The Dean’ s Avenue auction room opened its doors at 1pm yesterday with some particularly interesting properties on offer.
First up was 99 Beach Road based in the picturesque seaside French settlement of Akaroa. Once a thriving B&B business, owners were forced to relinquish their dream lifestyle due to devastating damage caused by the Canterbury earthquakes. The lengthy repair and painstaking restoration project has resulted in a spectacular reinstatement of this historically significant Victorian residence. The property is a fully certified B&B with generous private quarters. Having been on the market for a couple of years with various marketing approaches, its date at auction with licensee Rosemarie de Jong was the final push to draw all interested buyers.
Chief Auctioneer Fiona Kiwi says, “Some of the people in the auction room have been watching the property for well over a year. Once the marketing strategy changed to auction, it motivated those parties to get serious, where they viewed the property, completed their due diligence and attended the auction!”
There were three interested parties in the room and bidding got underway with the property eventually being passed in at $1.3 million. There is strong interest post-auction, with further viewings arranged and conditional interest flooding in today. All offers will be reviewed after the weekend – so watch this space!
The final property was one of the most anticipated of the day, 68 Hartley Avenue, Strowan. The marketing licensee Wendy Miles described the property as being of 70’s architecture and very well maintained, “It is authentic and original and that’s what everyone loves about it”. The marketing campaign drew seventy viewers to the property. The majority of viewers loved the originality and were interested in downsizing.
Eight interested parties sat in the auction room yesterday with four of these participating in an exciting bidding war. The hammer came down and the property sold for $637,500.
“The vendor is delighted with a cash unconditional sale and can now move on to plan the next property purchase with confidence and certainty”, says Wendy “they had someone who wanted to buy the property privately but decided to test the market and invite the best price by taking it to auction and he’s very happy with the result!” The rateable value of the property was $450,000.
The transparency experienced with the open and competitive bidding platform in an auction room provides a win/win outcome for all of the parties. The vendor can make an informed decision in the moment with a cash and unconditional sale and sees the best price of the day, and buyers are able to see the value of the property played out in front of them and can increase their bid to secure the property knowing where their competition see value.