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Less than half the auctioned properties were sold at Bayleys' latest auctions

Property
Less than half the auctioned properties were sold at Bayleys' latest auctions

The clearance rate at Bayleys latest auctions dropped below 50%, with less than half the offered properties selling under the hammer.

In the Auckland region Bayleys took 38 homes to auction last week with 17 selling under the hammer or shortly after the auction, giving a clearance rate of 45%.

Notable sales included a 400ha farm at Kaukapkapa that sold for $5 million, a one bedroom unit in Ellerslie that went for $495,000, a modern home on the Herne Bay ridge that fetched $3.075 million, and a leasehold apartment with a car park in the Britomart precinct that sold for $95,000.

In Bayleys' Hamilton auction rooms, five of the 12 properties offered were sold, giving a clearance rate of 40%.

Prices ranged from $8.85 million for a 134 hectare dairy farm at Morrinsville to $409,500 for two home units at Matamata.

At Bayleys' Canterbury auction on November 20, six of the 12 properties were sold, giving a clearance rate of 50%.

There are no results from Bayleys in the Bay of Plenty this week.

See below for the full results of all other auctions, with details and photos of all properties, including those that didn't sell: 

The house at Watson's Road in harewood (below) sold for $1.56 million.

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4 Comments

Hold the presses!
Many more properties that go up for auction are sold a day or two later.
Suggest you revisit Bayleys' in one weeks time and come up more accurate ( and probably less sensational) results.

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Whatever FatDaddy!

Bayleys agents have previously bragged of their 90-95% success rates. If it is now below 50% then a change has occurred. Why is this meaningless regardless of post auction sales?

Why don't you tell us about the new rules for disclosure on the Land Transfer Tax Statement? Perhaps these new rules have affected the success rates somewhat?

Great info Greg, keep it up!

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I can tell you about the new rules for disclosure having just settled a major commercial property purchase for myself.
The questionnaire, ( for that is what it is) must have been designed by a 5 year old with such silly questions as " who is your nearest living relative in NZ" or similarly, "how long have you resided in NZ" when the purchasing entity was a company?

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Perhaps but it also requires an overseas buyer to acquire and disclose their own NZ IRD number AND also their tax code for their country of origin. That's a big deal considering withdrawing cash from China is illegal. No one wants to admit to the Chinese authorities that they are laundering $'s do they??

The only thing that I can see stopping a flood of listings is because they have trapped potential vendors under the same rules - so they also cant escape without disclosing their personal info.

Perfect scam where the banks win!

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