A renovated Auckland home has attracted a record number of bidders, proving the housing market is showing no signs of slowing down, a real estate agency says.
The three-bedroom home at 15 Cardwell St in Onehunga eventually sold at auction
last night for $1.75 million - half a million dollars higher than its council valuation.
Ray White said the 41 bidders - 39 of whom came in person to bid - was the highest number of auction bidders it had ever had for an Auckland City home.
In addition to the record bidders, 200 people also walked through the renovated 1920s "character" house during open home inspections.
It came just days after an Ellerslie villa at 139 Ladies Mile also had 28 registered bidders at its Ray White auction and sold for $1.74m - $481,000 above its CV.
The agency's lead auctioneer John Bowring said he felt "wonderful" setting an agency record for bidder at an auction.
"But the number of bidders was only half the story – the eventual sale price was also an outstanding result – selling way beyond the CV for our ecstatic vendors," he said.
"It's an even bigger indication that now really is the time to be selling your home."
The result indicated Auckland's housing market continued to defy expectations.
Economists, such as Westpac's Dominick Stephens still expect housing prices to drop by 7 per cent by the year's end.
That was due to the upcoming end of the Government's wage subsidy scheme and businesses likely finding it harder to make profits and being forced to cut jobs.
However, real estate agents and mortgage brokers report being flat out.
"The housing market was supposed to tank as a result of Covid-19, but it didn't. Auction houses are packed, and the number of registered bidders competing for properties keeps rising," Owen Vaughan, the editor of the OneRoof Property website, said.
"Buyers in Auckland are not holding back and as the Onehunga address shows, it's not just the Ponsonbys, Grey Lynns, Remueras and Devonports that are feeling the heat."
OneRoof released its latest Property Report on Monday and Vaughan said the data showed
buyers were prepared to stretch themselves to secure well-presented properties in up and coming suburbs.
Peter Thompson, managing director of Auckland's largest real estate agency Barfoot & Thompson, yesterday released the company's July sales results and said they caught everyone by surprise.
"Demand was so strong that you have to go back to the height of the last property sales cycle to see turnover and values of equivalent levels," he said.
"We have not sold this many properties in a July since 2015."
He also said the average $979,189 sale price in July was the second highest on record.