Bigwood’s July auction at the Villa Park conference centre achieved one of its best results since July 2004, even though relatively fewer people turned up this year, said the firm’s Arnold Shepherd.
He said around 350 people attended the event, around half the level that it was used to seeing during its peak period. But he reported total proceeds of £8.5m and said: “The market has certainly not collapsed.”
Commercial property was limited on the day but, said Shepherd, it sold particularly well. A block of shops in Bearwood Road, Smethwick, for example, comfortably beat a reserve of £750,000 to sell at £905,000.
The residential market, meanwhile, was “patchy”, he said, but added that certain types of property still attracted a lot of people. And investors and owner-occupiers were still in evidence if the offer was right.
A property with redevelopment potential in Moseley achieved the best residential price, but only after it initially failed to reach its reserve of just below £870,000. Shepherd said immediately afterwards there was strong competition from three parties which resulted in a sale price of £900,000.
A residential property, in need of investment, in Mellish Road, Walsall, also attracted considerable interest, with 90 presale viewings. Shepherd said around 50 people in the room were interested – driving the final sale price to £351,000.
