Farm Sale Boosts $ 6 Million Online Auction Under Covid Terms

A 50 hectare Tatua dairy farm in Morrinsville sold for $ 5.95 million in a virtual auction, breaking records for Bayleys Real Estate.

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A 50 hectare Tatua dairy farm in Morrinsville sold for $ 5.95 million in a virtual auction, breaking records for Bayleys Real Estate.

A record-breaking $ 5.95 million farm sale in Morrinsville was one of the top bids at online auctions as Covid barred the in-person alternative.

Realtors recreated the auction room in the midst of Covid-19, with agents forced to re-evaluate the traditional face-to-face approach and offer tours and auctions entirely online.

Bayleys Real Estate broke two records with the sale of a 50 hectare farm for $ 5.95 million in an online auction under Alert Level 3.

And Lodge Real Estate’s online auctions sold nearly $ 17.5 million worth of properties in the first week of Alert Level 4.

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LAWRENCE SMITH / Tips

Although encouraged by real estate agents, Simon Oosterman refused to auction his house because he believes the system is unfairly rigged against young first-time buyers.

The Morrinsville farm that Bayleys sold was the agency’s most expensive real estate sale in a virtual auction, CEO and Waikato and National Manager Mark Dawe said.

It also attracted sale at the highest price per hectare ($ 120,000 per hectare) for a dairy supply farm in Morrinsville.

The farm supplies the Tatua Co-operative Dairy Company in Tatuanui – about one to two farms supplied by Tatua come into the market each year.

Some buyers have gone completely virtual and bought without setting foot in a home, said Jeremy O'Rourke, Managing Director of Lodge Real Estate.

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Some buyers have gone completely virtual and bought without setting foot in a home, said Jeremy O’Rourke, Managing Director of Lodge Real Estate.

That and tagging agent Mike Fraser-Jones contributed to the record sale, Dawe said.

Tatua’s dairy farm on Maungakawa Road previously processed 170 cows.

It had been on the market for a few weeks and sold out in less than 10 minutes at the September 2 auction.

The auction went live at Bayleys’ Hamilton office after the district upgraded to Level 3, but the seller and interested parties were invited to view the auction remotely.

An authorized seller made an offer on behalf of potential buyers.

Online auctions have proven to be successful since the lockdown last year, Dawe said.

“We are selling well over 90% of the properties that were auctioned during the foreclosure. “

Lodge Real Estate has seen buyers buy property without actually setting foot in it.

Instead, they used walkthroughs, 3D virtual tours, and drone imagery, CEO Jeremy O’Rourke said.

Buyers and sellers are much more comfortable continuing to transact online, he said.

The Morrinsville farmhouse sold by Bayleys was the agency's most expensive property sale in a virtual auction.

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The Morrinsville farmhouse sold by Bayleys was the agency’s most expensive property sale in a virtual auction.

The Covid pandemic forced the real estate industry to innovate and reassess its traditional approach to face-to-face sales.

In addition to running online auctions, agents are taking more videos to offer virtual house tours to comply with social distancing rules.

“I think this pandemic is a calculation period for our industry. The nimble will innovate, embrace digital and thrive while the staid traditionalists risk being left behind, ”said O’Rourke.


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