Of the seven North Shore homes which Bayleys sold at auction this week, only two sold for less than $1 million and both of them were in Devonport.
There was plenty of auction action elsewhere in the region as well, with a house in Grey Lynn nudging the $2 million mark, a 1950s house in Blockhouse Bay selling for $908,000 and a block of four, old-style, two bedroom home units in Mt Wellington fetching $1.891 million.
At the other end of the price scale a 1960s house in Huia changed hands for $500,000.
To see the fulls results of Bayleys auctions this week, including photos of all the properties that went under the hammer and details of those that didn't sell, click on this link.
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8 Comments
this is slightly misleading re devonport properties. both look to be cross-lease, initial/beazeley type homes, one 2 bed, one 3 bed, on the non-beach side up the hill from the golf course, so north devonport heading toward belmont and not situated on the heritage zoned devonport peninsula south of narrow neck beach. the one property that is on the peninsula proper is a two beddie on a narrow section in albert road which sold for $1.171m.
so true doubegz. here in devonport - or "sadness by the sea" as we locals call it - it is commonplace to walk past people sitting in their cars motionless on their driveways, futilely beating their steering wheels, openly weeping while mouthing small, sadly hopeful vroom vroom noises. and this as all around them cachet crumbles in to the waitemata harbour and the historic suburb sighs with the sounds of thousands of broken property dreams.
That Grey Lynn property that sold for $1,935,000 last week also sold 11 months ago for $981,000 - a tidy profit - https://www.customresidential.co.nz/getFile/18
I'm picking for that kind of flip/profit, there would have been a significant amount of capital investment, so who knows how much actual profit was made. Still, these are the sort of properties the IRD need to be applying CGT to. It's too easy in NZ to just say "oh, I intended to live in it and decided I didn't like it, so sold it in 3 months and made $300k, just good luck I guess."
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