The cautious approach

There is no question that buyers are taking a cautious approach. Auctions are interesting, by and large buyers have decided to stand back and not bid – once the auctioneer has declared the property as having not met reserve,one of two scenarios play out, either:

a) Buyers then bid aggressively for the first right to negotiate or
b) The property is passed in without a bid at which time multiple offers are received.

The interesting thing is that in this situation, buyers complain of not wanting to be in a ‘Dutch auction’ – go figure! Either way, the Auction process we are using is proving a very efficient way of finding the best price available to the vendor, as a consequence, we are seeing satisfying results for our vendors.

Daylight saving ends

Daylight saving ends this weekend and with it those long lazy twilights – we’ve been spoilt in what has felt like an Indian summer.
The Deutsche Bank/UBS result of billion dollar losses continues to demonstrate the fragility of the international banking sector. I suppose many will be pleased to have seen the end of the financial year. The question now is how will the 2008 year shape up? For us anyway we have enjoyed a great result in spite of some uncertainties, I guess that is the benefit of serving buyers and sellers in Auckland’s preferred suburbs.