A two-bedroom entry-level home in Mt Wellington drew an unprecedented 21 offers as desperate first-home buyers battle to break into Auckland's heated property market.
The level of interest has raised eyebrows even among seasoned real estate experts. It demonstrates the cut-throat competition among buyers fighting for properties amid a severe shortage of available homes.
"What we're finding is time and time again people are missing out," Loan Market mortgage adviser Bruce Patten said. "It becomes pretty demoralising."
Barfoot & Thompson director Peter Thompson said the company had sold 440 properties this week alone - the second highest weekly sales result since 2002. A supply shortage was fuelling demand, with agents fielding numerous pre-auction offers.
"We do advise vendors to try to go to auction after at least one or two weeks of marketing. But some offers are well above what the marketers or vendors expect and it's just too big a risk to turn down."
