Around the grounds auction wrap

OF the 159 Ray White Group auctions scheduled to go to auction across the weekend, the pick of the action happened on the Gold Coast.

Ray White GC South Network nailed its Summer Spectacular auction event, which kicked off on Saturday morning at Currumbin RSL.

From the 23 properties scheduled to go to auction, nine sold under the hammer with four selling prior and two listings selling immediately after the event.

Guided by experienced auctioneer Phil Parker, Ray White GC South Network recorded around $12 million worth of sales at a clearance rate of around 65 per cent within 48 hours of the auction.

“There was a great atmosphere, a good attendance of around 150 people and the event exceeded our expectations,” Ray White GC South Network’s Brendan Gibb said.

“Everyone worked really hard on the basics in the lead-up to the event and it showed on the day in results.”

Most of the buyers in the room were locals, according to Mr Gibb who sold 35 Oakland Parade, Banora Point for $820,000.

“It went to a nice local family, with the sellers an older couple who had raised all their kids in the big family house they’d owned for 20 years,” Mr Gibb said.

“The buyers had been through the home during inspections about six times.”

The group's top auction sale of the weekend also occurred on the Gold Coast, with Ray White Mermaid Beach top agent Troy Dowker securing $2.3 million for a beachfront house (above) at 14 Pacific Parade, Bilinga. For the second week in a row Troy Dowker's sold the most expensive property in the group, under the hammer.

The original 1960s home, on a 673sq m block, can be renovated or demolished to make way for the likes of luxury one-per-floor boutique apartments.

Mr Dowker’s Saturday morning on-site auction attracted three registered bidders, two of them active, in a crowd of around 50 people.

Occupying a larger than average block of 673sq m, this was an excellent opportunity to secure one of the last original beachfront houses on the southern end of Pacific Parade in the popular lifestyle Kirra precinct location of Bilinga.

The property offers flexibility to renovate with the existing structure or a fantastic opportunity to build your ideal beachfront home or luxury one per floor boutique apartments. Congrats to Troy and his vendors.

Meantime in Brisbane, a three-week campaign featuring 63 inspections resulted in an competitive auction with seven registered bidders for 3/455 Adelaide St, Brisbane.

The deceased estate occupying the entire third floor of the luxury Bellagio complex sold under the hammer in the afternoon for $2.075 million, through Ray White New Farm's Brandon Wortley.

It was the group’s third highest auction sale across the country on the weekend, behind Ray White Seaforth’s Mark Griffiths result of a $2.14 million deal on a solid-single level home on a 698sq m block at 6 Willawa St, Balgowlah Heights (above).

Ray White Seaforth’s Mark Griffiths listed the northern Sydney family property which sold in front of a crowd of around 50 people and had three registered bidders on Saturday morning.

Also in Sydney, 25 registered bidders in a crowd of around 150 people were eyeing off a 968sq m deceased estate which sold for $1.405 million under the hammer.

Ray White Castle Hill’s Paul Conti said the location of 4 Tuckwell Rd, Castle Hill, close to the local shopping centre and within walking distance to the upcoming Castle Hill Rail Station, was a huge drawcard for interested buyers.

There was 25 registered bidders for the property with a a crowd of more than 150 people. Auctioneer James Kerley actually broke his gavel on the fall of his hammer, while Mr Conti said the sale “smashed all price expectations.”

The SMH reported this the ‘run-down Castle Hill house on quarter-acre block sold for $425,000 above reserve’.

Bidding opened at $850,000 and quickly escalated to the million-dollar mark after a handful of $25,000 bids made by seven parties who threw their hats in the ring. It turned into a two-horse race after $1.35 million. The hammer eventually fell at $1.405 million after a final $1000 bid. It sold for a whopping $425,000 above the reserve.

The property, which is set on a 968-square-metre block, last sold for $530,000 a decade ago.

Local resident Cicilia Lie nabbed the keys to the property after selling her house in a nearby street.

“It’s a nice, flat block and I can build a house that I like,” said Ms Lie, who had been looking to upgrade in the same area so her kids could attend the local schools.

Neighbouring resident and builder James Liu said the buyer walked away with a bargain.

“I think this is good value for this land because after this month the train will be going through and in the future you can build a townhouse or develop it. It’s a wide, decent block. It’s really good. I’m a builder, [I know] it’s good value,” Mr Liu said.

“This is a bargain. It’s a good location. [A property] close to the train station and shopping centre will never go down [in price over the long term],” he said.

The home was a deceased estate and the former owner’s 94-year-old brother had driven from Dubbo to watch the auction take place.