No lockdown slowdown for residential auctions

More than 30 residential properties have been sold at one real estate agency’s live virtual auctions since New Zealand moved into Alert Level 4 last Wednesday.

Bayleys, the country’s largest full-service real estate agent has reported a 94 per cent success rate in recent residential auctions for properties located across the country.

Some 33 homes from Auckland to Otago have been offered for sale resulting in more than $33 million in concluded unconditional sales.

The national real estate agent is set to call another 40 auctions over the coming week.

“We’re always looking for inventive ways to conduct our business and the success of our contactless live auctions speaks to the way Bayleys offers its buyers and sellers certainty despite unforeseen events like the nationwide lockdown,” says Conor Patton, Bayleys national auction manager.

The highest price achieved recently was $2,235,000 for a renovated three-bedroom home in the upscale Auckland neighbourhood of Kohimarama.

Salespeople Carolyn Ryan and Mitch Owens of Bayleys’ Remuera said the property attracted more than 20 bids before it was declared on the market for sale through Bayleys’ virtual auction portal by Mr Patton who appeared live in a video link from his home in Auckland.

“Real-time video connections and Bayleys’ auction software meant our bidders did not miss a beat when it came time to bid,” Ms Ryan says.

“Our sellers were thrilled with the outcome, that the auction was able to proceed as scheduled despite the nationwide lockdown restrictions, resulting in a price that was reflective of the high level of competition from registered bidders,” she adds.

Also selling under the hammer for more than $1,800,000 in a Bayleys Queenstown auction was a three-bedroom home in the desirable Jack’s Point residential subdivision at the base of the Remarkables mountain range.

The modern, 203sq m (more or less) home at 8 Jackby Court was sold for $1,850,000 by Bayleys Frankton salespeople Mark and Hope Martin.

“This auction was indicative of the strong demand for residential property we’ve seen through winter across the Queenstown-Lakes District,” Mr Martin says.

“Relatively low levels of inventory are being snapped up quickly by local and out-of-town buyers and we are pleased that virtual auctions can continue despite the scale-up in alert levels.”

“We are anticipating demand will build over this lockdown period, resulting in heightened competition once restrictions ease,” he adds.

An impressive 100 per cent success rate was achieved in Bayleys’ Canterbury auctions with a bare land block at Hawarden recording 14 registered bidders.

Bayleys Canterbury general manager Rachel Dovey said having 14 registered bidders for one property was an outstanding result reflective of the teamwork and persistent demand for properties across the region.

“Level four is not holding anyone back, this time around buyers and sellers have acclimated to lockdown conditions easily, making the adoption of virtual tools such as online auctions more popular.”

“We saw following last year’s extended lockdown nationwide property values rose some 30 per cent owing to pent-up demand, the Government’s financial support and a quicker-than-expected economic recovery,” she says.

“Buyers and sellers this time around don’t want to wait for the lockdown to end, they want to use this time to digitally walk-through new listings, seek appraisals and secure their new home at live virtual auctions.”

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