Gisborne's housing market has emerged from the Covid-19 lockdown full of energy, with 24 properties selling at a super auction held at the weekend.
The clearance rate at Property Brokers' Project Gisborne Auction Event was an impressive 80 percent, with the sold properties fetching prices well above the rating valuation.
The agency's regional manager for Hawke's Bay and Gisborne, Joe Snee, said more than $12 million worth of property was sold on the day.
"It was an amazing event for the Tairawhiti region, after a period of uncertainty coming out of the Covid-19 lockdown there were lots of questions around whether the event should go ahead," he said.
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"On the day we marketed 30 properties and 24 sold under the hammer. With an additional three under contract and the properties on the day selling on average 51 percent-plus of RV, it is a good illustration of where the Gisborne market sits post- Covid-19."
Guy Mordaunt, who called the auction, said the 80 percent clearance rate was a huge number in any market and was higher than the last Project Gisborne in February.
“Prices were strong and are following the trend across the country of an upward lift since March. Properties sold across the entire range from an investment at $188,000 through to $1,100,000 and everything in between."
"I've called hundreds of auctions and the activity was as busy as I've ever seen it. People have had their life on put hold and are keen to move on to the next stage. There were a lot of happy people in Gisborne on Saturday night!"
Property Brokers CEO Bill Highet said regional New Zealand was still suffering from a shortgage of listings, despite strong interest from buyers both locally and from the major metros.
“The results that we are seeing in Gisborne are a good representation of what we are seeing across our 70 locations across provincial New Zealand.
"The average sale price has actually increased by 1 percent since entering level two when compared to the near-record levels in the four weeks prior to Lockdown. Sales volume is still down, but we are seeing growth almost double week on week."
OneRoof housing market figures for April show Gisborne values grew 30 percent year on year.
Mordaunt said it was a quite different type of auction room for Project Gisborne as it was set for social distancing.
“Only buyers and vendors were allowed in for each auction block with spectators watching from outside. At the end of each session, the room needed to be cleared and was cleaned and disinfected. It didn't deter the buyers from showing up and bidding strongly.”
