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Five Auckland properties sold for less than $1m at last week's Bayleys auctions, most well above that

Property
Five Auckland properties sold for less than $1m at last week's Bayleys auctions, most well above that

The cheapest Auckland property auctioned by Bayleys last week was a two bedroom apartment with a car park in the CBD fringe suburb of Grafton, which sold for $210,000.

Apart from that, there were only four other Auckland homes that sold for less than $1 million at Bayleys auctions last week - a four bedroom house in Albany that fetched $930,000, a three bedroom house in Howick that went for $895,000, a four bedroom house in Eastern Beach that sold for $936,000 and a four bedroom home at New Windsor which sold for $905,000.

The others all went for $1 million or more and included homes from all over the North Shore, eastern suburbs, Ellerslie, Newmarket, Remuera, Pt Chevalier and Parnell (see below for full results).

Down the line there were several residential and farming properties auctioned in the Waikato, houses at Papamoa, Mt Maunganui and Te Puna that went under the hammer in the Bay of Plenty, and several Christchurch properties that were auctioned by Bayleys last week.

The full results from Bayleys auctions last week, with photos and details of all properties auctioned, including those that didn't sell, are listed below:

Bayleys North Shore Auctions:

Bayleys Manukau/Eastern Suburbs Auctions:

Bayleys Central Auckland Auctions:

Bayleys Waikato Auctions:

Bayleys Bay of Plenty Auctions:

Bayleys Canterbury Auctions:

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17 Comments

At the end of any gambling game, when the number of players is decreasing, it's normal to find that the amount bet is larger.

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Those who have folded are looking on in stunned silence

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or disblief and to how someone on a average wage can afford this, wages are static so a move in interest rates and people will be over extended,
or if your a believer you think interest rates will never increase and there is a wave of money still to head to auckland so can only head one way.
for me i just wonder what auckland will look like in 10 years with a high percentage of renters, will there be a lot more crime, empty shops as consumer spending slows, hospitals full of sick people all crammed into one house.

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I just bought a 3 bedroom house in Gissy for $105000. Good street, cosmetic renovations necessary, rental appraisal $270 p/wk

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When talking to my mates up in Auck first home buyers are regularly carrying 700-900k mortgages. They are earning in excess of 100k. In wgtn first home buyers carrying 300-500k mortgages and earning the same. Something smells wrong with this.

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Agree. Bunch of my friends sitting on $800k mortgage and earning $120k range. No idea how they do it. Desperately hoping they get a pay rise before rates go up or "mum and dad will have to bail me out".....

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Wow, a lot of hope in those numbers.

That comes to...

~65% of after tax income at 30 years and 5.29 fixed
~75% of after tax income at 20 years and 5.29 fixed

Good luck getting that average rate over the term.

Ours is ~50% of after tax income at 20 years, and we thought that was on the high end what we'd be willing to risk.

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Agree. Bunch of my friends sitting on $800k mortgage and earning $120k range. No idea how they do it. Desperately hoping they get a pay rise before rates go up or "mum and dad will have to bail me out".....

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So that's $120k combined? They must be insane.

Fag packet calculation:

So approximately $3700 take home per fortnight (assuming no student loans, which is unlikely noawadays). $2100 (~5.5%) on the morgage leaving $1600 to live on.

It's just about manageable I guess. Would be a pretty crappy quality of life though, not much room for any shocks. Children are pretty much out of the question.

Glad we were sensible, mortgage is about 40% of my income. Mrs' money is fun and savings. Didn't have the nads to borrow any more than that. These people are on the edge!

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that has become the new normal 1/2 mil + mortgage is fine no lost sleep, they could be right and if inflation ever kicks in that wont seem so bad 20 years down the track. for most of us just seems to much of a risk but that could be from someone that has been through two recessions and two periods of high interest rates

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Oh lord, over a mil for a house in Celtic Crescent, Ellerslie (more like Mt Wellington). Five years ago this would be lucky to get 600K range

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Full size 'Go Bus" in our quiet little Hamilton St in the weekend. Auckland based foreign buyers by the looks (on the basis/guess residents would drive themsleves). Cancer is spreading, the kids can she b##rr off somewhere else, say Raetihi or Ohura...make way for the special people. The grey beards need the cash for the mobile homes, winter holidays and viagra...

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Section size - probably going to get bulldozed and subdivided. Still nuts though, it's still a crappy part of Ellerslie, next to the Mt Wellington industrial area.

Fools and their money...

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There are FHB's and there are FHB's
Some are at one end of the spectrum
Others at the opposite end of the spectrum
There are newcomers with suitcases full of cash
Then there are young locals who desire their first home, close to family
Those without suitcases full of cash

Simple logic and probability theory tells me "ALL" the buyers of those properties were not young, local, first-timers, FHB's forming their first family unit. Highly improbable.

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Doesn't bode well for the communities being bought up by foreign owners, particularly as investments. Social fabric is being cut up. Rockstar economy and all that though eh, super.

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Biking home along Tamaki drive a few weeks ago I counted five minivans full of Asian tourists/investors. I suppose its unfair to assume they’re all here to gobble up property, but having attended enough auctions to know what’s what, that is what I find myself thinking.

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Bayley's sell mostly high end properties hence the higher sales prices. Plenty of properties sold under $1M and passed in as well as no bids at last weeks Barfoot & Thompson Shortland Street auction.

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