Gold Coast property market: Surprise change to real estate buyers in 2024 ahead of The Event

More than 100 Gold Coast properties will go under the hammer this month, with one of the city’s most prominent real estate agents revealing there’s been a big change in buyers.

Gold Coasters are surging back into the property market, with a leading real estate agent saying the numbers were matching that of interstate buyers.

Until now the Covid-inspired property boom, which began nearly four years ago, has largely been fuelled by NSW and Victorian residents buying up houses and units and moving north.

Ray White Surfers Paradise boss Andrew Bell is putting the finishing touches to a stable of 127 properties to be auctioned later this month at The Event, a process he said offered an insight into the changing market.

He said the number of available properties had increased 34 per cent on 2023’s agenda and ranged from entry-level units to mansions.

“There is a big balance between locals and interstate buyers and what we get to see is a preview of how the market is going at the moment,” he said.

Ray White Surfers Paradise Group chairman and auctioneer Andrew Bell at The Event 2023. He’ll be back again on Sunday. Picture: Celeste Humphrey/novasoma photography

“During the past few years we have been talking about the number of people coming from interstate to buy and that remains true — the numbers are still really high — but this year we are seeing more local buyers.

“Partially it is people who have become wealthier with their real estate holdings and decided to get something new for the year ahead, which is to the benefit of everyone.”

The Event will mark its 30th anniversary in 2024 and will see a wide variety of property go under the hammer, including penthouses, commercial sites, one-bedroom units and townhouses.

Mr Bell, who will be the chief auctioneer, said he expected crowds of up to 3000 people at the annual auction, which will be held at Benowa’s Royal Pines Resort from 10am on January 28.

Andrew Bell says locals have flocked back into the market. Picture: Celeste Humphrey for The Pulse

“There’s quite literally something for everyone and we anticipate property sales to start in the high $300,000s and reach up to $20m,” he said.

‘The Event has built up a reputation and grows in stature every year. We try to get a broad mix of properties because the worst thing you could do would be to have a whole stack of properties from just one area.

“It’s not just the buyers who come to The Event, it is people who also want to just have a look.”

The city’s property sector continues to record high sales on the back of shrinking available land and increasing interest from cashed-up buyers.

Property prices also continue to rise as land is increasingly at a premium, with the development and building sectors unable to keep up with the population growth, currently tracking at around 15,000 annually.