A do-up in one of Hamilton's top suburbs sold at a mortgagee auction for $670,000 after ping-pong bidding pushed it up in small $500 bids.
The buyer scooped the property on Lamont Street, in Chartwell, for $240,000 below its RV after fighting off stiff competition at the Bayleys auction on Thursday.
The auction opened at $500,000 and, after pausing for negotiations, resumed and was announced on the market at $625,000.
This spurred on the two bidders who continued to make bids of small increments ranging from $500 to several thousand dollars.
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Bayleys auctioneer Stephen Shale even offered to allow $250 increments for the first time in his career because he could see how much both bidders wanted it.
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As the bids continued to progress, Shale told the room: “This is Chartwell - you can’t buy property for $627,000, can you?”
The four-bedroom, two-bathroom home was being sold in a forced sale and was marketed as a do-up that astute buyers could add value through renovation and refurbishment. The listing photos showed the original bathrooms with one pink and the other one blue.
It last changed hands in 2019 for $585,7000, OneRoof records show.
Last month a riverside home in Huntly sold in a mortgagee auction for $375,000 – just $15,000 shy of its RV. The auction attracted six bidders, despite viewings only happening from the street and them having no idea what was inside.
A young couple picked up an entry-level lifestyle property in Whitikahu for $1.12m at auction. Photo / Supplied
Meanwhile, a young professional couple wanting to secure an entry-level lifestyle property also found themselves facing competition from two other bidders when a property on Whitikahu Road, in Whitikahu, went to auction this week at Lodge’s Hamilton room in Hamilton.
The brought-forward auction opened at the accepted pre-auction offer of $1.1 million. It was challenged by an Aucklander in the building trade who placed a bid of $1.105m before the couple won it back for $1.12m.
The 1980s three-bedroom, one-bathroom home had a large shed which was once the base for a boysenberry business on a 2.9-hectare section and had only had one owner.
The property is one of three being sold by the same vendor. A neighbouring section was sold to a buyer who wants to build on the 6978sqm section prior to the auction, while the third section on a 5678sqm plot at 415C Whitikahu Road, in Whitikahu, is to be auctioned off next week.
Lodge listing agent Mike Thomas said it was good to see competitive bidding back in the auction room and some properties selling above reserves again.
“There are astute buyers getting in before the competition gets too heated because that’s going to buy prices up.
“A lot of people have been holding off and are now thinking now is the time to buy. Things seem to have stabilised and prices have come back again and that’s exactly what you don’t want if you are trying to judge the bottom of the market because the bottom of the market has been.”
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