House hunters ignore rateable values, as FOMO kicks in

Thu, 08 Oct 2020

The frenzied pace of the housing market was driven home this week by the auction of a two bedroom, one bathroom home in the Auckland suburb of Sandringham, for a smidgeon under $1.4 million, 40 percent above its rateable value.Realtor Tim Hawes, of Ray White Kingsland, said the house attracted 100 people through the first open home, with three offers lined up prior to auction over the nine days on the market.Hawes said the market is currently dominated by young couples, "and it was first home buyers who purchased having been on the lookout...

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