Regional auction watch: Strong demand for family home
Wednesday 29 June 2016
A 4 bedroom home with a one bedroom flat was fast to sell at a Rotorua auction.
Bidding was fast and competitive for a large family home generating an income at a Rotorua auction.
By Dana Kinita
The four bedroom house came with a one bedroom flat in the sought after area of Lynmore. It went under the hammer this week at Eves Realty Rotorua.
The downstairs flat had its own driveway and was currently tenanted for $200. Set on a 1201sq m section, the property also had potential to subdivide.
Six people attended the auction but it was clear only two would be contesting for it.
The opening bid of $500,000 suggested by the auctioneer was quickly picked up before it was raised to $520,000 with a further counter of $560,000. The auction was paused once it reached $580,000 to check with the vendor if it would sell.
It was purchased for $585,000 - far above its capital value of $450,000.
Meanwhile a block of four units which were passed in at auction last week in Fenton Park have sold.
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.
Failing to attract any takers for it's $600,000 auction bid, it was later sold for $620,000.
Comments from our readers
No comments yet
Sign In / Register to add your comment
Uncertainty continues to cast its shadow over the housing market but economist Tony Alexander has put together a list of reasons which offset the negatives and mean the market remains well-supported.
Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.
New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.