Auction Report 29 August 2023

Recent weeks have highlighted positive buyer activity, which was again demonstrated this week with, again, very active bidding resulting in very pleasing “under the hammer “sales for our Vendors.

The buyer response to this portfolio was continued confirmation that buyers recognise that the real estate market price level has settled. Buyers will, increasingly, be focused on requirements for the new year, be that for schooling requirements, size of home or lifestyle. Our Eastern Beaches area offers buyers quality real estate options and quality buying real estate assets.

Again, it was our pleasure to welcome a pleasing attendance to the Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions. Those attending included people who had registered bidding interest, those who had expressed conditional buying interest and obviously those who came along to see what is selling and for what price to give an idea of what is happening very currently in the real estate market.

The portfolio included quality properties across our residential areas of Half Moon Bay, Howick, Somerville, Golflands, Dannemora, Maraetai, plus Panmure.

It was so pleasing to see vendors achieving excellent sale results that allowed them to move on to enjoy their current requirements and buyers delighted to have the opportunity to buy quality properties, or, vendors finding a very accurate buyer driven price indication.

It was also evident that being able to place properties “on the market “to sell “under the hammer” was the key factor in vendors being rewarded with further bidding and achieving the pleasing final prices.

Highlights throughout the evening:

633 Chapel Road Dannemora was brought forward from its 5 September designated auction date due to an unconditional offer that was presented to our vendors and accepted subject the property being submitted to auction at this earlier auction date. This 3-bedroom brick and tile clad home offered buyers an opportunity to secure easier care living within a more private lane neighbourhood close to the Botany Town Centre and popluar Botany schooling.  It was subsequently sold “under the hammer “at $1,1000.

1/70 Nicholas Road Somerville offered a brick and tile clad constructed 3 bedroom home, located within the highly sought after Somerville residential neighbourhood that ensures easy access to the Meadowland shopping services and important popular schooling. A positive start, 4 active bidders, and, with some 31 bids later, resulted in a sale “under the hammer “at $1,273,000.

120 Maraetai Drive Maraetai offered buyers a move to a  locality within our Eastern Beaches area that is drawing increasing interest from an increasing number of buyers. This 5-bedroom home is surrounded by a 1282m2 section that offers panoramic views.  After some highly competitive 16 bids, it sold “under the hammer “at $1,300,000.

4/12 Kings Road Panmure also offered buyers an opportunity to move to an increasing popular eastern location, referred to as the Golden Triangle, that easily accesses important public transport via the Panmure bus and train transfer station. This easier care 1950’s built home provides 3 bedrooms with open plan living.  It sold “under the hammer “at $962,000.

2/39 Simmental Crescent Somerville offered buyers an opportunity to move to a completely renovated, very smart contemporary styled, 4 bedroom home whose floor plan is spread over 2 levels. Outdoor living is another feature of this home. Despite bidding the property was “passed in “ to allow further negotiations to take place which resulted in a multi offer presentation for our Vendors consideration. Subsequently the property was sold.

28 Seneca Court Golflands attracted bidding interest of some 15 bids, which did not reach vendor price expectations to sell “under the hammer “ , however,  at the time of completing this report we are continuing to work with the buying interest.

Likewise, 7 Maldon Court Dannemora , we continue to work with the buyer bidding interest for this property with post auction negotiations under way at the time of writing this report.

The balance of the portfolio attracted buying interest which was not able to register to bid on an unconditional basis, so we continue to work with these interests to secure a sale that is satisfactory to our vendors.

So, after three weeks of marketing, extremely pleasing, positive, response to the three weeks of marketing. A market confidence result, however, it needs to be acknowledged that the sales provided buyers with an opportunity to buy quality real estate assets knowing that while having to competitively bid/ buy to be the “winner” they were bidding/buying property that was also the first choice for a number of other buyers.

The excellent prices achieved confirmed our ability to maximise price for our vendors, however, to achieve such results, buyer interest, working with our mortgage broker partners, bidding registrations and actual competitive bidding are the components to achieving great results.

Ken Ralph

Auction Services Manager