Mass auction `promotional tool'

Mark Stevens
Mark Stevens
A Real Estate auction involving the sale of 57 Dunedin residential properties was not a response to a slumping market but a promotional tool, says the company behind the scheme.

Metro Realty has organised an auction of 57 properties to be held on April 10 and is confident it will go well.

Principal Mark Stevens said the auction would bring together a group of people who were serious about selling their properties.

A large auction was simply another method of marketing, Mr Stevens said.

The houses would have reserves but the sellers were keen for them to be sold.

The properties ranged across the market in terms of price. Some had been on the market for months, while others had been listed for just a couple of weeks.

Mr Stevens said there was no doubt it was taking longer to sell a house but the market had just returned to normal after a few years when it had boomed. It was not in a slump, he said, and there was still "plenty happening''.

The median house price in Dunedin had been between $240,000 and $260,000 for the past 18 months.

Metro Realty has previously had auction sales of up to 27 houses.

Mr Stevens said the number of properties on the market was similar to previous autumns because people preferred to sell in the warmer months. Some of the 57 properties could be sold before the auction.

Real Estate Institute of New Zealand Otago branch president Liz Nidd declined to comment.

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