Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Christchurch house auctions reach new highs pre-Christmas

27 December 2013

Christchurch house auctions reach new highs pre-Christmas

House sellers didn’t take their foot off the pedal in the lead up to Christmas, according to auction figures just released by Harcourts Holmwood in Christchurch.

Tony Jenkins, chief executive of Harcourts Holmwood, said auction marketing was increasingly popular because of the certainty it provided. Auctions now account for 40% of all listings by Harcourts in Christchurch.

“We’ve called 49 auctions this month which is up considerably on the same time last year when there were 30 auctions. For the year to date, Harcourts Holmwood called 428 auctions, with 366 sold, 36 had been withdrawn and five currently under contract.

“We’re expecting this sort of activity to continue into the New Year. The summer time is always popular but this is far above the usual interest at this time of year.”

Jenkins said that auction was the chosen method of sale across a wider price bracket than previously.

“Three years ago people were loathe to auction anything above $1.5 million. We previously didn’t take those more highly priced properties to auction because buyers were relatively few but now there are a lot more people looking to spend that money on property in Christchurch.

“In a market where it is hard to price property, auctions are proving very popular because they’re transparent for both our vendors and our buyers. Auctions outsell any other form of marketing over a six week period. Properties marketed in this way attract 3-4 times the number of potential purchasers.”

Jenkins said there was strong demand for properties priced $400,000 and above, with investors continuing to seek houses in the mid price bracket. Higher building costs were also fuelling the demand for existing properties.

While there had been a slight lull immediately following the introduction of the new deposit restrictions, Harcourts Holmwood already had 14 auctions booked for its 29 January 2014 Gala - an entry level and investment auction.

Harcourts Holmwood auctioneer Phil McGoldrick said that auction marketing was in demand because it helped clarify decisions.

“A growing number of people have now had their properties repaired by EQC or their insurance companies. For many, this has meant accelerating the plans they had to sell their homes in two or three years’ time. They’re now deciding to make the move while their homes are in a more pristine condition.

“We’re increasingly finding that people just want to get on with their lives. For those who’ve been fortunate enough to have their claims settled, they want to make plans.”

Click here for further information.

About Harcourts Holmwood
Harcourts Holmwood was established in 1991. It has five offices in Christchurch (Fendalton, Merivale, St Albans, and two in Ilam) including property management and a specialist rental office, and two apiece in Gore and Invercargill.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>


Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>


Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>


Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>


Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>


Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>


Get More From Scoop

Computer Power Plus
Search Scoop  
Powered by Vodafone
NZ independent news