We went to a property auction in Napier on Friday afternoon. A lot of houses are sold by agents through priivate negotiation so it is diffiecult to know what the real price of houses is and if they are selling for the asking price or less.
Our feeling is that the property market is not rising but people are still placing houses on the market at high prices. So we thoutht the auction would show the real picture.
There were 7 houses up for auction. We had seen 3 of them and could have bought one of them if confident enough about the process. All 7 of the properties did not sell! None made the reserve price. Only 3 of the properties had bidders and that was one bidder for each property. So obviously that told us that demand was not as great as told to us by estate agents or that buying at auction is not that popular!
Anyway there is another auction on Thursday, 1st March and we have seen one house on that list so we will see if buyers behave any differently!
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