The Norwich Office held their autumn property auction today and were really very pleased with the results, selling some £2.3M worth of property with a success rate of just over 70% and with four lots unsold.
The room was full, with some 150 people filling the Noverre Suite at the Assembly House in Norwich and bidding was brisk, which is encouraging.
Terraced houses in Norwich sold well and in particular a house in Albany Road in need of renovation sold for £137,500, some £25,000 over the reserve, whilst a similar property in Livingstone Street exceeded the reserve by some £20,000, selling at £147,000.
Amenity land in Blakeney and East Tuddenham sold well, reminding readers that small pockets of land are usually snapped up and a small agricultural holding with bungalow subject to an agricultural restriction in Thuxton found a buyer as well.
The firm is pleased to act for St John Ambulance and two vacant buildings in Great Yarmouth and Gorleston sold for well in excess of the reserve, with a property in Baker Street being divided into two units selling for some £70,000 over the reserve price.
In addition, an industrial site in Methwold sold for nearly £200,000 over the reserve and a mixed commercial opportunity in Dereham sold well too. In North Norfolk a cottage within walking distance of the centre of Holt and in need of complete renovation sold for £220,000 and in Norwich a three bedroom house on Avenue Road in the heart of the golden triangle sold at £275,000.
A few lots remain and we expect at least three of them to sell very quickly, within the next few days. We are now looking forward to our December auction and already have ten lots for inclusion.
Markets are always difficult to define but we are very pleased with the results whic show promise for the market in Norwich, Norfolk and our area. We continue to do our work and look forward to discussing how auctions can unlock value with anybody who would like to know more about this process.
Please find the full results here.