Rotorua property sells within 24 hours on the market

This Jackson St property sold within just 24 hours. Photo / Supplied

An "iconic" Rotorua property has sold within just 24 hours of being placed on the market.

The five-bedroom home at 14 Jackson St sold for an "undisclosed amount" earlier this month.

New Zealand Sotheby's International Realty Rotorua sales associate Marilyn Christian said the property was sold to a local buyer.

Christian said the property was under contract within 24 hours and went unconditional within 48 hours.

"The interest was very strong, locally and from other regions, especially Tauranga.

"As the buyers had missed out on several occasions in the last few months they knew they had to move quickly or they might miss out again.

"It is a significant sale in terms of price and speed of sale."

Christian said 'The Manor' has five bedrooms, two bathrooms, two lounges, two dining areas, a large open-plan kitchen - plus a separate three-bedroom cottage on more than an acre of land with a tennis court.

"The property has subdivision potential but the buyers will be using it as their primary home with no thoughts about subdividing."

This Jackson St property sold within just 24 hours. Photo / Supplied

New Zealand Sotheby's International Realty Rotorua principal and sales associate, Shona Duncan, said July had been an "exceptional month" for the Rotorua office.

"Not only has 14 Jackson St, an iconic property, achieved an outstanding result in an outstanding time frame, but we had another exceptional sale recently."

Duncan said Christian and Peter Guilford sold Equine Estate, a 272-hectare property at Rotoehu Rd, which achieved a "record sale" for the group.

"We are finding that the number of properties available to sell are in short supply and that quality properties are still attracting a high level of activity and fantastic results."

Real Estate Institute of New Zealand chief executive Jen Baird said the median number of days to sell in Rotorua for June was at 34 days.

That was down from 74 days at the same time last year and from 41 days in June 2019, she said.

"We are hearing some properties are selling very quickly as competition is still high, with demand outweighing supply.

"Many properties receive multiple offers and auctions are attracting multiple bidders."

Baird said often when properties sell more quickly there was an increase in the fear of missing out and people rushing to do their due diligence.

"We would remind people of the importance of taking their time when purchasing such a large asset."