Real estate company pleased with auction results

Although the auctioneer’s gavel wasn’t over-used, Bayleys Queenstown’s owners are happy with the results of a well-attended mega-auction held yesterday.

The auction of 22 residential properties, comprising 20 in Queenstown and one each in Gore and Cromwell, was regarded as a market barometer following the Covid-19 crisis.

Five sold under the hammer, a sixth sold before the auction and the remainder were passed in, although the majority attracted bids.

However, executive director Stacy Coburn was confident at least three post-auction deals would also be concluded this weekend.

The first two properties on offer, homes at Shotover Country, sold under the hammer for $950,000 and $800,000.

A property at entry-level Bridesdale Farm sold for $800,000 after initially being passed in at $750,000.

A seven-bedroom home at Shotover Country, completed last year, sold for $1,250,000.

A three-bedroom home in Gore sold for $266,000.

And a six-bedroom Lower Shotover home, originally scheduled for auction, sold pre-auction for $1,422,000, more than $100,000 over the pre-auction offer.

As the first major Queenstown auction since lockdown, it proved the market is still in a settling-down period, Mr Coburn said.

‘‘I think as things settle down and we get a few more benchmark sales, people will see where the values are.

‘‘But certainly the auction process has flushed out people to work with, for the vendors, and I’m sure a lot more deals will conclude post-auction.’’

Mr Coburn said he was certain that if another sales method, like fixed-price marketing, had been used, ‘‘we wouldn’t have sold anything’’.

The auction was conducted by Bayleys’ national auction manager Conor Patton, from Auckland.

 

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