Only one property sold at auction

The Maheno Country Tavern went under the hammer last week, but it and other properties in the area were passed in without selling.

Nine properties were auctioned at the tavern as part of real estate agents Property Brokers’ Bid Day Out on Thursday last week.

Among them were properties in Herbert, Reidston and Oamaru.

The event concluded with the auction of the tavern itself.

The only property to sell was 6 Glen St, in Oamaru, for $67,000.

The auction was led by sales consultant Alan Eason.

In spite of the lack of action by buyers, the event succeeded in introducing the idea of auctions to the community, he said.

Auctions helped shift properties and there were plans to introduce more throughout the area soon.

"They didn’t come to buy, they came to look at the process," he said of those present.

The sales did not finish when the auction was over, as now it was time to discuss conditional sales.

"Under the hammer it’s got to be unconditional.

"Some people aren’t in a cash position."

Agents would be having talks with some potential buyers.

Bidding for the tavern started at $400,000.

A long period of deliberation happened around the $500,000 mark before it was passed in.

It has a rateable value of $630,00 and was last sold in 2021.