A two bedroom cottage on an 88 square metre section at Grey Lynn in Auckland has been sold at auction by Bayleys for $940,000, which was $10,681 per square metre.
The two storey, renovated cottage had two bedrooms, a single bathroom, a floor area of 87 square metres and like many homes in Grey Lynn, no car park. It opened out at the rear to an enclosed courtyard. (See photos below).
Nearby, a house in Westmere fetched $1.25 million, and a villa in Ponsonby went for $1.825 million.
Moving further out into the suburbs a 1960s four bedroom weatherboard house in New Windsor sold for $766,000, a three bedroom brick and tile house in Dannemora fetched $901,000 and a three bedroom house at Stanmore Bay on the Whangaparaoa Peninsula sold for $553,000.
At Bayleys residential auctions around the rest of the country, a house in Morrinsville sold by mortgagee auction went for $126,000, a modern, two level home at Lake Rotoiti went for $560,000, an oceanside townhouse at Mt Maunganui fetched $1.55 million, and a four bedroom house on a 1578 square metre section at St Albans in Christchurch sold under the hammer for $686,000.
To see the results of Bayleys residential auctions from around the country last week, with photos of all properties and details of those that didn't sell, click on the links below for the areas you are interested in.
To see Bayleys Auckland auction results click on this link.
To see Bayleys Rotorua auction results click on this link.
To see Bayleys Tauranga auction results click on this link.
To see more Bayleys Tauranga auction results click on this link.
To see Bayleys Waikato auction results click on this link.
To see Bayleys Christchurch auction results, click on this link.
Below: The interior of the two bedroom Grey Lynn cottage that sold for $940,000.
Below: The courtyard of the two bedroom Grey Lynn cottage that sold for $940,000.
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15 Comments
Bein' as how this is just another example of Ridiculousness, how's aboot some musical accompaniment:
'Hard Time Killin' Floor Blues' - Chris Thomas King (An old Skip James number, and R L Burnside's rendition is scary good, too)
The lyric -
"You say you have money, you better be sure,
these hard times will drive you from door to door"
And a reminder aboot the Rule of 72: a 17 and change property price inflation rate means prices double in a little over 4 years. Roll on 2019!
Now, where's that bottle of hootch, a slow train, and a bridge to sleep under?
Some nice Economist charts showing what can happen with property rices over time: http://www.economist.com/blogs/dailychart/2011/11/global-house-prices
House prices in financial migrant friendly parts of NZ have benefitted indirectly from QE. A lesson in history would be to observe the Japanese who were the first developed county to hit a wall of aging population and the first to implement wide scale and ongoing QE, to see what happens to long term asset prices when risk is underwritten by governments. Ready for a 60% haircut slowly drawn out over 20 years anyone? It must feel like being slowly digested by a Sarlac (http://en.wikipedia.org/wiki/Sarlacc).
Except, Japan has a historic savings culture. For several decades the Japanese have bought Govt bonds for tiny % interest, in effect they have propped up the Government for 20+ years to give such a slow decline. Problem is now OAPs will be selling these off to fund their retirement so the japanese govn will have to get more and more funding offshore. Personally I think a 60% haircut is very probable but not over 20 years, more like < 10 due to peak oil reducing our economy, year after year.
I think this is cheap and the buyer got a bargain! Just last month a tiny crossleased 2-beddy 75m2 cottage at 51b Middleton Rd in Remuera sold for nearly $1.3m. http://rwremuera.co.nz/auckland-city/remuera/1272414/
Something doesn't add up: 88 square metre section, 87 square metre house. That would leave an "enclosed courtyard" of just 1 square metre? Looks much bigger on the photo...
.
BTW, stupid unnecessary changes to this site? Where's the latest comments box on on the right? And "0 users have voted." - duh... just a number we had before was sufficient?
OK so let us put this in perspective. $1.85 million for a 3 bedroom in Woollahra Sydney. Not even close. Oh and the median Unit ( apartment price ) is $800K. NO crisis just a good healthy market.
http://www.homesales.com.au/buy/5-john-street/hs1463924.aspx
So comparing the most overvalued property market in the world, with the second most overvalued property market on the planet is called 'perspective.' Don't mention it hasn't sold after more then 4 months on the market.
Here is some perspective from a former member of the worlds most expensive cities club. 4bed 3 bath 1200m2 section 327k EUR. http://www.property.ie/property-for-sale/53-Donabate-Village-Donabate-C…
I'm pretty sure I saw that place advertised on trademe in the 300-500k bracket. It shows the simplemindedness of those who quote x number of houses listed at under 500k on tradme to prove how many cheap (an I use that term very loosely) properties there are in Auckland.
I've seen what 450k gets you in Chch, brand new in a leafy suburb, heaps of room in the backyard, 4bed 2 bath. I shake my head at the crap people are buying in Auckland, then all congratulating each other on how they just brought gold.
Auckland's future?
Cookie-cutter tract-housing - welcome to the new-world
Duncan Garner takes a walk through a new development in New Windsor where every house looks the same and they all cost $900,000 - have a look at them, look at the walk-through video
No front lawns, no views, squashed together, cheek-by-jowl, all two story
Yours for $900k
http://www.radiolive.co.nz/DUNCAN-GARNER-900k-cookie-cutter-homes---our…
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