Outstanding Auction Result for Lake Hawea ‘Crib’

NEWS RELEASE
Harcourts Achieves Outstanding Auction Result for Lake Hawea ‘Crib’
For Release: 22 September 2006

A humble Lake Hawea ‘crib’ with “stunning world-class views” had two Auckland phone bidders, one who had not seen the property, working hard to own it with the auction hammer falling at $710,000 recently for what is believed to be a new local record.

Recently appointed Branch Manager of Harcourts Wanaka, Stephen Hughes, said the success of this sale was indicative of Harcourts’ auction process in the area with six out of seven of the office’s most recent auctions selling under the hammer for an average of $636,000. The properties included:

- Two industrial sections for development on Frederick St, Wanaka achieving $800,000 (inc GST) and $825,000 (inc GST) with one buyer from the local area and the other from Christchurch.

- A modern 3-bedroom newly built Luggate home with rural outlook for $395,000. Mr Hughes noted Luggate property prices had yet to reach $400,000 and while attractive to first home buyers, its 10 minute drive proximity to Wanaka was attracting more interest, particularly with a recently launched subdivision there.

- Two bedroom cottage with two bedroom self-contained unit, plus another section ‘package’ on McLennan St in Hawea flat saw a successful phone bidder from the West Coast achieve it for $397,000.

- The first home to be sold in Albert Town’s Bridgewater Terrace subdivision, just 12 months old with “beautiful Clutha River views” and just out of Wanaka achieved an “outstanding” $692,000, which Mr Hughes noted had “set the market” for that subdivision.

- The seventh property that went to auction but did not sell is a section in the Lake Hawea area which Mr Hughes said is continuing to attract buyer interest and he was confident would sell.

With a strong auction culture within the Harcourts Wanaka team, Mr Hughes noted that both buyers and sellers were becoming more confident with the process, with sellers in particularly actively enquiring about auctions.

Due to the increased demand and interest in the process, Harcourts Wanaka’s next auction will be a ‘Spring Collection’ on 18 November for which they were looking to offer a catalogue of property types.

ENDS

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