An unremarkable three bedroom house in Mt Roskill (pictured) sold for just shy of $1 million at this week's Bayleys Auctions.
The 1940s-era weatherboard home, which had two bathrooms and a single garage, was on a cross-leased section, which gave it a half share of 827 square metres, which meant it was not an obvious redevelopment opportunity but it still fetched $975,000.
Bayleys advertising brochure for the property described it as "ripe to restore or renovate."
"If you bring your paintbrush, tool belt and imagination, this house could be transformed," the brochure said.
Other highlights from Bayleys' auction rooms this week included a three bedroom home unit at Torbay on the North Shore that fetched $716,000, a Remuera townhouse that went for $1.5 million, a large Muriwai home that sold for $995,000, and a Glendene house described as a "do up opportunity" that was on a potentially subdividable site that sold for $785,000.
The full results of this week's auctions, with details and photos of all properties, including those that didn't sell, are listed below:
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9 Comments
Herald leading with Chinese Property buying issue
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=114…
They been reading Interest.co.nz?
Will be interesting to see if other media pick this up. And the rebuttals from National.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=114…
They don't say which real estate company data is used but there is only one company that did 3,922 sales in Feb/Mar/Apr and has 45% of the market - Barfoots. It is not so much of a foreign buyer problem but more the fact that we have let so many Chinese into NZ in the last 3 years and let them in easily and they are buying multiple properties using cheap offshore finance.
There has been a massive increase in the number of Chinese salespeople at Barfoots and most of their top salespeople are now Chinese http://www.barfoot.co.nz/news/2015/may/top-salespeople-2015
40 of the 52 salespeople at Barfoots Albany office are now Chinese and that relates to the number of sales being made to Chinese buyers in Albany.
http://www.barfoot.co.nz/find-us/find-a-salesperson?branch=53
So you will not get genuine feedback out of a company that is so reliant on Chinese salespeople and Chinese buyers. Had the immigration rules been tightened and say only 20% of the massive number of Chinese had been given entry then Auckland house prices would not be as high as they are. There would also have been far less speculative untaxed trading of real estate carried out.
Even the Barfoots Chinese salespeople are into property trading for example this Grey Lynn property - http://www.barfoot.co.nz/546845 The salesperson handling it paid $793,000 in March 2014 - has given it a makeover and now back for sale asking $1,439,000
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