Ray White Surfers Paradise held 'The Event' on 24 January, and the annual auction spectacular did not disappoint. Buyers were well prepared for the major auction day at the Gold Coast Turf Club with $33million changing hands and around 100 locations on offer. The market looks set to benefit from the significant moves in the region, and the opportunity to lease commercial property is going to become much more attractive.
"There were more than 260 registered bidders and this year was much better than previous years with better prices, sales rates and better buyer confidence," said Ray White Surfers Paradise CEO Andrew Bell.
The fact that so many bidders were registered and excited to get into the property market in the Gold Coast is good news. The area is believed to be on the rise in terms of growing in popularity for homebuyers. To investors of residential property, the Gold Coast is an expanding market and CoreLogic reports that through December 2015, average rents increased 3.9 per cent to $499 a week.
The increased rental price coupled with the heightened popularity to get into the region means that people are wanting to get a foothold in the south east of Queensland even though it is getting more expensive. That is an exciting prospect for others looking at commercial property for sale in the Gold Coast and Surfers Paradise.
There was some commercial real estate that went to auction at 'The Event', including 49 studio units at the Mercure Gold Coast resort. One buyer bought 12 units for $775,000 while another paid $747,000 for the same number of properties.
As more people buy in the Gold Coast, or open up residential rentals, there will be a greater demand for jobs and offices around the area. Taking advantage of that would be a shrewd move for property owners, and also for investors wanting to buy for themselves.
The Commonwealth Games are being held in a regional area of Australia for the first time ever, and the opening ceremony is scheduled for 4 April in 2018. Already there have been big moves around the east coast of the country as property groups prepare to swoop into the Sunshine State and make the most of the rare opportunity that the Games presents.
However, as people are giving the region more attention, there will be a much higher demand for office and retail leasing in the Gold Coast. With developers such as the Walker Corporation and the Seymour Group looking towards Queensland more and more, the supply for retail and office spaces will also be higher.
A CoreLogic end-of-year report for 2015 states that the property markets in Sydney and Melbourne are slowing, indicating that people are looking elsewhere around the country. 'The Event' was the culmination of demand in the Gold Coast property sector, and sets the stage for commercial property as well.
"As soon as Sydney and Melbourne started to test people's affordability levels we saw a huge increase in the level of interest [around the Gold Coast] from investors," stated Ray White's Mr Bell.
Retail leasing in the Gold Coast particularly is set to be in high demand for 2016 and right up until the Commonwealth Games. Multiple property investment groups have already started plans to get into the Sunshine State and properties will begin to move quickly.
Talk to Ray White Surfers Paradise now to see how the team can help you to get into the region after the great success of 'The Event'. The Gold Coast is the next move for businesses wanting to expand.