Interstate demand drives bumper $40m auction event

Buyers whipped up a bidding frenzy as about $40 million worth of prestige property sold under the hammer in one weekend following a Gold Coast auction event which defied the traditional winter market slowdown.

Amir Prestige’s Grand Winter Auction Event at the Langham Hotel notched up a clearance rate of 50 per cent, with 12 out of 24 lots sold.

The highest transaction of the day was $10.118m for a sprawling Cronin Island mansion, which was topped within 24 hours as a three-storey oceanfront home at Mermaid Beach fetched $14.1m.

Mr Mian dubbed the weekend the richest of the year to date for the Prestige group, attracting more than 60 bidders and a crowd of 200-plus as the market ticked over into the new financial year.

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89A Albatross Ave, Mermaid Beach

“Winter usually is quieter for us, but this year we’ve noticed there is a hive of activity driven by interstate interest, which is from Sydney and Melbourne and also from WA,” Mr Mian said.

“This renewed demand from interstate and also from foreign buyers is pushing the number of inspections and sales higher than expected, and also we have noticed the stock levels are lower compared to last year, which is again showing solid strength in the prestige and medium-price bracket.”

Agents had engaged with an increased number of Chinese and Vietnamese buyers, and noted a general sense of urgency to buy before any future interest rate rises further impact affordability.

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16 Southern Cross Drive, Surfers Paradise.

Entry-level properties in the mix included a one-bedroom, one-bathroom apartment on Marine Pde, Southport which sold for $368,000, and a two-bedroom, two-bathroom townhouse on Sportsman Ave, Mermaid Beach snapped up for $660,000.

Bidding was strong across all price brackets, with auctioneer Nigel Long fielding a total of 36 bids between two buyers contesting the $10.118m five-bedroom, four-bathroom home at 17 Southern Cross Dr, Surfers Paradise.

A Gold Coast buyer who moved to the city three years ago came away triumphant.

The house once belonged to Nicole Bricknell — ex-wife of disgraced former Billabong tycoon.

Ms Bricknell built the two-storey mansion in 2016 after her former husband Matthew Perrin was convicted of defrauding a bank of $13.5m.

She sold the house for $7.3 million in June 2021.

That sale was topped the following morning, as the Albatross Ave luxury family home of industrial estate boss Tony Stephens and his stylist wife Alicia went under the hammer.

The four-bedroom, four-bathroom home on a 582sq m lot had been extensively renovated and landscaped since last changing hands in 2019 for $8.65m.

Six parties had expressed interest in purchasing the contemporary coastal home, with two registered to bid.

Bidding opened at $13m, with the eventual buyer coming in hot at $13.8m, then just two more bids of $13.8m and $14.1m quickly fired before the property was announced sold.

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1/2 Paradise Pde, Paradise Point

SOLD UNDER THE HAMMER

89A Albatross Ave, Mermaid Beach – $14.1m

16 Southern Cross Dr, Surfers Paradise – $10.118m

1/2 Paradise Pde, Paradise Point – $3.9m

14 Cockleshell St, Runaway Bay – $2.06m

272 Main Western Rd, Tamborine Mtn – price not disclosed

15 Seabreeze St, Paradise Point – $1.55m

6507/5 Marine Prom, Paradise Point – $1.435m

4 Riverpark Dr, Nerang – $1.2m

11/42-44 Brighton Pde, Southport – $1.17m

10 Elaine St, Southport – $1.02m

51/30 Sportsman Ave, Mermaid Beach – $660,000

34/49-53 Peninsular Dr, Surfers Paradise – $460,000

109/132 Marine Pde, Southport – $368,000

Article source: Queensland Property Investor