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Massive auction campaign to set tone for the market this year

By Holly Darwon

This weekend I will embark on my regular pilgrimage to the Gold Coast for the annual weekend of huge auction events.

In fact if you are on the GC this weekend you will likely hear the sound of the ocean, the seagulls and the gaggle of auctioneers decorating the coast singing for their supper.

These large scale auctions started as the brain child of Gold Coast real estate stalwarts Andrew and Greg Bell, of Ray White Surfers Paradise and have been running for the past 24 years.

This weekend ‘The Event’, as it’s now known, will feature about 100 Gold Coast properties from the entry level to the seriously expensive.

Following their lead a number of Gold Coast agencies have jumped on board, conducting their own in-room auctions, making it the largest weekend of auctions on the Gold Coast each year. With the Australia Day long weekend now the pinnacle of sales transaction on the coast, many real estate enthusiasts around the country keep a keen eye on how these auctions pan out.

Over the past five I have had the luxury of standing on the stage at ‘The Event’ and watching the Queensland market face its first big test of the year.

If our coastal markets fire, then that means people are buying holiday properties and if people are buying holiday homes then there is dispensable money in the market.

Three years ago I watched this golden sleepy giant start to slowly wake from its slumber after years of low or negative growth on the coast.

Then last year I expected huge things, but was underwhelmed by the activity. This year the bidding bomb that I was expecting to go off could stop ticking and explode this weekend! There are many investors backing in strong rental income and capital growth as a result of the Commonwealth Games.

Whether you are in the market to buy or you own your own property, the results this weekend are a wonderful indicator of what’s install this year. Stay tuned.

To read the entire article, please follow the link below

https://www.realestate.com.au/news/massive-auction-campaign-to-set-tone-for-the-market-this-year/

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