Strong bidding for homes

By PATRICK O'SULLIVAN - Business Editor

1 comment

Real estate auctions are heating up, says Harcourts auctioneer Kim Shannon.

Regent Realty Ltd, the local Harcourts franchise, sold all three properties on offer at last week's auction.

He said there was spirited bidding from numerous buyers.

"The atmosphere in the auction room was positive and exciting with phone bidders competing with those in the room creating great competition," he said.

First up was 24 Warwick Crescent, in Taradale, a three-bedroom home on 964 sq m built by the vendors 51 years ago. There were eight "genuine parties involved".

"The opening bid from the floor of $230,000 set the scene and after 49 bids the property sold for $282,000.

The mortgagee sale of 22A Osier Rd in Greenmeadows followed. The two-bedroom townhouse on 370 sq m of land. Bidding started at $150,000 and after 35 spirited bids it sold for $211,500.

The third offering, also a mortgagee sale, was 4.53 ha in the Maraetotara Valley with an older, four-bedroom, partly-renovated villa, plus other buildings including a shearing shed and three paddocks for grazing. With fewer bidders it opened at $150,000 and sold for $230,000.

"That was a bloody good buy."

He said all sorts of people came to the auctions, held every second Wednesday, "but obviously they are cashed up".

"We have four properties for our next auction on the 18th and some million-dollar-plus properties coming up."

Regent Realty managing director Kaine Wilson said the sale result was not surprising. "Professionally run auction campaigns are a very successful selling method in the current market."

- Hawkes Bay Today

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