Hot and cold in regional auction

Thursday 16 June 2016

By Dana Kinita

A glimpse into the latest auction movements in Rotorua

Full renovations paid off for one vendor as fierce bidding erupted to lay claim to a 4 bedroom house in Sunnybrook.

A diverse group of about 15 people attended this week’s auction at Eves Realty Rotorua where demand was strongly focused on a Pandora Ave address.

The 1413sq m property had been recently redecorated inside and out which included new double glazing, the latest English radiator central heating, infinity gas hot water and new lacquered kitchen and bench tops.

An opening bid of $250,000 from the crowd was quickly advanced to $300,000 by auctioneer, Gordon Stewart on behalf of the vendor. This sparked a three-way competition with the price quickly rising by $10,000 increments.

It exceeded the $400,000-mark with just a phone and floor bidder remaining in the hunt. The floor bidder was eventually the successor with the final price of $430,000 – far surpassing its rateable value of $248,000.

No bites for family retreat

A well presented, large family home with lake access failed to attract any bids.

The Operiana St property in Ngongotahaha featured three bedrooms, two bathrooms, two living areas, a deck described ideal for entertaining. With a rental appraisal of up to $440,000 per week, it was pitched to appeal to an astute investor, for family living or used as a holiday retreat.

An opening bid of $350,000 was made by the auctioneer, on behalf of the vendor, who remained the sole person in the auction. The price was advanced to $400,000 before the property was handed in.

It was also the case for a 3-bedroom house on Neri Cres in Pukehangi.

The cross-lease property was marketed as a solid investment and had been returning $330 per week with the potential for more after a cosmetic makeup.

The opening bid on behalf of the vendor was made at $280,000 which was advance to $300,000 before it too was handed in.

Investors quiet on units

A block of four units on Gibson St had interest from potential buyers it was  insufficient to satisfy the vendors.

With two 3-bedrooms units and two 2-bedroom units on Gibson St, it had a rental return of $695 with an appraisal to reach up to $900 per week.

An opening phone bid of $400,000 was quickly replaced by a vendor’s bid of $500,000.  The auctioneer continued to advance to $600,000 on the vendor’s behalf before the auction closed.
 

Comments from our readers

No comments yet

Sign In / Register to add your comment

Property News

Investors hold properties for longer

Public perception has it that investors spend their time flipping properties on a regular basis but new analysis shows they hold properties for longer than other buyers.

House Prices

NZ market out of step with Australia’s slump

New Zealand’s housing market might be cooling but it’s in sync with global trends – unlike the Australian market’s dramatic decline, according to a major bank.

Commercial

Niche options

Investors interested in a property that’s a bit different, but provides good returns, should check out one of the niche sectors on offer in the commercial sphere.

Mortgages

Decline in new investor mortgages

New mortgage registrations for investors have continued to slide over the past year, according to the latest Property Institute/Valocity Regional Insights Report.

Site by PHP Developer