A vendor was left speechless this week after the four-bedroom home he had been using as a “storage unit” for the last few years sold for way more than he expected.
The seller had accepted a pre-auction offer of $1.18 million for his house on Arista Way, in Rototuna, Hamilton, and had gone into the auction on Thursday thinking that that was the sum he’d walk away with.
But Harcourts listing agent Yvenna Yue said her client couldn’t believe it when the property ended up selling for $1.235m.
“He was speechless when I rang him. He didn’t even look because he thought it was just going to be one and done.”
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Yue had to repeat the sale price three times before it sunk in.
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The two people bidding on the property had both already lost out on previous auctions so put up a fight, placing a total of 28 bids.
“It was really fast. Both buyers were confident they were going to win until one backed off really.”
The Arista Way property had only been on the market for a few days when it received an offer good enough to bring the auction forward. Within one week it had a sold sticker on it.
The owner built the home about 10 years ago for family members and in the last few years had just used it for storage. Yue said he decided to sell to free up some cash for another project.
Buyers want well-presented, family homes in Hamilton North such as the one on Arista Way. Photo / Supplied
A three-bedroom, two-bathroom home on Innswood Place, in Rototuna, sold under the hammer for $1.17m in another brought-forward auction. Photo / Supplied
The person whose offer brought the auction forward eventually pulled out of bidding, making it the second property he missed out at auction in recent weeks.
He had also bid on a property on Innswood Place in Rototuna that opened and was on the market for $970,000 and sold for $1.17m in another Harcourts brought-forward auction earlier this month where about five buyers were fighting over it.
Harcourts listing agent Yvenna Yue said her buyer kept missing out on properties despite increasing his budget each time.
The new owners had previously missed out on a five-bedroom, three-bathroom home on Hampshire Crescent that sold for $1.24m earlier this month and had been eager for a quick settlement which meant they could move in next week, she said.
Yue said there's a lot of demand coming from overseas buyers wanting family homes that are well-presented and double-glazed in North Hamilton suburbs such as Rototuna, Flagstaff and Huntington.
“They are missing out because there’s not a lot of stock.”
However, Yue is already starting to see more properties come on the market in time for the traditional spring rush. There have been about 90 new listings in Hamilton in the past three weeks.
Lodge salesperson Blair Pointon has already listed 14 properties this month ranging from $499,000 to $1.6m all over the Waikato including a five-bedroom, three-bathroom home with a self-contained studio at 102 Rototuna Road, in sought-after Rototuna.
Pointon said larger three to four-bedroom single-level brick homes in North Hamilton suburbs were in high demand, as well as any properties under $500,000.
His new listings are across the Waikato and a wide range of properties from existing homes and new-builds to lifestyle properties which, he said, shows the whole market is listing and not just one particular sector.
“We will see an increase in listing numbers, so it's a real good time for buyers to get in as the increase happens because we can see how quickly [it] can drop overnight.
“There's no doubt in mind that prices have lifted in that (North Hamilton) area, but we've got to be careful because as soon as stock rises again ... the whole market is just depending on supply and demand at the moment.”
- Click here to find more properties for sale in Rototuna
