The cheapest property auctioned by Bayleys in Auckland last week was a one bedroom apartment in the Scene Three complex on Beach Rd in downtown Auckland, which sold for $135,000.
As well as the main bedroom, the apartment came with a small second bedroom or study and a car park, but was on a leasehold title with annual ground rent payments of $7034. According to QV.co.nz the apartment was originally purchased for $265,000 in 2006 and then resold for $218,130 in 2011.
Elsewhere in the city, a two bedroom, freehold apartment on St Benedicts St in Newton sold for $825,000, while a two bedroom/two bathroom apartment in the Sentinel building at Takapuna, which had sweeping views of the Hauraki Gulf, sold for $1.18 million.
The cheapest freestanding house auctioned by Bayleys in Auckland last week was a 1930s-era, three bedroom bungalow in Pukekohe which went for $485,000 and if you wanted to be a little closer to the CBD you could have picked up a 1960s-era three bedroom house in Manurewa for $536,000.
Even closer to two, a three bedroom house in Panmure could have been yours for $637,500.
In the city's leafier suburbs, a couple of old villas on Paice Ave, which runs between Dominion Rd and Sandringham Rd, went under the hammer.
One was a deceased's estate and was tidy but with dated decor, complete with wildly patterned carpet, lace curtains, striped wallpaper and even it came with a tool shed and outhouse. It sold for $1.535 million.
Another villa in the same street had been converted to two flats that were providing rental income of $735 a week and it sold for $1.503 million.
Over in Westmere, a villa converted to two flats, which was described as a do up, sold for $1.4 million.
On the other side of the Bombays, a renovated three bedroom, character cottage in Cambridge sold for $363,000, while Bayleys' Taranaki branch sold a couple of commercial building sites in central New Plymouth for $470,000.
The fulls results of last week's Bayleys auctions in Auckland, Waikato, Bay of Plenty and Taranaki are listed below:
Bayleys Taranaki Auction Results:
Bayleys Waikato Auction Results:
Bayleys Bay of Plenty Auction Results:
4 Comments
Greg, can you tell us what 80 Paice Ave sold for in 2012?
I am pretty sure that was for sale in March or April 2012 and the sale price was a bit over $800k from memory.
It looks as though nothing has been done and the price is up about 80%!
I haven't kept up to date with Auckland prices of late, suddenly I am realising that our Auckland rentals are worth $300k more than I thought, each!
When did it happen that do ups in Grey Lynn, Sandringham and Mt Eden on normal freehold sites started hitting mid ones, they were only 700-1m in 2012, about 900-1.3 last year and now they seem 1.3-1.6 or 1.7 plus
Chris J - Congrats - you have invested wisely. 80 Paice sold for $867,000 in March 2012. Quite common to see homes in the central suburbs selling now for 70% to 90% more than they last sold for in 2011 to 2012. Do ups in Ponsonby and Grey Lynn now achieving $1.4m to $1.6m. Even apartments seen a massive gain ie 481a Richmond Rd sold $950,000 in 2011 and just resold for $1,850,000 in March. Huge capital gains being realised. Most of the gain has kicked in since January.
Bigblue, can this last? A 73% increase in just 3 years!
I have seen booms and crashes so many times before, and just as the market starts looking invincible, bang and all of a sudden it's gone.
If ordinary houses in the central western suburbs are worth close to $2m, up from about $1.2m 3 years ago and up from $350k 15 years ago, then there isn't much room if any left for further increases (unless 1% net rental returns become the norm...)
Too much talk about house prices going round, I think it's time to start taking some money off the table...
Indeed. The real rental property investors (i.e., those who geared their business proposals responsibly based on the expectation of realistic rental returns) will perhaps suffer the greatest injustice when the entire monetary system ponzi scheme collapses. Good business will go down with the bad.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.