Buyers doing "whatever it takes' to secure properties

There’s a sense of desperation about many property deals post lockdown, as buyers flood open homes and auction rooms.

Ray White South Island regional manager Jane Meyer says an auction late last week of five properties in Christchurch reinforced the belief that the local property market “continued to fire on all cylinders”.

“The venue was packed to the rafters and you could really feel the confidence flowing among the bidders – buyers are doing whatever it takes to secure their desired property.

“Our auction in-room events in Christchurch have produced some outstanding results recently and there’s no sign of that letting up anytime soon.”

Bronwyn Williams of Ray White Metro says there were nine registered bidders for one of the properties, a three-bedroom, two-bathroom townhouse in Merivale. Four of these buyers actively bid against each other, with the property selling under the hammer for $714,000, which was $19,000 above the reserve.

Williams says the buyer was happy knowing that others desired the property they had purchased. “That gave them confidence,” she says.

More than 113 groups went through the open homes for the house. The turnout echoes interest in properties in a similar price range in Auckland. Last week Stuff reported on a rundown 60’s house in Glen Eden that leaked, and much of the section was within a floodplain.

That property, listed by Barfoot & Thompson, saw 50 groups go through in the first five days, and in that same period nine offers were presented, with the house selling for $620,000, nearly $100,000 over the expected price.

The interest echoes recent comment from the Real Estate Institute of NZ, which said New Zealand’s housing market is doing better than expected in the wake of the Covid-19 lockdown.

House prices across New Zealand were 9.2 per cent higher last month than in June 2019, at a median of $639,000.


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