THE NBR - Simes’ commercial director in Christchurch, Greg Bevin, reckons there are “unsatisfied investment dollars looking for a home” and of course, what better way is there to elicit a competitive market than auctioning. He cited the recent auction of a showroom, warehouse and offices in Gasson St sold after a bidding contest between two parties, with the telephone bidder from Wellington closing the deal. “The auction began with six serious bidders. It came down to a battle between two with the $1,315,000 sale price 10% above vendor expectations.” Mr Bevin said that in another case a developer was also prepared to pay 10% above the estimated market value to cancel the auction for a Phillipstown villa on 430sq m in Hart Street. It will be demolished for an industrial warehouse. “This is a good example of the auction process drawing out the most determined buyer, who paid a top price to secure the deal”, Mr Bevin said.