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.
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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