Australasia’s largest real estate group, Ray White, expects to sell tens of millions of dollars worth of residential property in Queensland this week when it hosts its latest series of Auction Spectacular events.

Auction Spectaculars are being held until to July 1 at locations throughout Australia and New Zealand, including four in South-East Queensland featuring more than 140 properties.

Ray White CEO Business Growth Mark McLeod said the first of the Queensland Auction Spectaculars will be held at the Kedron Wavell Services Club at Chermside in Brisbane’s north from 6pm tomorrow night.

There will also be events at the Marriott Hotel at Surfers Paradise from 11am on Thursday and at the BTP Centre at Browns Plains in Brisbane’s south on Thursday night. The fourth mega-auction will be staged on Sunday at the Emporium Hotel in Fortitude Valley.

Mr McLeod said a developing shortage of stock and the decision in last month’s Federal Budget to extend the boosted First Home Buyers Grant for another three months would help the market remained buoyant.

“There’s a lot more competition in the first home buyers market because there is a now a shortage of stock and investors are also becoming more active,” he said.

“So we expect to see plenty of competitive bidding.”

Mr McLeod said the last series of super auction events in March this year helped the Ray White group achieve record monthly sales of $2.37 billion.

Ray White Chief Auctioneer Philip Parker said the auction environment was highly effective because of the competition and sense of urgency, and the atmosphere was even more fever-pitched at an in-room Auction Spectacular.

“The Auction Spectacular is a unique opportunity to access a multitude of properties at the same time,” he said.

“Buyers and vendors get a real sense and appreciation of the state of the market.
Property auctions, particularly in unpredictable markets, are proven to be the best way to find the real value of a property for both the vendor and the purchaser.

“The auction process and in-room auctions attract genuine buyers and no other real estate network in Australia offers more property for auction at any time than Ray White.”