Selling for 56% over CV? This is why auctions work!

Panoramic views of Lake Wakatipu and the surrounding mountains is something most people would consider a ‘must’ in the holiday homes of their dreams. When picture-perfect windows are an ever-evolving slideshow of changing seasons, it sells itself, right? Yes and no. The views – that’s location, location, location, right there. But you can’t live by views alone.

Expectations have changed. Standards have gone up. And if you’re going to be paying for million-dollar views, you’re going to need a million-dollar house to go with it.

Clients for life

The owner of 35 Wakatipu Heights was a long-term loyal client of Harcourts Highland Group. She’d owned the home for two decades and had rented it out through Harcourts’ rental property division for the past 18 years. The trust and professional relationship was well-established so when the time came to sell, it was all go.

“Our vendor was living and working overseas, so couldn’t physically be here to make decisions around the property when the tenants left last year,” says Jaiden Direen of The Osbornes Queenstown team with Megan Osborne. “Megan has a long-term connection with our vendor and her father, so she was happy to take on board our recommendations about repainting, doing lighting upgrades, some small renovations and use of a stylist to present the home to maximum effect.”

Pre-auction offer

After just two weeks on the market, the proof was in the pudding. There was a pre-auction offer of $1.95M on the table for this three-bed, three bath standalone house in a dress circle Queenstown location. The auction was brought forward with four keen buyers bidding from Auckland, Christchurch, the Waikato and Singapore. Two bidders were physically in the room on the day, with two further bidding over the phone. And what an auction this turned out to be.

The result

After 75 bids, the most bids Harcourts Queenstown has seen on a single auction this year, the property sold to the Auckland bidder for a whopping $2.506M, a stunning $556,000 over the pre-auction offer and 56% over CV. The new owners take over mid-June this year and are planning for extended family to use and enjoy it year-round, typical of many New Zealanders who are buying closer to home and travelling within the country.

And as for the vendor?

“Megan and Jaiden, I’m happy to have taken your advice to put the money into getting the house just right, with spectacular results! Thank you both, that was quite the auction! I really appreciate your effort.”

A final word from Jaiden

“There was no doubt in our minds this home would sell over expectations but this went far beyond anything we anticipated at the start of the campaign.”

“There’s been a lot of talk about the current market but this gives us the confidence that with the right property, in the right location, the market is going to speak.”

“Selling by Auction remains a very effective strategy when backed by the right team.”