Australasia’s largest real estate group, Ray White, achieved almost a 70 per cent clearance rate and sales of more than $40 million in its latest series of Auction Spectacular residential property events in Queensland.

Auction Spectaculars are being held during June and July at locations throughout Australia and New Zealand, with four events staged in South-East Queensland over the past week.

Ray White Chief Auctioneer Philip Parker said 120 properties were listed at the four auctions in Brisbane and the Gold Coast, and so far 83 had been sold with more than $40 million in sales generated.

Mr Parker said the largest of the Brisbane auctions was held yesterday at the Emporium Hotel in Fortitude Valley when 41 mostly inner-city properties were listed.

“We had more than 300 people attend the auction and so far we have sold 26 of the properties and sales are well in excess of $12 million,” he said.

Mr Parker said the best price achieved at yesterday’s auction was $1.4 million for a 183 sqm, two bedroom apartment on level 41 of the prestigious Riparian Plaza building in Eagle St in the Brisbane CBD.

Ray White Surfers Paradise held a mega auction at the Gold Coast Arts Centre last Thursday where 38 residential properties were listed and so far 27 have sold with sales topping $15 million.

Ray White Surfers Paradise Group CEO Andrew Bell said the best price was $3.075 million for a penthouse at the Brighton on Broadwater Shores apartments at Southport.

“We had 340 people attend our event and 129 registered bidders,” Mr Bell said.

“These results are consistent with what we have achieved over the last few months and further evidence of the resilience of the Gold Coast market. It is a market attracting buyers from all over Australia and overseas.”

The other Auction Spectacular events were held at the Kedron Wavell Services Club at Chermside in Brisbane’s north and at the BTP Centre at Browns Plains in Brisbane’s south, with about 150 people attending each auction.

Mr Parker said the Chermside auction was the most successful with 20 of the 25 properties listed sold, while at the Eight Mile Plains event 10 of the 16 properties had been sold.

“There were a lot of buyers at the three Brisbane auctions and we are finding that there’s currently a 75/25 split between owner-occupiers and investors looking for property,” he said.

“Owners are starting to adjust to the market conditions, which are not as high as 12 to 18 months ago. Vendors prepared to meet the market are happily selling.”

Mr Parker said the Ray White Group was looking to host another Auction Spectacular in October throughout Queensland.

He said in-room auctions attracted genuine buyers and the Auction Spectacular concept added to the sense of urgency and competition.

“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.”