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$4m of ChCh Property Changes Hands at Auction

Nearly $4 Million of Christchurch Property Changes Hands at Auction
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· While just under $4 million worth of Christchurch property changed hands in two auction sessions last week, for Harcourts auctioneers, packed auction rooms, multiple bidders (including from overseas) and outstanding prices are becoming a regular occurrence.
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· Harcourts South Island Business Development Manager and auctioneer, Phil McGoldrick said with the current strong buyer demand, there was a heightened awareness and demand for auctions. For sellers, it brought all keen buyers together in a competitive situation to put their best price forward rather than trying to negotiate down.
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· Mr McGoldrick added buyers were also becoming more comfortable with the process. He added that with many properties selling so quickly some buyers were getting frustrated, and auctions gave them a definite date to work towards for property inspections etc rather than feeling like they had to make rash decisions or miss out.
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· Auctions successfully run by Mr McGoldrick on Friday 25 July totalling just over $2 million were: 10 Godley Drive sold at auction for $945,000 7 Tui Street sold at auction for $905,000 2/58 Andover Street sold at auction for $246,000 29 Rosedale Place sold at auction for $250,000 544a Madras Street passed in at auction
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· Harcourts Christchurch City Auctioneer, Roger Dawson confirmed the trends noted by Mr McGoldrick and added, “Auctions are a much more transparent way to do business for sellers and buyers. Auction campaigns are also becoming shorter, going from the standard four weeks to two weeks in many cases so we don’t keep keen buyers waiting too long.” more…
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· Mr Dawson sold 18 out of 21 properties under the hammer in July and referring to his auction last week, said, “you couldn’t move in the auction room with many people also watching the proceedings on the television screen and bidding from outside the room.”
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· On Thursday 24 July, Mr Dawson sold five properties at auction, with two passed in: 302 Trices Road sold at auction for $506,000 36 Fairfield Ave sold at auction for $262,500 91C Hackthorne Road sold at auction for $365,000 91 Somerfield Street sold at auction for $262,500 30 Brabourne Street sold at auction for $145,000
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· However despite the two days of outstanding results, Mr McGoldrick said he was concerned and certain that not all property sellers were achieving the best they could.
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· “Some are selling to the first rather than the best buyer and in a market like this where it can be extremely difficult to accurately price a property, it is important that sellers expose their property to all buyers. For those going to auction we are often achieving figures well in excess of their ‘happy price’”.
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· Harcourts National Auction Manager, David Clifton had noted similar auction results throughout the country, particularly in areas like Nelson, Blenheim, Dunedin and Auckland to name a few. Of the last 11 auctions Mr Clifton had conducted, he said nine had sold at auction, with another one selling within a day.
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· “As real estate professionals we must work hard to exceed our clients’ expectations at all times. They may well start to query our expertise if their property sells too quickly to the first buyer rather than ensuring it is fully exposed to a wider buying audience.” …ends
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· For further comment, contact: Phil McGoldrick, Harcourts Business Development Manager and Auctioneer, tel 03 348 8784 or 025 342 910 Roger Dawson, Harcourts Christchurch City, tel 03 379 6596 or 0274 333 470 David Clifton, Harcourts National Auction Manager, tel 09 571 1830 or 027 493 4695

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