A renovated Auckland villa that hit the market on July 21 sold under the hammer last night for almost half a million dollars above its CV.
The auction for 139 Ladies Mile, in Ellerslie, was brought forward after just two weekends of open homes.
Ray White chief auctioneer John Bowring, who called the auction, told OneRoof buyer interest in the three-bedroom home was incredible.
Three hundred people had turned up to inspect the house and 28 people had registered to bid at the auction - 15 of whom actively competed on the night.
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Bowring said to have that number of people bidding to secure a property after such a short campaign was “nuts”.
“It was a quite incredible night,” he says.
Bidding for the home started at $1.45 million - already well above the $1.26 million 2017 CV - and rapidly climbed.
The house was eventually secured by a young Auckland family for $1.741 million.
OneRoof data shows the house last sold in 2016 for $1.1 million, handing the vendors a profit, on paper at least, of $641,000.
Ray White agent Ari Starr, who marketed the property with colleague Nick Lyus, said 28 registered bidders were the most he had for an auction.
139 Ladies Mile sold for $1.741 million - 38 percent above its 2017 CV. Photo/ Supplied
"A lot of people have hope in the market right now and it’s great to see 28 people in the room ready to buy a home. Right now there are 27 people out there still looking for something similar,” he said.
He added: “People who are bidding have job security and there’s still competition in Auckland."
Bowring told OneRoof the average number of registered bidders for Ray White auctions in Auckland in July was 3.8, slightly up on the same period last year.
Buyers, he said, were "hungry” and ready to purchase.
“The interest rates just keep getting lower and lower and as long as it continues, the interest from buyers won’t go away and people are saving a lot of money with not being able to travel overseas,” he said.
He said there had been marked increase in the number of auctions brought forward in July, with the overall auction clearance rate sitting at 72 percent.
The purchase of 139 Ladies Mile, in Ellerslie, comes as real estate agencies report stellar sales figures for July.
Barfoot and Thompson, Auckland's biggest real estate agency, said it had recorded its best July house sale numbers since 2015, and Ray White NZ said it had completed 1,741 completed transactions nationally worth $1.281 billion.
Ray White's Remuera office alone sold $93 million worth of properties in July and its Ponsonby branch sold $45 million.
Ray White NZ chief executive Carey Smith said buyer confidence was generated by low rates, affordability and selection of stock.
"While there have been many market speculators indicating the market would see price declines, our real-time analytical data has shown that confidence in the market started to take shape in late May, and this has continued through June and resulted in record sales for July," he said.
"There's been a strong lift in the first home buyer sector as well as continuing buying interest from investors," he said.
