Hundreds of potential buyers have flocked to an open home for two small brick and tile units.
A queue stretched down the driveway and people spilled out into the street on Saturday at 1/139 Pah Rd in Auckland’s Royal Oak.
Ray White real estate agent Rick Mozessohn said the open home for the units was “absolutely out the gate”.
“We had about 300 people through across the weekend, which was made up of about 108 groups averaging three people,” he said.
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“The queue was down the driveway and spilling out onto the road, everyone was keen to take a look.”
The street-facing unit has a CV of $720,000 and the next door two-bedroom unit has a value of $680,000.
Mozessohn said he couldn’t reveal how many offers he’d received for the units, but that there had been a “very high interest”.
“The phone’s been off the hook with inquiries around progressing further,” he said.
An online listing of the units was viewed 14,000 times in its first three days. Ray White properties usually accumulate 4000 views across four weeks
Mozessohn believed the popularity of the sale was a direct result of the Covid-19 pandemic.
“There’s not a huge amount of people that are going to be going on overseas travel, so they’re thinking of buying their first home or buying an investment,” he said.
“Though it’s difficult to anticipate what happens later on in the year, people are taking advantage of what appears to be a really positive market at the moment.”
Real Estate Institute of New Zealand chief executive Bindi Norwell said that, over the past few months, she’d seen unexpected results in the property market due to Covid-19.
“This includes prices holding, sales volumes being higher than expected, queues outside open homes and packed auction rooms. Part of this can be attributed to pent-up demand post lockdown,” she said.
“But it’s also underpinned by some strong fundamentals, including low interest rates and the temporary removal of loan-to-value ratios, which has made it a great time to purchase for both first-time buyers and investors.”
Norwell said brick and tile units are generally popular with both first-time buyers and investors as they are typically well-built, require little maintenance and are affordable.
Mozessohn agreed brick and tile units appeal to a wide demographic.
“It’s quite versatile in the sense you could either buy it for yourself, buy it as an investment or look to develop,” he said.
The two units have a deadline sale marked for August 12.