If ever there is signal that the Gold Coast's residential real estate market is on the road to recovery, it will be at Ray White's annual auction with more than $80 million in property for sale. The auction on the Sunday before Australia Day, is so far planned to have 108 properties from ritzy mansions overlooking canals, to beachfront land, hinterland eagles' nests and exclusive penthouses in the signature high-rise towers. Ray White Surfers Paradise chief executive Andrew Bell, who will oversee the 22nd annual auction, said the Gold Coast market still needed about five or six $5 million home sales to truly give the signal to buyers that the prestige market was moving. "The top end of our market has been very light in sales volumes," Mr Bell said. "But I think we are going to see four or five $5 million sales and one over $10 million in the next few months and that will give people confidence that the market is moving again. People will start jumping in but by that time the best buying will have passed because the signal will have been given." Key properties for auction include the five-bedroom, four-bathroom mansion at 32 Admiralty Drive, Paradise Waters. Originally bought in 2000 for $1.07 million, the home has been "rebuilt" by owner Rachel Hayek and could bring more than $4.5 million based on comparable sales in the area.
In the Gold Coast Hinterland, the half-finished, five-bedroom, seven-bathroom palace at 473 The Panorama, Tallai, is also on offer. The property was originally bought for $1.38 million at the top of the market in 2007 but it will be hard to work out what it will achieve at auction.