Commercial assets get a guernsey in Australia’s biggest auction event
Australia’s largest annual auction event on the Gold Coast will make its first foray into the commercial sector, as hundreds of business minds turn to real estate investments due to the fallout of COVID-19.
For the first time since its inception 29 years ago, commercial and industrial listings will be offered in addition to more than 100 residential properties in the biggest single in-room auction in the nation on 24 January.
Andrew Bell, chief executive officer of the Ray White Surfers Paradise Group, said organisers of the mass auction – dubbed The Event – had this year widened the net, turning their attention to commercial properties as well as the residential sector.
Mr Bell said investors were keenly seeking new opportunities rather than stocks and bonds, leading to a healthier property market despite the economic uncertainty brought on by the pandemic.
He said the high number of interstate and local investors expected to attend The Event, as well as international buyers who are likely to bid by phone, would create a greater buzz and competition for commercial assets.
“This is our busiest selling period of the year so we decided to open the auction up to commercial properties as well,” Mr Bell said.
“We did that because in years gone a lot of high wealth people would go away for their Christmas holidays. But this year they can’t and so many are here on the Gold Coast.
“Commercial property is in strong demand because of the fact that people can’t get a decent return anywhere else. Commercial is a very hot item so we thought while all these higher wealth people are here on the Gold Coast, we may as well show them the commercial at the same time as we stage the residential auction.”
Mr Bell estimated there would be between 15 and 20 commercial properties on the final auction list.
The Event will take place on Sunday 24 January at the RACV Royal Pines Resort, Gold Coast.