An Auckland family beat out fierce competition from developers and investors to win their dream home in an epic online auction that lasted nearly 60 minutes yesterday.
Some 170 bids were placed over 54 minutes for the property, marketed by Bayleys, at 1 Benson Road in the upscale Auckland neighbourhood of Remuera.
The four-bedroom home eventually sold under the hammer to a local family for $2,751,000 - nearly $300,000 above its reserve price.
The sellers who had owned the home for more than 15 years, were thrilled with the result.
Bayleys Remuera salesperson Lorraine Young who marketed the property for sale said the home had attracted huge interest from a variety of buyers attracted by its potential.
“There was great enquiry from developers, investors and families, all seeing the add-value potential of a great site, location and ability to do-up or develop,” she says.
“The property is also positioned in Double Grammar Zone – making it highly desirable for families with school-aged children,” she adds.
Ultimately, a family who intends to renovate and move in once settlement is complete prevailed.
Occupying a 607sq m (more or less) freehold site, the property is zoned Mixed Housing Suburban under the Auckland Unitary Plan; offering redevelopment possibilities.
Young says residential sites with development potential are in short supply in desirable city-fringe suburbs like Remuera, leading developers to match up against owner-occupiers in the auction room.
“Credit conditions are tightening, but buyers with equity are increasingly active, despite recent lockdown restrictions,” Young says.
Of the sale, Young said her team at Bayleys had produced an outstanding result that proved anything was possible with the right tools.
“Evolving virtual capability is so impressive, allowing our auctioneer to steer proceedings from his lounge while successfully managing the interests of eight bidders to such a great result,” she says.
Residential properties from Mangawhai to Queenstown were offered for sale at Bayleys live virtual auctions yesterday, reporting an overall clearance rate of 90 per cent.
National auction manager Conor Patton says the elevated level of interest from buyers comes as no surprise given supply constraints, tightening credit conditions and the pent-up demand that saw property prices soar some 30 per cent following last year’s lockdown.
“Organised buyers are acting confidently and decisively through this latest lockdown, not wanting to waste time in case prices take off again as they did immediately following New Zealand’s first national lockdown in 2020,” he says.