Yet more evidence that the property market is on the rise. Auctions are becoming more popular as real estate agents want to avoid any liability
should they describe a property wrongly. Auctions are strictly based on an “all care and no responsibility” basis. The onus is now on the purchaser to conduct
full due diligence and at the fall of the hammer there is no come back on the agents.
Property Auctions Running Hot
The overall property market may be a little sluggish still in some parts of the country but property auctions are running hot.
Recent statistics from the real estate industry have proved what many potential house buyers have probably discovered – properties selling at auction are becoming more mainstream.
June and July saw the number of residential properties up for auction at a four-year peak, according to industry website realestate.co.nz , with 1168 homes up for auction in June and 1132 in July against a typical month of about 600 auction listings.
Auckland, always at the forefront of any property trends, saw one in five listings going to auction over the past two months and accounted for 56 per cent of the 1132 national auction listings in July.
TradeMe’s Paul Ford said auction listings had “ticked up” in recent months on the site, with the most noticeable rise occurring in July, which recorded a boost in auction listings of 25 per cent on the previous month.
This increase was both because of the lift in the number of auctions listings but also because of a decrease in total listings, meaning auction listings increased proportionally, Ford said.