Auction activity to heat up in Gold Coast
PRDnationwide will hold one of its largest auction portfolios in Queensland this weekend with over 40 residential properties totalling more than $25 million to go under the hammer this Saturday.
Trent Scott, PRDnationwide Surfers Paradise director, said the PRDnationwide Super Summer Auction 2011 offered strong opportunities for astute investors looking to secure property at the right price.
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"There is good buying in the current environment and we believe there will be some very motivated sellers" he said.
The properties being taken to auction vary from fully leased apartments for investors to beach front homes to suit owner occupiers. Properties are expected to be priced from around $200,000 to $1 million-plus.
Four of the 43 properties scheduled to be auctioned have been sold prior to the event.
"The market has had a tough couple of years but confidence and stability is starting to return. Buyers are seeing great value at the moment and they know it won't last," said Mr Scott.
Mr Scott encouraged sellers to consider auction as one of the best ways to offload property at market value.
"In this market there is plenty of competition, and the auction method gives sellers the opportunity to sell within a set time frame with an unconditional contract," he said.
"It gives sellers and buyers greater certainty than other methods of sale."
"This is a great time for serious buyers to buy well, and the auction format gives clients greater exposure by reaching a wider audience of buyers," he said.
PRDnationwide national director Jim Midgley said big crowds and strong bidding pointed to an auction revival.
"Clearance rates are increasing - particularly in near to water locations," he said.
"Increasing numbers of bidders are registering and sales not made 'under the hammer' are occurring in the immediate post auction period."
"There is a growing identification that serious buyers only want to deal with serious sellers and the most serious sellers are seen to be those who choose to take their property to auction."
"Auctions continue to set the pace in this market of uncertainty," he said.
The auctions will be held at the Marriott Resort & Spa at The Hinterland Room, 158 Ferny Avenue, Surfers Paradise from 11.30am on Saturday January 29.
