What's Happening in the Market?
It's all about location, location, location... if homes are in a desirable location they sell on or before auction day with plenty of interest. If a home has a sub dividable section, those too have alot of buyer interest.
One of my current auctions, 20 Park Avenue, Papatoetoe is one of them, with the auction being brought forward as an offer was presented, surpassing the vendors expectations (and market expectations).
Here is the latest report from unconditional.co.nz:
The national asking prices reached a new record in February of $483,099.
The record high was driven up by new record asking prices in Auckland ($677,370), where asking prices have risen by 12% in the last 12 months.
Record high asking prices were also seen in 2 other regions in New Zealand; West Coast, where asking prices reached $320,245 (up 13% on February 2013); and Wairarapa where asking prices reached $329,396 (up 24% on February 2013).
In total 11 regions saw asking price increases, with 6 regions reporting asking price increases greater than 5%. Wairarapa reported the largest increase, up 24% from January to $$329,396, followed by Marlbourgh, which rose by 16% to $418,945.
Of the 8 regions witnessing asking price falls from January there was just 1 that reported a fall greater than 5%, Coromandel fell 15%% to $420,759. source: unconditional.co.nz