Australia’s biggest live property auction has officially wrapped up on the Gold Coast, with a record-breaking 101 properties sold in a single day.

The massive event saw hopeful buyers from around the country flock to the Glitter Strip, competing for everything from vacant land and one-bedroom units to luxury penthouse apartments.

Ray White Bell Group Chairman Andrew Bell said it was a thrilling day for the Gold Coast property market.

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Record-breaking Gold Coast auction sees 101 properties sold in single day Credit: 7NEWS

“It was Gold Coast at its best. We had such a great variety of properties and some of the young families, first home buyers and the like, and it was just wonderful to be able to put them together with properties,” Bell said.

In a sign of the strong demand in the market, about a third of the properties were sold before the auction even began.

“Australians have become much more experienced around the whole auction process and where they might have been hesitant some years ago, these days when they see a property they want, they’ll move very quickly,” Bell explained.

“We were seeing so many people submitting offers and strong offers. They weren’t sort of testing the market. They said, I want it.”

The event was deliberately scheduled for January to capitalise on the approximately 1.2 million people visiting the Gold Coast during the peak holiday period.

Buyers included first home buyers, investors looking to add to their rental property portfolios, and everyday Australians simply looking to put a roof over their heads.

Despite talk of potential interest rate rises this year, Bell remains confident the property market will stay strong.

“We’re likely to see maybe a quarter percent, at worst a half a percent over two rises. I don’t think that’s going to hold us back because we had interest rates even higher than that a couple of years ago and we still had a very strong real estate market,” he said.

“I don’t think it’s going to hold the market back because demand is just too strong.”