Auction gamble equals $100,000 pay-off

Auckland couple Stephen and Joanne Fredrickson, pictured with their three children, are delighted at the outcome after they auctioned their Onehunga home last week, selling the property for almost $100,000 more than its CV. Fierce bidding from around 80 prospective buyers drove the sale price to $594,000. The house, in Brookfield Ave, had a CV of $500,000. The couple bought the home eight years ago for $200,000.

Stephen thinks homeowners have been hesitant to put their houses on the market because of "recession talk", and because properties won't look their best in winter. But they had their house looking "reasonably tidy" and took a chance on a winter auction.

More than 150 groups came through the three-bedroom, ex-state house that the Fredricksons had extended.

"There are clearly still people out there with money and prepared to spend it," he said.