Brick and tile units proved popular buying at Barfoot & Thompson’s auctions in Auckland last week.
Auctioneer Campbell Dunoon told OneRoof he had detected a little bit of FOMO (Fear of Missing Out) at play in the auction rooms.
“First home buyers are definitely back. In fact, anything that’s under $1 million or any units like brick and tiles, are competitively sought after,” he said.
He sold a two-bedroom unit on Dominion Road, in Mt Roskill, for $789,000 to a crowded room.
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The renovated 80sqm rear unit with a third share of the 781sqm section had a CV of $810,000 and was marketed by agent Jessie Wu as a “charming brick and tile property nestled in the heart of Mt Roskill”.
Also in demand was a one-bedroom unit on Seaview Terrace, in Mt Albert. It sold for $725,000 - $5000 above CV - after five buyers made more than 90 bids over 20 minutes.
Bidding opened at $550,000, and it wasn’t long before the property was declared on the market at $650,000, after which the bids ping-ponged back and forward between the bidders in $1000 and $500 increments.
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Dunoon said the buyers were competing “quite aggressively” and while the market overall was not an aggressive one, there had strong demand for first home buyer properties and inner-city family homes.
A low-maintenance family home on Rawhiti Road, in One Tree Hill, fetched $1.7m - $50,000 above CV – after competition from three bidders.
The property is in a desirable neighbourhood and in zone for Remuera Intermediate School and One Tree Hill College.
A one-bedroom home on Seaview Terrace, in Mt Albert, sold for $725,000 after 90 bids. Photo / Supplied
A four-bedroom family home on Rawhiti Road, in One Tree Hill, sold for $1.7m. Photo / Supplied
Dunoon said he saw several bidders last week reassess their price level and decide to go for it. “There is some determination among buyers to secure a property at the moment where before people would say ‘we’re just here to get a bargain, if it doesn’t work out there’s always next week’,” he said.
“Now I’m seeing bidders coming to the auction room with an actual determination to buy property they’ve come to bid on.”
Dunoon said the competition was probably in part due to low stock numbers, explaining that sellers were slightly more hesitant to list possibly because the election is coming.
While they may be thinking holding off listing until after the election may net them more profit, his suggestion was not to hold back based on results from the last five or six weeks, saying there is demand for particular types of property, such as those first home buyer buys.
Fellow Barfoot & Thompson auctioneer Murray Smith also reported full auction rooms. One highlight was a “cool” house on Kings Road, in Panmure, which sold for $1.573m.
A "cool" house on Kings Road, in Panmure, fetched $1.573m under the hammer. Photo / Supplied
“It was one of those homes that you walk into and go ‘my God I’d love to have this,’” he said. “Both inside and outside it had a nice, homely feel.”
He said there were “lots of young couples bidding on it and the ones who missed out you could just tell they were gutted”.
“They were really disappointed because they really wanted it, but, you know, everyone’s got a limit and one person just wanted it a little bit more than the rest,” he said.
Smith also highlighted strong sales results for properties in Remuera, and not just at the $4m-$5m price point the suburb is noted for. A four-bedroom, double grammar zone home on Lillington Road sold for $1.72m – below CV but more than $600,000 above what it last sold for in 2013; and a three-bedroom, non-grammar zone home on Remuera Road fetched $1.51m – below CV and below what it sold for in 2020.
A four-bedroom home on Lillington Road, in Remuera, was snapped up for $1.72m at auction. Photo / Supplied
A three-bedroom house on Remuera Road, in Remuera, but outside the prized double grammar zone, sold for $1.51m. Photo / Supplied
“There’s a lot of people that rule out the idea of looking in Remuera because they think they can’t afford it but there are homes that come up at the right price,” Smith said.
Smith pointed out that the price of the Remuera Road home was less than the Panmure property: “So you can still get the Remuera address at the right price if you want it. You’ve just got to be prepared to look and see if you can find a house there – they are around and they’re available.”
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