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A young couple fought off tough and determined competition at an auction last week to secure a property on Penruddock Rise that was just around the corner from their current home.
The people they bought the house from are also staying in the neighbourhood and are building a smaller home up the road.
Bayleys auctioneer Conor Patton said no one was moving far at all. “It’s a really local affair.”
He said the Penruddock Rise auction had been “hot” and he had struggled to keep up with the fast bids from the floor.
“People were bidding up on themselves, placing multiple bids themselves. I was working hard to keep up.”
Placing bids on top of your own bids was a technique bidders occasionally used to try and get in front, especially when in this case there were four people actively bidding for the property, he said.
“It happens infrequently particularly when there’s several bidders. They wish to get into the psyche of their competitors by making them seem that they are supremely confident and have bottomless budgets.”
But the young couple held strong and was the last remaining bidder when the auction paused at $1.56 million for negotiation. The auction then resumed and was announced on the market at $1.58m, which is what it sold for.
Patton said the five-bedroom, three-bathroom home on a large 1599sqm section attracted plenty of interest with about 100 groups viewing it during the auction campaign run by Bayleys agents Adam Heazlewood and Jessica Phibbs.
The four-bedroom, two-bathroom home, which was marketed for the first time in 30 years by Harcourts listing agents Jack and Steven Marshall, had 150 groups through its open homes and attracted second-home buyers.
Harcourts auctioneer Mark McGoldrick said: “There were about half a dozen bidders on that and a real good ding dong.”
Bids got down to small increments of $500 and $100,000, he said. It was announced on the market at $1.16m and buyers kept trying to outbid each other until the hammer swung down at $1.256m.
“There was a lot of banter and things, it was quite fun.”
Both the Penruddock Rise and Dyers Pass Road properties were zoned for Cashmere High School, which was one of the school zones along with Christchurch Boys and Girls High and Burnside High that buyers wanted, McGoldrick said.
“Well-presented properties in good areas are really popular.”
Meanwhile, two properties with development potential also created bidding wars in different auction rooms last week and one buyer’s technique of blowing bidders out of the water with a strong $200,000 bid also paid off.
Bidding for the three-bedroom, one-bathroom home on Jeffreys Road, in Fendalton, opened at $950,000 with six buyers bidding at Harcourts’ Holmwood auction room.
Harcourts agents Paul and Deb Nichols listed the property, which was in original condition, for the owners who had lived in the property for 50 years.
But it was the 1104sqm section, which McGoldrick believed was the real selling point for those in the room who were “sniffing out opportunities” and would likely put two properties on the site.
A neglected Christchurch property on Hoon Hay Road desperate for some TLC after it had been empty for a year also attracted several bidders at the Bayleys auction.
The five-bedroom, two-bathroom home on a large 1239sqm was sold on an “as is where is” basis due to years of deferred maintenance.
Bayleys listing agent Duncan Absolum marketed the property at developers, investors or anyone prepared to put in the hard work to bring it up to scratch. Photographs of the property show trees encroaching on the front half of the house.
More than four bidders competed for the five-bedroom home. Bidding opened at $450,000, it paused at $575,000 before coming back on the market and selling for $650,000 – more than $300,000 less than its RV.
Harcourts Grenadier also saw plenty of competition for some of their houses that were called at auction last week with an “as is, where is” property on Poulson Street, in Addington, selling for $610,000 after six bidders battled it out. A brand-new four-bedroom, two-bathroom home on Timara Crescent, in Marshland, also attracted a lot of bidding before selling for $1.376m.
-By Nikki Preston