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Big price mustered: This home-and-income property fetched $1.7 million at auction last week

By PHILIP CHANDLER

A likely record price has been set at Queenstown’s fast-growing Hanley’s Farm subdivision.

A new five-bedroom home-and-income at 101 Muster Road sold for $1.7 million at a Bayleys auction last Friday after attracting 37 bids.

The property was marketed by Bayleys colleagues Rachel Eggers and Hemi Brown.

Twenty-five bids were also placed on a central Queenstown penthouse at The Waterfront apartments which fetched $1.73m — it was brought to market by agent Sheryl Williams.

Seven of the nine lots at the Bayleys Queenstown auction either sold on the day or beforehand, while post-auction negotiations took place immediately afterwards.

Sales manager Stacy Coburn says a total of 141 bids were placed, showing buyer activity’s still strong.

‘‘People continue to have faith in the Queenstown market, and the Bayleys auction process.

‘‘It all bodes well for our next campaign in August with 14 properties on the block.’’

scoop@scene.co.nz