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The median sale price for a Queenstown home now tops $1m.
So there’s a bidding frenzy going on in the southern resort town, right?
Not exactly.
At the Harcourts auction Stuff attended last month for the ‘Blowing Bubbles’ series, five of nine properties sold under the hammer with another two selling immediately afterwards.
Another auction since had similar results.
Harcourts Queenstown manager Geoff Stevens said previous Queenstown auctions had about a 95 per cent success rate with properties selling under the hammer but now the rates were lower. A week earlier, a Bayleys’ auction saw only 10 of 17 properties sell at auction.
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