A family home in a sought-after Hamilton suburb that was being sold as a mortgagee sale has been snagged for $1.37m - almost $300,000 below its RV.
The executive Flagstaff house was initially listed with two photos of the outside of taken from the other side of the home’s electric gate, but more photos of the inside of the property were added during the campaign.
Lodge salesperson Paul Conway, who marketed the four-bedroom home plus study on Platina Place with Barfoot & Thompson salesperson Philip Davis, described the property in the listing as special home that has style, size, and a gully outlook.
The home has an RV of $1.625m and sits on a 1043sqm section.
Start your property search
Bidding started at $800,000 which Lodge auctioneer Dean Abraham described as “well below market at that level”.
Then at least four bidders were fiercely bidding on it.
After 20 bids, the price reached $1.34m before the auction was paused for negotiations.
A further bid was then made at $1.37m and the property was announced on the market with the bank reluctantly agreeing to sell it for that price.
Lodge managing director Jeremy O’Rourke said it was a good result. “There were a number of bidders there and competitive bidding so that’s really good to see because we don’t get that on all of our auctions at the moment. There are people out there who are prepared to commit.”
The two other properties called in Lodge’s auction room on Thursday were passed in.
But said while not all properties are selling at auction, O’Rourke said they have seen more competition for properties in the past few weeks.
The listing photos for the property were initially of the outside only, but as the campaign progress interior shots were added. Photo / Supplied
It’s only the second mortgagee sale to transact in Hamilton this year. In August, a family home in Aquilla Cres in Rototuna sold for $1.09m at a Harcourts auction.
Harcourts managing director Campbell Scott told OneRoof earlier this month that mortgagee auctions tend to attract people who are hoping to get a deal.
However, he said the amount of buyers bidding in the process often move the price to something pretty close to fair market value.
A block of 10 flats in Seddon Road in Frankton also recently sold by negotiation, OneRoof records show. The property was called at a Harcourts auction earlier this month, but did not sell on the day.
