In a sign that Australia’s property market boom is still no closer to settling down, 600 people turned out at an auction on the Gold Coast on Saturday.
The four bedroom home in Burleigh Heads sold to the highest bidder for $3.75million in what has been dubbed ‘the biggest ever on site auction on the Gold Coast’.
By 10am, gates at the property had to be closed and latecomers were forced to stand on the streets, as an estimated 600 people crowded into the ground floor of the luxury two-storey home.
Footage shared during the auction showed people milling about the property’s living and dining areas and spilling onto the outdoor patio.
The four bedroom home in Burleigh Heads sold to the highest bidder for $3.75million in what has been dubbed ‘the biggest ever on site auction on the Gold Coast’
Footage shared during the auction showed people milling about the property’s living and dining areas and spilling onto the outdoor patio
The sale price is well above the suburb’s median price for a four bedroom home, which was about $1.08million as of May 28, according to realestate.com.
The suburb is, however, considered a ‘high demand’ market at the moment, with an average of 1,781 visits per listed property.
Agent Conal Martin of Kingfisher Realty told news.com.au that neither he nor other agents in the area could believe the turnout.
‘The gates to the property were shut at 10am, people turned up afterwards but they were too late. They had to stand outside and watch the live stream on their phones.’
The uptick of prospective buyers can, at least in part, be related back to the nation’s Covid crisis, with southerners increasingly flocking from Victoria and New South Wales to sunny Queensland for the past 18 months.
The sale price is well above the suburb’s median price for a four bedroom home, which was about $1.08million as of May 28
The home, named ‘The Palms’ boasts four bedrooms, three bathrooms and four car spaces
It is fully furnished and just minutes’ walk from the beach, while also featuring a luxury pool, outdoor kitchen equipped with a barbecue and entertainer’s haven
Mr Martin said he experienced more enquiries in a six month window than in his 17 year career from southern states at the height of the pandemic.
When Victoria went into lockdown this week, the enquiry picked up again the day they went into lockdown,’ he added.
The home, named ‘The Palms’ boasts four bedrooms, three bathrooms and four car spaces.
It is fully furnished and just minutes’ walk from the beach, while also featuring a luxury pool, outdoor kitchen equipped with a barbecue and entertainer’s haven.
Six registered potential buyers were among the 600 guests on Saturday, but interest was narrowed down to two buyers by the time bidding began.
What your home is worth now: The suburbs where median house prices have increased by up $300,000 in just three months – here are the boom areas around Australia
By Stephen Johnson for Daily Mail Australia
House prices in some Australian suburbs have surged by up to $300,000 in just three months, despite many of them being kilometres away from public transport and even further from the CBD.
Between January and April Sydney’s median price for a home with a backyard increased by 11.2 per cent.
But upmarket suburbs on the Upper North Shore, the Northern Beaches and the Sutherland Shire had price growth that was double that in the same period of time, CoreLogic data showed.
Brisbane and Melbourne also saw double-digit increases in upmarket areas, but didn’t have any suburbs within the top ten for quarterly price increases.
House prices in rich suburbs have surged by more than $300,000 in just three months and they weren’t all near the beach. South Turramurra (pictured), a post-war suburb which is more than 3km from the train station, saw its mid-point house price soar by 22.8 per cent to $2.1million
On the edge of the Northern Beaches, Terrey Hills property prices surged by 20.8 per cent to $2.5million, in a suburb where entrepreneur Dick Smith keeps a helicopter.
On Sydney’s North Shore, Turramurra, South Turramurra and North Turramurra, despite being more than 20km and 30 minutes by train from the city, took out three spots on the top ten list for property price surges.
South Turramurra, a post-war suburb which is more than 3km from the train station, saw its mid-point house price soar by 22.8 per cent to $2.1million.
The suburb with a high school only has three townhouse complexes, no apartments and is surrounded by bushland.
As recently as August 2020, a 1960-built house on Maxwell Street that had been in the same hands for almost 40 years barely sold at auction beyond its reserve price of $1.5million.
The Upper North Shore suburb near Lane Cove National Park was once home to Nine TV personality Richard Wilkins and former Labor premier Barrie Unsworth.
More than 8km away at North Turramurra, near Bobbin Head and Ku-ring-gai Chase National Park, property prices surged by 16.8 per cent in three months to $2.23million.
At nearby Turramurra, home to crooner Kamahl, home prices climbed by 16.8 per cent to $2.24million.
On the edge of the Northern Beaches, Terrey Hills property prices surged by 20.8 per cent to $2.5million, in a suburb where entrepreneur Dick Smith keeps a helicopter.
The Northern Beaches had three spots on the top ten list with exclusive Clareville, overlooking Pittwater and Scotland Island, seeing its mid-point house price climb by 18.9 per cent in three months to $3.2million.
Cromer prices surged by 18.1 per cent to $1.9million.
In the eastern suburbs, property prices at Point Piper soared by 15.9 per cent to $2.7million where former Liberal prime minister Malcolm Turnbull has a Sydney Harbour waterfront mansion.
The suburb has old-style apartments with waterviews, along with houses, giving it a lower median price than parts of the Northern Beaches.
Kurnell, the former home of a Caltex oil refinery and the site where Captain Cook landed in 1770, saw its median home price surge by 19 per cent in just three months to $1.429million.
In the eastern suburbs, property prices at Point Piper soared by 15.9 per cent to $2.7million where former Liberal prime minister Malcolm Turnbull has a Sydney Harbour waterfront mansion
The Sutherland Shire, where Prime Minister Scott Morrison has a house and is the local member for Cook, had three spots in the top ten list.
Kurnell, the former home of a Caltex oil refinery and the site where Captain Cook landed in 1770, saw its median home price surge by 19 per cent in just three months to $1.429million.
Rounding out the top ten list, Yowie Bay property prices climbed by 15.9 per cent to $1.8million as nearby Grays Point’s median dwelling value rose by 15.4 per cent to $1.58million.
Brisbane’s best-performing suburb Pullenvale, in the city’s leafy west, saw its median property price surge by 12.4 per cent in three months to $1.439million.
The Queensland capital also saw double-digit increases with home prices rising by 10.4 per cent to $586,777 at Amity in Brisbane’s east and by 10.4 per cent at Seven Hills, on the inner south side, to $1.073million.
Melbourne had ten suburbs enjoying double-digit increases over three months, with six of them in the Mornington Peninsula and three in the outer east.
St Andrews Beach in the Mornington Peninsula saw its median price rise by 12.8 per cent to $1.183million.
The Mornington Peninsula, south-east of Melbourne, was the best performing slice of the Victorian capital.
Fingal’s mid-point property price surged by 10.9 per cent to $1.259million