- Three Auckland homes worth over $3m are going to auction with $1 reserves on October 22.
- Tom Rawson, of Ray White Manukau, said the sellers are committed and expect market value despite low reserves.
- The properties include a six-bedroom Flat Bush home, a four-bedroom Papakura house, and a Māngere bungalow.
Three Auckland homes worth a total of more than $3 million could be picked up for as little $3 next week.
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The houses are heading to auction with ultra-low reserves at Ray White's mega auction event on October 22.
Ray White Manukau co-owner Tom Rawson said all three owners were committed to selling on auction day.
A four-bedroom home at 21 Rushgreen Avenue, in Pahurehure, Papakura, has an RV of just over $1m. Photo / Supplied
“I think the main reason people chose [$1 reserve auctions] is that they don’t want to be on the market forever,” he told OneRoof.
“Numerous times in the past, we've had vendors who are like, ‘We just need to sell, we don’t mind what we get. Chuck a dollar on it, it will work out.' And it has typically worked out for all the people that have tried it because they identify themselves as serious sellers.”
Rawson said this was the first time his office had held three $1 reserve auctions on the same day. He expected a lot of buyers, including some opportunists, would turn up to bid, and that the three properties would fetch their market value.
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“We all know they're not going to sell for a $1 because those who are serious will have a crack. Obviously, there is always a risk with $1 reserves, but the reality is there are a lot of eyeballs looking at property right now.”
Ray White agent Charlie Brothers is marketing two of the properties - one a newish six-bedroom Flat Bush home with an RV of $1.625m, the other an older four-bedroom house in Papakura with an RV of $1.075m
"Both our vendors want all buyers to know they are the most serious sellers in the Auckland property market," Brothers said.
A bungalow at 1/1 Favona Road, in Mangere, is expected to appeal to first-home buyers. Photo / Supplied
The third home, a 1920s three-bedroom bungalow in Māngere, has an RV of $545,000. Listing agent Pat Lapalapa said it had been a rental for the last 15 years, but had been freshened up with a lick of paint.
Lapalapa felt it was a good buy for first-time buyers with limited budgets. Some were already in the process of “getting their ducks in a row” so they could bid.
He laughed that someone had already made a pre-auction offer of $1.50, but the vendors were waiting until the auction. “I just told them you have a good chance to win, so just bring an extra gold coin just in case.”
- 31 Tims Crescent, in Flat Bush; 21 Rushgreen Avenue, in Papakura; and 1/1 Favona Road, in Māngere, will be auctioned on October 22
