Going, going ... sold at auction
The sale of a house has set a new price record for the Lower Hutt suburb of Taita as more buyers and sellers turn to auctions.
Neeraj Narwal and his wife Bharti Sirohi were holding their breath as they bid on the four-bedroom house at auction on Thursday.
After three months of looking, and being forced to widen the search, the couple snapped up their second home in Pringle St for $538,000 – $143,000 more than its rateable value (RV).
The sale of the Taita home also set a new record in the once-affordable Lower Hutt suburb – it sold for $23,000 more than the previous most expensive house.
The couple could not wait to move into their new home, Narwal said.
‘‘We will stay there, it will be our future home.
‘‘We just want to move in as soon as we can. Our festival [Diwali] is coming soon - the next month - so we want to celebrate our festival in our new home.’’
Narwal and Sirohi weren’t the only ones to spend hundreds of thousands of dollars in a few seconds, as Professionals held seven auctions within an hour on Thursday afternoon.
About 80 people packed into the small room, hoping to get want they came for.
A mixture of nerves and excitement filled the room as small voices piped up every time the auctioneer called for a bid – he was louder than everyone else, but he was a man on a mission.
Some made last minute calls to push their budgets, others sat quietly and shook their heads. They were out.
Of the seven properties four sold and three were expected to sell before the end of the week.
Lower Hutt Professionals managing director John Ross said an increasing number of people were choosing auctions, so they didn’t miss out.
‘‘There has been a lot of disappointment in this market over the last six or eight months, where buyers have had a go at a property not just once, twice or three times, but even more and each time they are finding they are being outtendered by somebody else, or out-negotiated by somebody else.
‘‘[Buyers] are saying they love the environment of being in the auction room where they get a chance to see where the other competition is ... and have the chance to fight
Houses at auction
SOLD: 3 Atiawa St, Petone; three bedrooms, one bathroom; RV: $560,000; Sale price: $715,000 SOLD: 15 Beach Rd, Petone; three bedrooms, one bathroom; RV: $610,000; Sale price: $820,000 PASSED IN: 67 Epuni St, Central Hutt; four bedrooms, two bathrooms; RV: $550,000 SOLD: 14 Hugh Duncan St, Haywards; three bedrooms, one bathroom; RV: $310,000; Sale price: $355,000 SOLD: 10 Pringle St, Taita; four bedrooms, two bathrooms; RV: $395,000; Sale price: $538,000 PASSED IN: 6HumeSt, Alicetown; three bedrooms, one bathroom; RV: $470,000 PASSED IN: 93 Miromiro Rd, Normandale; four bedrooms, two bathrooms; RV: $415,000 for it rather than getting that phone call from their agent saying ‘you’ve just missed out again’.’’
Last month, 24 per cent of all New Zealand properties sold were by auction and there was a 113 per cent increase in the number of Wellington properties sold by auction, Ross said.
The average house price in Wellington now sits at $536,065.