Birmingham’s biggest property auction realised £7.5 million, as more than 400 investors and bargain-hunters packed into the sale.
Chartered surveyors and auctioneers Bigwood anticipated heavy interest in the July sale at the Warwickshire County Cricket ground, but the 65 per cent success rate – which is still climbing through post-auction sales – exceeded expectations.
Ron Darlington, Bigwood’s joint head of auctions, said: “Our sales now seem to be recapturing the bold spirit of the old days before the property market was hit by the recession.
“The atmosphere was fizzing right from the start, especially when a freehold former care home and day centre in Small Heath sold for £910,000 against a guide price of £850,000.
“A few minutes later the bargain-hunters started bidding heavily on a small one-bedroom freehold detached cottage on The Green, Castle Bromwich.
“It was sold following repossession for £50,000 at a London Auction in May, but achieved £74,000 at our sale – that’s virtually a 50 per cent profit to the vendor because Bigwood were able to generate much more interest and thus command a much higher price just 2 months later.
“Interest remained keen throughout the sale and hundreds of bidders were still with us at the end when two three- bedroom semi-detached properties in Stourbridge and Hall Green came under the hammer.
“The Stourbridge property in Collis Street raised £94,000 on a guide price of £70,000 and the Hall Green house achieved £180,000 in keen bidding which exceeded the guide price.”
Bigwood director Jonathan Hackett added: “It always pays to have a diverse portfolio with sensible guide prices.
“We successfully sold residential and commercial properties from across the Midlands, including lots from Birmingham and Wolverhampton City Councils.
“The catalogue attracted dozens of smaller developers and builders looking for potentially lucrative conversions and modernisations.
“We also had investment properties with regulated tenancies from cities and towns such as Derby, Nottingham, Malvern, Burton-on-Trent, Stoke-on-Trent and Walsall and our success rate was over 70 per cent for investments.
“There was much stronger interest from investors this time in ground rents – and all lots were sold.
“Balmer House in Hall Green, a pair of semi-detached properties offered with vacant possession but previously occupied as eight flats, attracted 300 viewers before the sale.
“It sold for £465,000 on a guide price of £300,000.
“Special mention should also be made of a vacant freehold end-terrace property in College Road, Moseley, which had been divided into two flats. It raised £165,000 on a guide price of £94,000.
“A property in Summer Road, Erdington, another lot divided into self-contained flats, attracted fiercely competitive bidding and fetched £246,000 against a guide price of £175,000.”
The next Bigwood auction will be held on September 22 and will take place at Villa Park.