137 properties were originally listed for sale at the large Ray White Gold Coast auction held on Sunday. 65 sold prior to or on auction day. That is a 47% clearance rate after at least a 4 week campaign. Not very good. And it seems that pricing achieved was not great, despite the big lead up publicity. In my view, auctioning non-unique apartments is not a smart tactic. Two apartments in Circle on Cavill sold for less than $400,000 each, furnished.
"But not everyone was optimistic about the property market, with two vendors at the auction, who wished to remain anonymous, claiming they fell short by about $130,000 over three Surfers Paradise units they had to sell due to family circumstances.
"I don't think the confidence is in the market," said the vendor."
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