More than 200 people packed auctions rooms in Palmerston North auction rooms this week as buyers scrambled to secure a home under the hammer.
Twelve properties sold under the hammer, for sums well above their rating valuation, at Bayleys auction on Thursday and Friday.
Rod Grieve, Bayleys’ managing director for the region, told OneRoof that the majority of people at the auctions were there to buy.
“There were not many passengers in the room,” he said, adding that there were a lot of people who missed out and were still looking to buy.
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Standout sales included $547,000 for a starter home at 118 Gillespies Line. Thirteen buyers competed for the untouched 1950s four-bedroom house, driving the price well past the 2018 rating valuation of $300,000 and pre-auction estimates of around $450,000.
At the other end of the scale, an immaculately presented Arts and Crafts house at 48 Roy Street fetched $1.112 million - $422,000 above the RV and $358,000 more than what it changed hands for 14 months ago.
48 Roy Street, in Palmerston North, fetched $1.112 million at auction. Photo / Supplied
Grieve said similar properties had sold around the $900,000 mark but eight registered bidders, some of them from out of town, had pushed up the price.
“There were 40 bids in total. There are buyers now with budgets of more than $1 million, who missed out. One third of our sales in these 24 hours were above $1 million, all went for above reserves.”
A lifestyle property at 659 Ashhurst Road fetched another good price of $1.1 million, well above its $830,000 RV. The previous day, a modernised Hokowhitu property at 167 Victoria Avenue went for $980,000 under the hammer, $340,000 above RV.
A modest home at 118 Gillespies Line, went for $547,000, way above its $300,000 CV. Photo / Supplied
Grieve said lack of stock was a challenge. “New listings remain scarce - there are only about 200 houses on the market at any one time.”
Sales manager for Bayleys mid-west Karen MacGillivray added: "There’s not enough stock in the market, and that’s evident with the success of today’s auctions where every bit of the market was covered - first homes, lifestyle blocks, renters, middle of the road, high end. An auction shows that if you’ve got something to sell, there are buyers.”
A lifestyle property at 659 Ashhurst Road, in Ashhurst, sold for $1.1 million. Photo / Supplied
167 Victoria Avenue, Hokowhitu went for $980,000 under the hammer, $340,000 above CV. Photo / Supplied
