Nervous homeowners who gambled on a $1 reserve auction for their house in South Auckland after turning down a $725,000 offer earlier this year breathed a sigh of relief yesterday after the property sold under the hammer for $750,000.
The owners of Corsair Crescent, in Mangere, walked away with $25,000 more than what they were offered in January, but $110,000 less than what they had paid for it three years earlier.
The lively auction at Ray White Manukau’s office opened at $2 and rose to $10 and then $20 before leaping to $50,000, which caused one man to yell out, “somebody had to ruin it”.
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Bids for the three-bedroom, two-bathroom home, which is currently tenanted, then almost doubled to $100,000, $200,000, $250,000, $300,000 and $500,000 before slowing down.
Ray White auctioneer Ben East started to call going once, going twice at $720,000.
Listing agent Tom McCartney said he was a bit nervous when it looked like the owners could be walking away with $5000 less than what they were offered in January.
However, luckily for both the agent and seller it only lasted a few seconds before another buyer increased the offer by $5000, spurring further bids.
The property attracted strong bidding at Ray White's auction. Photo / Supplied
“I had been nervous the whole day to be honest just thinking of what could potentially go wrong, so happy with the result in the end that’s for sure.”
The 16 registered bidders ranging from investors, developers and owner-occupiers were calling out on top of each other to place their bids. The successful bidder was an investor with plans to renovate.
McCartney said the owners were very happy with the final sale price.
He believed the $1 reserve helped get buyers in the auction room because they knew the vendor had realistic expectations and would sell on the day.
“Any time you get over 10 bidders you are going to get a pretty good reflection of where the market is.”
McCartney earlier told OneRoof the owners of the Corsair Crescent property, in Māngere East, had had a change in circumstances and had decided to sell with a $1 auction reserve to show they were now committed to selling this time around.
They bought the three-bedroom property for $860,00 in February 2021 with plans to develop the 706sqm section.
However, they had since abandoned their plans to build five two-bedroom houses on the site and wanted it sold, McCartney said.
The Corsair Crescent home was one of 22 houses to sell out of a total of 36 at Ray White Manukau’s auction extravaganza The Day held yesterday.
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