Struggling Gold Coast Market to be Tested at Portfolio Auction

Ray White estimates Gold Coast values are about 10 per cent lower than this time last year.

One of the highest profile properties being offered at the twilight auction includes a 3794 square metre private island property, at the Isle of Capri, and a four level penthouse on Riverview Parade.

Ray White Surfers Paradise CEO Andrew Bell told the AFR “success will be measured on a number of people we get through inspections, the number of offers we get prior to auction.”

“You can’t judge it by how much sells under the hammer because of those sold prior, during and in the week or two after,” he said.

In 2010, a total of $40 million in real estate changed hands. In 2009, it was $32 million.

Ray White’s marine division will also auction a number of boats.

Mr Bell said boats were better value now than three years ago, with a lot of interest coming from Sydney and Melbourne.

The Broadbeach office of the company is planning a bulk auction (50 properties) on January 23.

 

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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