When reading this on NZHerald.co.nz I asked myself whether Christchurch is fast following this trend with a market that is gaining incredible momentum and in frequent occasions experiencing intense competition amongst purchasers.
[Gareth Berry] went to his parents for a $200,000 loan and had no problem getting finance with banks offering 5.1 per cent fixed interest for three years. Armed with that cash he had a new top limit of $900,000 – but the search did not get any easier. A four-month battle through Auckland’s real estate auction rooms stretched Gareth Berry’s budget from $400,000 to $880,000 before he finally landed his first family home. Gareth Berry finally has his weekends back after nearly ‘losing it’ looking for a house.
Recently bidding at an auction via telephone for a client out of town, we experienced such competition. The bidding opened with the auctioneer at $480,000 followed by me hastily bidding at $560,000 thinking this will show our bold intent. How wrong I was, the next bid was a $90,000 increase of $650,000 which happened to be the upper level of my client’s budget, so needless to say our bidding strategy went straight out the window at that point. The property eventually sold for $737,000 – another Harcourts Gold success story and I’m imagining one very happy client!
Also in the latest issue of the Harcourts MarketWatch, which also indicates some interesting figures for the month of March. While it is understandable that March 2012 is a better market than 12 months earlier, auction numbers have increased phenomenally, while the number of available properties has dropped significantly. This provides a good indication of a strengthening market.
And something positive to finish on:
“Behold the turtle. He makes progress only when he sticks his neck out.”