Things were a lot quieter at Bayleys auctions in both Auckland and the Waikato last week.
In Auckland just 13 homes were marketed for sale by auction, of which five were sold, one was withdrawn from sale and eight were passed in for sale by negotiation.
Although there was only a small number of properties on offer, they were spread throughout the city from Beachlands in the south east to Kumeu in the north west.
Prices of the properties that sold started at $700,000 for an apartment in Parnell. There was also a three bedroom house in Glen Innes that fetched $863,000, and a three bedroom house on a 2470 square metre bush clad section at Red Hill that went for $850,000.
In the Waikato, Bayleys marketed 10 properties for sale by auction last week but only one was sold, with two others being withdrawn from sale and the remaining seven passed in for sale by negotiation.
The homes offered were mix of residential properties in Hamilton and Cambridge, and several rural properties from surrounding areas.
The full results from both auctions, with photos of all properties and the prices achieved on those that sold, are available on our Residential Auction Results page.
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49 Comments
Well what a surprise.
Factor in the growing calls for tenant protection along with ring fencing losses, increasing rates, insurances, r&m, absence of capital maintenance, decreasing credit, zilch cap gain, stagnant wages, pressure to curb immigration nos (not to mention a Lab led coalition govt now imminent). and we have the prospect of a zillion overpaid for shyyyt boxes shortly to hit the market.
Rock on rockstar...
..and why might that be? Because it's all over rover.
This slow train wreck has been building for years, yet spruikers like yourself, aided and abetted by a real estate blinkered and JK cheer leading media have been wallowing in this rock stay fantasy - labelling any detractors as being domsters.
Similar in larger markets.
"Sydney's frenzied, five-year property boom for houses and units is over as lenders' demands for bigger deposits and higher borrowing costs begin to bite.....It's midnight for Melbourne's unit market, which means the next move is down, and houses are approaching market peak, despite continued demand from investors making the most of negative gearing, depreciation and superannuation concessions"
http://www.afr.com/personal-finance/sydney-house-and-unit-markets--star…
Hasn't anyone here been in a normal correction before, we're no where near the stalemate stage yet, sales could even lift a little yet as some get more realistic on there prices some can't wait to buy, auctions normally disappear altogether, the stalemate period usually involves people that weren't involved in the boom before hand, appartments could do well for FHB who can't wait but reasonably priced, think of a flat pcs of paper dropping to the floor, down up a bit , down, this is year 1 of normally 4, but don't worry most people relys this, it normal
exactly right, O4 Normal. I don't get why people say stuff like "I see a 5% change, but not much else" or the stupidly incorrect "prices will rise again" predictions. Chinese money is gone and that's what propped Auckland house prices up to that level. The only people left buying are the locals and the only "meeting the market" that's been happening is when the sellers sell well below the previous year's expectations. The only reasonable sales prices we can achieve are in line with the local's incomes and that's only around 7x, not 10x to 12x.
You mean the 2014 CV figures? Those ones? There'd be blood in the streets if it wasn't that much above.
I'm more interested on what they sold for vs. the modelled (muddled?) valuations of qv, homes.co.nz, trademe et al. You know, the ones everyone uses to show they are *rich*
Yes this is called Team Talk ♩ ♪ ♫ ♬ lol
Another beauty in the market today ♩ ♪ ♫ ♬
http://www.trademe.co.nz/property/residential-property-for-sale/auction…
Doesn't matter what fiddle you play DubleD & Zachary the party is over
You as investors failed miserably to sell at peak and take profits
You know ? Profits are what those smart Chinese who speculated and took their untaxed profits
Writing drivelling positives about a now falling market won't change a thing
Told you a year back to take your profits in Westhahour Zach and you failed
Every day from now onwards will be money lost
I only bother to mention this for benefit of less savvy who read the garbage from Zach a former Post & Telegraph worker and think he has all the answers !
Hey Zachary and DGZ you may want to take a look at Homes.co.nz and do a screenshot of the property prices in your area, even if it's only for sentimental reasons so you can see what you could have got for your rental assets a few months ago.
I noticed that they're recently updated their price calculation algorithm which takes in to account the price depreciation for Auckland. At least that's not as sad as having to rely on CV values to make you feel better.
I just did some calculations on the first five properties sold on the auction sales page. Lynn, Fairview, Lantana, Elstree and Wolsley.
The totals are:
CV = 3590
Sales price = 5211
Homes.co = 5105
The sales actually exceeded homes.co middle price and exceeded the CV by 45%
Are you serious CJ099. Every time I take a look on Homes.co.nz for the values around my area I am glowing. If they have in fact made some adjustments recently on price calculation algorithm I can happily announce that all is well. Perhaps they have too much respect for my area?
You may want to think again. They base the valuations on what has been selling recently. I don't think there have been more than a handful of sales in you're area DGZ, Going on the auction results, so hence why you're not seeing as much movement in your area on pricing (Yet).
Six months from now and they could be giving very different results, so best take that screenshot. :)
Let's review it in 6 months time CJ099. On a side note, Caughey Preston rest home will be closing it's door very soon, leaving behind a big piece of Remuera Northern Slops prime real estate for development. I'd say it will be snapped up quickly enough by developers to make way for more luxury housing in the area, pushing further our house prices to unprecedented level.
https://www.stuff.co.nz/auckland/local-news/east-bays-courier/95512733/…
Agree, 9 years of national, 9 years of banker John keys, 9 years of banks charging low interest rates, 4 years of reckless lending, 4 years of reckless immigration at a time it wasn't needed, 4 years of unaffordable housing and 4 years of reckless overseas investment, the chances of doing all that at the same time would have to be a million to one but ya national managed to do it, I pity who gets in
Values remain very high in Auckland's inner-city suburbs - especially for stand-alone houses. No sign of any train-wreck there!
I imagine that property that's in close proximity to the CBD (avoiding traffic/transport problems) will yield very good capital returns over the medium/long term.
Cowpat you have included all the cheap-as-chips apartments in Central Auckland, including the leaky ones. Tothepoint has specifically mentioned 'standalone houses' in the inner city suburbs and I'm going to add 'with good size lawn and garden for kids to play backyard cricket' just like the ones we have on Vicky Ave.
According to QV Auckland City East average value is $1,546,047 for July 2017 and $1,453,988 for July 2016. Source: https://www.qv.co.nz/property-trends/residential-house-values
Indeed, if Cowpat's figures are correct there must be many opportunities for FHBs in the central area. However it is apartment sales that are skewing the figures. You never know apartments might soon be seen as acceptable and we will see something like what is happening in Toronto at the moment with stand alone house prices stalled and apartments shooting up:
Hi Zachary and others,
Yes - it is absolutely correct that apartments are currently skewing the average price figures in Central Auckland. When one adjusts for the major increase in apartment sales of the last few months, then prices of stand-alone houses have actually held up well in Auckland's inner-city suburbs.
This effect has, of course, been well-measured, well-recorded and well-documented. Every well-informed person here knows about it.
Thus, it is very naughty of Cowpat to make out otherwise.
As has been noted before, Cowpat's use of data/statistics can mislead and deceive.
Personally, I always red-flag Cowpat's analysis.
My dearest neighbour Cowpat, the beauty of this is that they are being re-clad and done up one by one, further improving our street values when they are completed. Have you not been going out for your daily walks recently? So many plaster ones have already been re-claded or in the process or being done. Some examples would be the apartment block at 201 Vicky Ave, 10 Vicky Ave (by the Citizen's Advice Bureau), and both 121 and 128 Upland Rd are being done right now.
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