Proving that there's still healthy interest in New Zealand's most expensive property market, a house in Queenstown and Lakes District sold under the hammer for $1.422 million, more than $100,000 above the pre-auction offer.
The sale of 28 Myles Way, in Lower Shotover, was brought forward from this Friday to yesterday afternoon after a pre-auction offer of $1.3 million was made.
Bayleys national auction manager Conor Patton, who called the live-streamed auction from Auckland, said there was intense interest in the six-bedroom property, with three bidders fighting it out, getting down to $500 bids before one buyer secured it.
He told OneRoof there were 27 bids made on the property and although the result may be surprising to others, it wasn't to him.
Start your property search
"The whole team have been working tirelessly and have been keeping me up to speed with how each of their listings was tracking. I was pleasantly surprised that we actually had five or six potential bidders who attended the auction to perhaps participate," Patton said.
28 Myles Way, which was marketed by Bayleys agents Rachel Eggers and Sheryl Williams, was sold to an out-of-town buyer, with the sale price well above the rating valuation.
It was described in the listing as having "wow factor". The property boasted stunning views of the Shotover River and featured a two-storey four-bedroom house and separate two-bedroom unit, which could be rented out.
Inside the main dwelling at 28 Myles Way. Photo / Supplied
The sale will be a welcome boost to Queenstown's housing market as it emerges from the Covid-19 crisis and looks to recover its momentum.
Bayleys' Queenstown office has a further 21 properties set for auction on Friday, ranging from apartments in the township to large homes in Jacks Point.
Patton told OneRoof that buyer enquiry in Queenstown was healthier than many would expect, with local and out of town buyers expressing interest in the properties up for auction.
Bayleys Queenstown managing director David Gubb told OneRoof about a quarter of his buyers were from Auckland, with another 50 percent coming from Central Otago itself.
However, he had noticed a recent surge in interest from buyers from Dunedin. He put it down to rapid house price growth in the city.
Gubb said: "They now have a lot more money to spend because of growth there in the past two to three years."
OneRoof figures for April show Dunedin eclipsing the other major metros when it comes to value growth, with the city's median up 24.58 percent year on year. Auckland's growth by comparison was 3.95 percent.
He also noted a lift in buyer enquiry from expats but not the kind who come back home to raise their young children.
They were mostly young professionals aged between 25 and 35 doing their OE, who wanted to come back to New Zealand for lifestyle reasons, Gubb said.
"They are not super wealthy, but people who are looking for affordable homes. They have had a chance to reflect on where they want to live and Queenstown is quite a desirable place so they are coming through."
