Queenstown real estate

PHOTO:GEORGE HEARD/STUFF Houses sold at a Queenstown property auction were at Lake Hayes Estate (pictured) and neighbouring Shotover Country.

Houses went unsold with some attracting no bids at the first large post-Covid property auction in Queenstown.

Bayleys Queenstown auctioned residential 19 properties from their Frankton office on Friday.

Three sold early in the auction including a three-bedroom, two-bathroom home at Lake Hayes Estate fetching $800,000 and two homes with attached units at Shotover Country, one selling for $800,000 and the other for $1.25 million.

However, 16 properties were passed in with bids not reaching reserve, or no bids at all, in the case of half of them.

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Auctioneer Conor Patton said the success rate was well below the 70 per cent rate usually experienced at Queenstown auctions.

That was mostly due to the uncertainty of the post-Covid environment, he said.

He declined to comment on the values. The median house price in Queenstown for April was $935,000, substantially less than the $1.01m in April 2019.

“This would appear to be the benchmark for now anyway,” he said.



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