A massive $33 million worth of properties changed hands at the Sunshine Coast’s biggest auction event of the year, flying in the face of a nation-wide slump in property values.

Twenty-four properties were sold, including a $5m penthouse at Cotton Tree, at the annual Ray White Coastal Living Network Auction at Mercedes Benz in Maroochydore.

There were 66 properties on offer and more than 160 registered bidders.

Event auctioneer and Ray White Mooloolaba director/sales and marketing James Goldworthy said there was “good competition”, despite recent reports of a slump in property values on the Sunshine Coast and around Australia.

“There were just as many people in attendance and just as much competition for properties as last year,” he said.

“It was impressive. The energy in the room was electric.”

The average property sale was about $1.37m and 14 properties were sold for between $1m and $2.5m.

“From the bottom end to the top end, there was enough data to support the view that we’re still in pretty good stead,” Mr Goldsworthy said of the real estate climate.

penthouse at Maroochydore
The main attraction was this penthouse at Maroochydore.

The auction’s flagship property, a penthouse at award-winning Rise Maroochydore at Cotton Tree, attracted four bidders. No.102/67 Sixth Avenue was ultimately sold for $5m.

“It’s pretty spectacular,” Mr Goldsworthy said. “It was encouraging to see such strong interest on such high-calibre and high-priced real estate.

“It’s one the best units in one of the region’s premier complexes.”

apartment amazing view
The apartment has plenty of open space and an amazing view.

The penthouse was dubbed “the most desirable beachfront home in Maroochydore” in the sale pitch.

It boasts two levels, four bedrooms, three bathrooms and three car spaces, with stunning views up and down the coastline and it’s walking distance to the beach and the Maroochydore CBD.

Fellow event auctioneer and Ray White Maroochydore director Dan Sowden said the penthouse sale was remarkable.

“It’s probably the most-expensive apartment sold at auction in the Maroochydore region for some time,” he said.

balcony with the stunning view
The balcony with the stunning view.

He said the auction event bucked the perception of slumping property prices.

“There is a fair bit of negativity at the moment around (increasing) interest rates in the media, but it really didn’t play out at the event,” he said.

“We averaged 2.5 bidders per auction and the bidding was strong across the board.

“To have a clearance rate of 41 per cent on one day with such volume of stock on the Sunshine Coast is extraordinary.”

the ‘Royal Pine Manor’
This house, dubbed the ‘Royal Pine Manor’ was sold for much more than it was expected to.

A grand house in Buderim was among the other properties to be sold.

There were six bidders for No.13 Royal Pine Drive, which was ultimately sold for $1.5m to a young family who had relocated to the region and had been looking for nine months for a place to call their own.

“It was sold for a much higher price than the owner expected,” Mr Goldsworthy said.

The 1122sqm property with six bedrooms and three bathrooms has plenty of charm and glamour, as well as high ceilings and feature windows.

high ceilings
The house has high ceilings, feature windows and large living areas.

Mr Goldsworthy said the sale price exceeded expectations because of the property’s size and location.

“It’s a bigger block, a bigger home and a good residential area,” he said.

“So, it ticked a lot of boxes for families.”

Mr Goldsworthy said many of the properties that did not sell at the auction event (held annually since 2015) were expected to be sold within days.

“You will see that clearance rate rise to more than 60 per cent during the next seven to days, I’m sure of it,” he said.

Auction results

Selection from the Ray White Ray White Coastal Living Network Auction

1102/67 Sixth Avenue, Maroochydore.

06 Nyes Crescent, Buderim

1/238 Wises Road, Buderim

11 Gumtree Drive, Buderim

18 Water Street, Buderim

36-40 Apps Road, Maroochy River

191 Panorama Drive, Rosemount

448/180 Alexandra Parade, Alexandra Headland

07 Wren Crescent, Buderim

40 Lauren Drive, Buderim.

3 Montage Court, Buderim

20 Sarina Place, Maroochydore

2/13 Ballinger Court, Buderim

– Ray White, Brent Higgins.

10 Richards Street, Maroochydore

301/6 Wharf Street, Maroochydore

10 Magpie Street, Nambour

6 Ibis Court, Parrearra

01 Timana Lane, Maroochydore

2506/1A Mungar Street, Maroochydore

39 Lurnea Crescent, Mountain Creek

301/14 Aerodrome Road, Maroochydore

32 Balemo Street, Minyama

20 Almaden Lane, Maroochydore

13 Royal Pine Close, Buderim

12 Honeysuckle Court, Buderim

350 Glenview Road, Glenview

87 Ikley Road, Eudlo

63 Nicklin Way, Warana

520/102 Alexandra Parade, Alexandra Headland

Selection of other auction results

8 Beach Haven Place, Mount Coolum

36 Gilbert Street, Buderim

12 Le Claire Place, Buderim

14 Monks Crescent, Buderim

56 Cavalry Way, Sippy Downs

8 Beach Haven Place, Mount Coolum

Article source: Queensland Property Investor