| Wednesday, 1 July 2009, 4:18 pm Press Release: Harcourts Grenadier |
For Immediate Release
July 1, 2009
Record real estate auctions
Record numbers are looking to auction their homes, with Christchurch’s Harcourts Grenadier, one of the largest real estate franchises in New Zealand, taking 80 bookings in the month of June, more than twice the average for this time of the year and 10 per cent above their previous record set in October last year.
Roger Dawson, Auction Manager for Harcourts Grenadier, said that it was extraordinary to have this level of auction bookings in the winter months when listings normally slow down.
“In these tougher economic times, people want to see quick action on their property. Auctions sell properties three to four times more quickly than normal methods in the first six weeks on the market.
“At present we are selling in excess of 50 per cent under the hammer and another 20 per cent are being sold within a week of the auction. Most sales are in the $200,000 to $500,000 range, with some up to and in excess of $1 million,” he said.
The auction numbers are not being boosted by mortgagee sales as these numbers have been constant for the last 18 months.
“The other interesting factor is that across the board there is a shortage of listings. With uncertainties in the job market, some owners are holding on to their properties. What this has done is boost demand for the stock we have to offer. We are experiencing wall-to-wall crowds in the auction rooms and bidding to match.
“And this demand is only going to intensify when you consider the dramatic fall in new homes being built and the lift in migration numbers,” he said.
Harcourts Grenadier has nine offices in Christchurch and one in Greymouth and is the largest Harcourts franchise in Australasia and the largest real estate franchise in the South Island.