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$33 million of real estate sold at auction

Over $33 million (£16.2 million) of real estate has been sold in Australia's largest property auction to date in the Gold Coast.

This auction, known as 'The Event', was the 23rd of its kind to be held in the area and was hosted by the Ray White Surfers Paradise Group at Bundall's Gold Coast Turf Club.

Around 2,000 people attended the event, which saw 300 bidders clamouring to win property in this auction, reports Domain.

There were 100 properties on the listings, 45 of which were snapped up by eager bidders on the day, leaving some excellent properties still on the market in the Gold Coast area.

One of the biggest sales on the day was for an 875 square metre redevelopment site in the area, which sold for $1.2 million (£589,173).

There was one more property on the day that sold for over $1 million (£490,978), which was a three-level house on a hilltop of the Gold Coast and that $1.1 million (£540,067) at auction.

As a gathered auction 'The Event' has been garnering more attendees every year and this year marked a record number of both bidders and spectators, showing that there is very much a pique of interest in the Gold Coast of Australia.

It's little wonder that it remains a popular buyer's market in the country due to the draw of its beaches and shoreline appeal. This is also why the market is more expensive in this area - however, it can make a sound investment as lots of people tend to holiday on the Gold Coast

Speaking on the auction, Ray White Surfers Paradise Group CEO Andrew Bell said: "It's the biggest crowd we've had. This year we have 150 more chairs than ever before and there's still lots of people standing at the back."

Mr White added that this "mega-auction" is now responsible for putting the spotlight on the property market in the Gold Coast.

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