Auction Wrap - the details you wont get anywhere but here
Another cracker City Sales auction. And its as full as fireworks as expected on Guy Fawkes Day.
On offer a HOT studio in Silo Apartments - 23 Emily Place, Auckland Central.
For one property only, the auction room is BUSY. We have 5 bidders in the room in person, and 4 more on the phones.
Bidding started at just $200,000 and bids coming in at just $5k increases from there with the bulk of buyers bowing out as low as $240,000 with just 2 bidders continuing from there.
Clearly an in demand property, but despite lending easements the market still has a way to go to bring Buyers and Vendors together.
At 12.34pm bidding has slowed enough that the Auctioneer calls a pause to hold negotiations.
After 10 minutes of intense negotiations, 3 under bidder parties exit the room while we are waiting for the auctioneer to return - the price is past what they will pay. This is a clear sign buyers are returning.
3 bidders remain in person in the room to see the auction out.
Negotiations take us to $302,500 'and still not enough'. One underbidder made a few animated exclamations as he exited — a testament to how competitive this auction was. In a second round of negotiations, the bid is raised again to $305,000. And the property is on the market and SOLD!
As we always say, our auctions are a show. You don't have to be buying or selling on the day to come along and watch. It can help quell nerves if you are looking at buying yourself to see how auctions work, without the pressure of it being your 'D Day'.
Make your property the next one everyone’s talking about.
List with City Sales — where every auction’s a show, and every buyer dollar is found.
Ask for Scott Dunn 09 3030 601