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Latest auction results: Bayleys sold just over half the properties at their latest auctions in Auckland and Hamilton

Property
Latest auction results: Bayleys sold just over half the properties at their latest auctions in Auckland and Hamilton

Auction rooms appear to be settling into winter mode, with a sharp reduction in the number of homes being auctioned compared to a few weeks ago. But the percentage of auctioned homes being sold, either at the auction itself or within a day after the auction, is settling down at around 50%, slightly up on where that has been since Christmas.

That suggests it is the more saleable properties that are being brought to auction, as buyers continue to be a bit more cautious with their bidding.

The latest agency to report their weekly auction results is Bayleys, which marketed 27 properties for sale by auction in Auckland, Hamilton and Matamata last week.

Of those, 14 were sold, giving a sales clearance rate of 52%.

Highlights of the Auckland auctions included a spacious one bedroom character apartment in the Art Deco Brooklyn building opposite Emily Place Park in the CBD that went for $461,000, a three bedroom cedar house on a 1000 square metre site at Muriwai Beach (pictured) that fetched $965,000, and a 9620 square metre lifestyle block with two houses on it at Dairy Flat that sold for $1.3 million.

At the Hamilton auction, four of the six properties offered were sold, including a 1950s-era house in Morrinsville that went for $420,000.

Two houses were offered at the Matamata auction but both were passed in.

You can see the results from all three auctions, with photos and details of all the properties offered including those that didn't sell, on our Auction Results page.

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29 Comments

Yeah having looked at the latest auction results there's not that many properties selling above the million mark even in the really expensive areas of Auckland. Take a look at TradeMe you can easily find properties list in the 800k's mark for Devonport etc... Still out of reach for most Kiwi's.

How long will it be before prices start to erode in Parnell, Epson, Remuera etc.. And by the way the number of listing for these area does appear to be quite high: Remuera has 100 listings, the CBD has 776, Grey Lynn 79, seems that some people may be in over their heads.

Overall listings for Auckland currently stand at: 10891 properties, that's still high.

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Pretty good results really. I just did a walk around the block and see that a nice villa sold in the week for around 3m. Prime properties are still being snapped up. Not so prime ones are a bit slower but I am sure they would sell quickly if sellers lowered their expectations a bit. In the current market you need to have the property immaculately presented to get top dollar.

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Zachary I have been notified of this listing in my neighbourhood yesterday. Do you think they will achieve the asking price, and do you think it is a wise move to sell now as we're heading into winter? Personally I don't think even a rich Kiwi family can afford a $7.5m home but who do you think the target market is?
http://www.trademe.co.nz/property/residential-property-for-sale/auction…

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Looks a bit small for 7m I think they will be lucky in this market

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. Double post move to answer and support DGZ comment :)

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It does seem optimistic to expect half a million OVER the Homes.co.nz high estimate.Let's say the land is worth 3m are the improvements really worth 4.5m? They are actually asking for 3m over CV.

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You never know Zachary, some of the prices here in DGZ Remuera are really over the top. In Dec 2016 Dan Carter sold his home on Aldred Rd for $4.5m where he made $1.5m in less than 2 years. And in March this year he paid a whopping $7.9m for 16 Burwood Crescent which has a CV of $4m. I think he must be thinking of sending his kids to the nearby St Kent as it is only 5 mins walk from there. An AB cooking up house prices in Remuera - who would have thought?!?! Have a read...
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=118…

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Yes and a lot of those really expensive looking properties in those expensive areas are only just managing to achieve prices a little more than their CV value. As an example; take a look at this recent auction sale in Remuera sold by Bayleys in March: https://www.bayleys.co.nz/Listing/Auckland/Auckland/Remuera/1751066

Shore Road, Remuera CV $3,400,000 and Sold for $3,900,000.

Homes.co.nz had it valued at a high of: $4,990,000 and low of: $4,185,000

Give it another six months or so, and I wouldn't be surprised to see these expensive properties to start selling below their CV values.

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CJ099 since you have brought up the topic of comparing sold prices and CV's, here are a short list of the latest stats (March-2017) for your analysis:
17 Burwood Crescent, Remuera CV $8,000,000 and Sold for $18,600,000 (133% > CV)
288 Victoria Avenue, Remuera CV $2,300,000 and Sold for $5,500,000 (139% > CV)
81 Portland Road, Remuera CV $3,450,000 and Sold for $5,320,000 (54% > CV)
23 Ranui Road, Remuera CV $3,400,000 and Sold for $5,020,000 (48% > CV)
16 Darwin Lane, Remuera CV $3,000,000 and Sold for $4,800,000 (60% > CV)
30 Norana Avenue, Remuera CV $1,980,000 and Sold for $3,188,000 (61% > CV)
11 Dover Place, Remuera CV $1,590,000 and Sold for $2,990,000 (88% > CV)
34 Dell Avenue, Remuera CV $1,800,000 and Sold for $2,750,000 (53% > CV)
24 Komaru Street, Remuera CV $2,050,000 and Sold for $2,910,000 (42% > CV)
16 Combes Rd, Remuera CV $2,200,000 and Sold for $3,625,000 (65% > CV)

And lastly Dan Carter's recent purchase:
16 Burwood Crescent, Remuera CV $4,000,000 and Sold for $7,900,000 (98% > CV)

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Yes they could be in for significant price reductions. See the thing is that some people will need to sell more urgently than others, that will force them in to selling at a capital gain loss or big reduction, now that the top end foreign buyers are gone.

And there's only a few celebrities around who can afford to splash out on the bigger price tags.
It will be really interesting to see how the auction results will fair in the next six months.

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We can't really get much useful information from individual cases. Even so that property sold for half a million over CV. If you went to the open home you would would probably understand why it didn't get more.

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Care to share?

For those of us who don't live in Auckland and couldn't get to the open home

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Auckland housing market looking steady - and remarkably robust - as we head into the winter months.

But prices are likely to be relatively stable until later in the year - post-election.

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Jeez there must be some people with so much coin up there!!!can't wait for it to filter down past the bombays! !!

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Just wait for after the election and watch the currency then

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Are you implying that NZ's currency and economy will be more stable if we re-elect National?

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Good question Zach
I'm expecting NZ$ to remain same pre election because of status quo.
Unless there's some unexpected surprise
Once election is decided I think there might be a reassessment either way whoever wins
Sadly I'm not John Key I'm sure he would have a better explanation
Maybe ?

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If the currency depreciated won't houses become cheaper for overseas investors?

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Yes but they won't be able to move their capital or get access to the free 1% credit! Times have change narrabeen boy. When dealing with foreign investors you have to keep your eye on the global market other wise you'll be left high and dry.

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The smartest people in Auckland are selling or have sold. Note to self , available rental properties have risen 14 % in past 6 weeks. . Rising interest rates, falling currency and slumping real estate. Time to look at corn futures.

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Chortle! Or orange juice futures (http://data.tradingcharts.com/futures/quotes/OJ.html).

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Cowpat 100% right
If you haven't sold already then your profits have not been taken and you risk the now turning market dictating
The old "Auckland property doubles in value every 10 years" will not necessarily happen again after such a protracted increase in values.
I find it safer to sell out before any signs of change and so have many others
I'm hoping Auckland prices might go through a flattening or even reducing value phase over the next 3 years
We will see

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Cowpat, rental properties always increase in availability at this time of the year. The rental market always slows down post-Easter, compared with the boom period of January-March. (It's a well-known and well documented seasonal effect.)

In fact, if the increase in availability is a mere 14% in the last 6 weeks, then it's a much smaller increase than previous years.

If you are going to use statistics, Cowpat, then please use them in a way that does not mislead and deceive. In your post above, the quality of your comments reflects your name.

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An apropos moment to inform you that that your churlish argument is with solid round animal waste. Please apprise me of your statistics to support your claims, and while your attending your dictionary , perhaps further enlighten me with your claim that the Auckland housing market is remarkably robust.

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Actually Cowpat has a very good point. So how about it 'tothepoint' care to enlighten us with your claim that the Auckland housing market is remarkably robust?? I think that's RE hogwash

Have you already forgotten Auckland's incredibly low auction result clearance rates? Have you forgotten this article or did you just miss it:-

Barfoot & Thompson says the Auckland housing market is changing as sales fall to their lowest level since 2008 and the median price rolls back to where it was in August last year.

https://www.interest.co.nz/property/87464/barfoot-thompson-says-aucklan…

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Tothepoint's views are closer to the truth. It's pretty obvious that both you and Cowpat make repeated comments about the demise of Auckland property in the hope that the more you make these claims the more they will become reality. Like repeating a mantra.

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Like your Spruiker Mantra Zach ??

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Zachary it's blindly obvious that the Auckland property market is on the decline and is highly likely to continue in that direction. Most wise Investors who want to realize their capital gain are putting their property on the market now, though if you think you can ride it out for the next ten years, then feel free to hold on to your paper castle.

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Cowpat, I'm happy to let readers make their own judgements about your comments (above) versus mine.

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