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Hot and cold in regional auction

Thursday, June 16th 2016, 12:00AM

by Dana Kinita

This 4-bedroom property in Rotorua attracted strong bidding before selling way above its rateable value.

A glimpse into the latest auction movements in Rotorua

Full renovations paid off for one vendor as fierce bidding erupted to lay claim to a 4 bedroom house in Sunnybrook.

A diverse group of about 15 people attended this week’s auction at Eves Realty Rotorua where demand was strongly focused on a Pandora Ave address.

The 1413sq m property had been recently redecorated inside and out which included new double glazing, the latest English radiator central heating, infinity gas hot water and new lacquered kitchen and bench tops.

An opening bid of $250,000 from the crowd was quickly advanced to $300,000 by auctioneer, Gordon Stewart on behalf of the vendor. This sparked a three-way competition with the price quickly rising by $10,000 increments.

It exceeded the $400,000-mark with just a phone and floor bidder remaining in the hunt. The floor bidder was eventually the successor with the final price of $430,000 – far surpassing its rateable value of $248,000.

No bites for family retreat

A well presented, large family home with lake access failed to attract any bids.

The Operiana St property in Ngongotahaha featured three bedrooms, two bathrooms, two living areas, a deck described ideal for entertaining. With a rental appraisal of up to $440,000 per week, it was pitched to appeal to an astute investor, for family living or used as a holiday retreat.

An opening bid of $350,000 was made by the auctioneer, on behalf of the vendor, who remained the sole person in the auction. The price was advanced to $400,000 before the property was handed in.

It was also the case for a 3-bedroom house on Neri Cres in Pukehangi.

The cross-lease property was marketed as a solid investment and had been returning $330 per week with the potential for more after a cosmetic makeup.

The opening bid on behalf of the vendor was made at $280,000 which was advance to $300,000 before it too was handed in.

Investors quiet on units

A block of four units on Gibson St had interest from potential buyers it was  insufficient to satisfy the vendors.

With two 3-bedrooms units and two 2-bedroom units on Gibson St, it had a rental return of $695 with an appraisal to reach up to $900 per week.

An opening phone bid of $400,000 was quickly replaced by a vendor’s bid of $500,000.  The auctioneer continued to advance to $600,000 on the vendor’s behalf before the auction closed.
 

« Rotorua property auction delivers varying results Regional auction watch: Strong demand for family home »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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