Core Viewpoint - The auction of an old property in Ningbo attracted significant interest, with over 14,000 views and 11 bidders participating, leading to a final price of 1.06 million yuan, which is nearly 80% above the starting price [5][12]. Group 1: Auction Details - The starting price of the property was 595,000 yuan, translating to approximately 4,997 yuan per square meter, while the final auction price reached 1.06 million yuan, or about 8,842 yuan per square meter [5]. - The property has a total area of 119.88 square meters and is located near Guisi Primary School, which may have contributed to its desirability [5]. - The market evaluation price for the property was set at 849,000 yuan, or about 7,082 yuan per square meter, indicating that the final price was close to the market value of newer residential properties in the vicinity [5][12]. Group 2: Location and Planning - The property is situated in the historical area of Guisi Old Street, as per the urban planning regulations approved by the local government [8]. - According to the Ningbo City Land and Space Overall Planning (2021-2035), the area is designated as a charming cultural residential district, which may enhance the property's future value [10]. - The expectation of potential demolition in the area has driven interest in old properties, regardless of their condition, as seen in recent auction trends [12]. Group 3: Market Trends - Recent auctions of similar old properties have shown high levels of competition, with significant price premiums over starting bids, indicating a trend driven by speculation on future redevelopment [12]. - For instance, a property in Yinxian Longfeng Village sold for 5.105 million yuan, with a price per square meter of 35,000 yuan, reflecting a 57% premium over the starting price [12]. - Another property in Haishu District saw a final price of 4.61 million yuan after multiple rounds of bidding, further illustrating the competitive nature of the market for old properties [12].