Paradise Waters auction could put wind in luxury market sales
A $6,725,000 Gold Coast riverfront auction sale on the weekend has given top-end vendors reason to think there may have finally been a change for the better in the market.
Vendor Dan McVay bought the Admiralty Drive property in Paradise Waters for $5 million in 2006.
It was on the market at $5.85 million and sold well above its reserve through Michael Willems at Ray White. It’s a five-bedroom, seven-bathroom house on a 1,351-square-metre block. The house also comes with an office and six-car garage. There is a 12-metre enclosed swimming pool.
It is the most significant inland sale on the Gold Coast this year and of particular surprise because of the timing with global financial downturns last week.
The last comparable sale was a $6.75 million sale in 2008 also on Admiralty Drive.
Ray White Surfers Paradise held auctions last week for 24 properties, with 13 selling under the hammer.
Ray White principal Andrew Bell says there appears to be a return of buyer activity after several years of price correction.
