The auction showed the buyer won says Paul McKenzie
San Francisco, CA -- (SBWIRE) -- 09/12/2012 -- An Auckland property investor has questioned the logic behind putting all the black houses on the market at once.
The TV3 reality show auctioned off all four of the pairs homes of competitors who had spent the last two months renovating on Auckland’s North Shore.
Wellington couple Tyson Hill and Rachel Rasch are one of the four sellers who saw their house sell at the reserve price of $789,000. This meant that they did not make any profit for eight weeks work while the other competitors made profits ranging between $11,000 and $157,000.
Olly Newland is an Auckland investor and property consultant. He said that sending all four properties to auction at the same time was the best way to get the highest price. He explained that is how the market works, you win some and you lose some.
Paul McKenzie, marketing manager for realestate.co.nz, said that the auction showed that the buyer won. He said that the price the houses were sold at were too good to be true. It was a great catch since one cannot find a house in all of Auckland completely renovated with $60,000 worth of new chattels for the price that the houses were sold for.
"Takapuna is a big suburb and includes waterside homes so what we saw last night was perfectly in the range of what I see in Takapuna," McKenzie said.
"It is not mysterious. In Auckland we are at some of the highest average asking prices ever. In Takapuna that is a lot more."
"If you are a seller and the agent doesn't recommend going to auction, there is something wrong. If you don't go to auction, you will leave money on the floor."
"Right now, if you are not planning on leaving Auckland, I would advise people not to sell - right now there are not enough homes to live in." said Anne of Duncan Real Estate.
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