top auction of 2022 after it sold for $9.1m in June.
Michael Kollosche took the property to auction for the owners, local estate agent Madonna Delaney and her lawyer husband Tim.
Just down the road and an original Tugun home on a beachfront block rounded out the top three auctions of the year after it sold under the hammer for $5.3 million.
A crowd of 100 people gathered at 622 Pacific Pde as 12 registered bidders vied for the brick-and-tile house.
Marketing agent Luke Henderson, of Professionals Mermaid Beach, said the sale price was an outstanding result demonstrating the continued heat in the Coast’s beachfront market.
As well as houses, real estate agents also offered up development sites at auction.
The highest sale achieved at auction this year was $13.4884m for a beachfront block at 215-217 Jefferson Lane, Palm Beach.
REIQ Gold Coast chairman Andrew Henderson said the Gold Coast market had rallied behind auctions over recent years.
“It’s been great seeing how strong the growth in auction has been here and how sellers and buyers now have a really good grasp of how they work,” Mr Henderson said.
“We have realised the benefits and there are now more sellers and agents using them and buyers are definitely more comfortable with them.”
He said auctions worked because they provided transparency for sellers and buyers.
“You have everybody on the same terms and you’re not limiting who your buyers are,” he said.
“It’s open to everybody to inspect and judge where they see the value to be.
“With competition always comes the chance of setting a new record and that’s where auctions are beneficial.”
TOP GOLD COAST AUCTIONS OF 2022
1. 10-12 Elanora Drive, Burleigh Heads, $9.7m
2. 662 Pacific Parade, Tugun, $9.1m
3. 622 Pacific Pde, Tugun, $5.3m
4. 13 Neptune Court, Surfers Paradise, $4.91m
5. 48 Rudd St, Broadbeach Waters, $4.5m
1. Penthouse/14 George Ave, Broadbeach $1.805m
2. 601/2 Twenty Third Ave, Palm Beach, $ 1.73m
3. 4/1 Nathan St, Burleigh Heads, $1.53m
4. 53/39-45 Broadbeach Blvd, Broadbeach, $1.525m
5. 3/379 Golden Four Drive, Tugun, $1.51m