Mega-auction tests market
By PHILIP CHANDLER
A Queenstown mega-auction next month’s being touted as a ‘headlight indicator’ for the upcoming state of New Zealand’s property market.
The local Bayleys office is putting 27 residential properties on the block, including owner/
occupier residences, investment homes and sections, on February 12.
A parallel’s being drawn when the same office auctioned 21 properties last May.
As the first mega-auction in a regional centre following the Covid-19 lockdown, it was seen as a litmus test of the NZ market.
On that occasion, many were surprised by the prices achieved under the hammer an early indicator of confidence not only in the region, but the whole residential sector.