“There’s been this slow wind down in stock volumes,” he said.
“When there’s a shortage of stock in the market, you get caught up in a catch-22 situation where if a person can’t find something else to buy, they’re not going to sell their place.”
The number of properties offered for sale was cut from the originally quoted figure of 103 as vendors withdrew their properties from sale as late as Saturday morning. Some owners did it because their holiday properties were fully booked and opening them up for inspection prior to The Event proved difficult, he said.
The results of the annual boardroom sale, seen as a barometer of the key southeast Queensland market, inject a note of caution about the strength of demand for Gold Coast properties, which typically see a lot of demand from buyers from Sydney and Melbourne, who are drawn by affordability.
But this weekend showed that locals were now buying the higher-priced properties, Mr Bell said.
“The 5s, $6 million-type sales are predominantly locals,” he said.
“It’s a very strong statement that the locals now believe the market’s good. They feel safe in getting back into the market.”
Sydney and Melbourne buyers were typically buying apartments for their own use between the $1 million and $1.5 million level and there was another cohort buying lower-priced holiday units, between $600,000 and $800,000 in value, that they would use and also lease out, he said.
Properties sold included an apartment the Sunland-developed Q1 tower, which went for $410,000 and a home in the inland suburb of Ashmore that sold for $370,000.
Mr Bell said the coming days would be critical to boost The Event’s final clearance rate.
“The days following, the first week is a critical time to try and make sure you don’t lose the interest of the buyers,” he said.