More than 40 bids of $1000 increments were made on a Remuera property by five buyers going at it hammer and tongs to own the entry-level family home.
Bidding for the Abbotts Way property opened at $900,000 and crept up in mostly $50,000 increments until it was announced on the market at $1.335 million at Ray White Remuera auction rooms on Wednesday.
The increments for the brick and weatherboard home lowered to $1000 as the would-be buyers frantically tried to outbid each other.
Ray White auctioneer John Bowring said during the auction: “It feels like I’m playing cricket. There are a lot of singles.”
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The small and quick bids carried on for almost another $100,000 before the hammer finally went down at $1.433m.
A total 62 bids were made.
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Ray White listing agent Ben Ryken said the solid home appeared to be at the right price point for a lot of people currently house hunting and the auction process showed buyers what other people were prepared to pay for it.
“That’s why you take it to auction because ultimately it’s going to reveal the best price in the market and it’s going to show the sellers where it’s at and in this case almost $100,000 more than what they were wanting.”
Buyers saw the property as being a good entry-level family home for Remuera. Photo / Supplied
He said the current owners, who had already bought in Stonefields, were “over the moon” with the result. The had owned the property for 10 years and, according to OneRoof data, paid $725,000.
“In today’s market that counts quite a lot. A lot of sellers are having to discount quite a lot to get a deal across the line or have been. To get almost $100,000 more than what they were wanting in this market is quite astonishing.”
The new owners had been bidding from the beginning and were moving a street over to be in a bigger house.
The four-bedroom, two-bathroom home was on a cross-lease section with all the “mod cons”. It was also located on a section of Abbotts Way that had recently been rezoned for Selwyn College, which was also a drawcard for some buyers.
Along with the five active bidders, there were also five registered bidders and another three conditional buyers wanting the property.
“They are all saying find us another one, which we are trying to do, but I think vendors don’t realise that now is the time to get on the market, the next four to six weeks is going to be the sweet spot.”
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