Gold Coast

Bidders spend $40 million at Australia’s biggest auction event

PHOTO: Thousands of people attended The Event over the course of the entire day. Photo: Marc Pricop

More than $40 million worth of property was sold at Australia’s biggest auction event on Sunday, amid a “golden era” for real estate on the Gold Coast.

In a whirlwind of bidding spread over six hours, 90 properties went under the hammer, from entry-level apartments to waterfront mansions and lush hinterland homes. Another 15 scheduled to go to auction had sold prior.

An equine estate in Guanaba, taking in a main residence, two one-bedroom studios, stables, a dressage arena and five horse paddocks was the most expensive single property sold on the day, fetching $1,675,000.

Nervous home buyers, seasoned investors and excited sellers were among the several thousand that attended RACV Royal Pines Resort over the course of the day for the annual auction event hosted by Ray White Surfers Paradise Group.

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Crowds socially distance at Ray White Surfers Paradise Group’s annual auction event. Photo: Marc Pricop

The capacity in the auditorium was reduced due to social distancing rules but those that had missed out on a seat in the auction room were able to livestream the event from an adjacent hall.

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