It was a big week in Bayleys auction rooms throughout Auckland last week, with 55 properties up for sale and 34 (62%) of those selling under the hammer or by negotiation shortly afterwards.
Included in this week's auctions were half a dozen CBD apartments and these sold for between $425,000 and $469,000, while a small unit in a managed student accommodation complex fetched $170,000.
In the inner city suburbs, a Westmere house fetched $2.62 million and a but further out a three bedder on a 385 square metre section in Mt Roskill went for $695,000.
Prices were mostly well above $600,000 out in Counties territory on the city's southern flank but a three bedroom house in nearby Papakura sold fro $566,500.
In the eastern suburbs only one house went for under $1 million and that fetched $980,000, on the North Shore there was nothing that sold for under $1 million and a Long Bay house went for $2.59 million.
See below for this week's full auction results from Bayleys, with details and photos of all properties, including those that didn't sell.
| Sold | Passed In |
Clearance Rate |
|
| # | # | % | |
| Auckland Central | 4 | 2 | 67% |
| Ponsonby/Pt Chev | 2 | 1 | 67% |
| Inner West | 4 | 3 | 57% |
| Takapuna | 3 | 3 | 50% |
| North and North West | 5 | 2 | 71% |
| Remuera | 2 | 5 | 29% |
| Manukau | 4 | 2 | 67% |
| Counties | 8 | 3 | 73% |
| Hamilton | 2 | - | 100% |
| ==== | ==== | ==== | |
| Totals | 34 | 21 | 62% |
| 62% | 38% |
12 Comments
It certainly looks like things are settling down in Auckland. I would suggest there are a significant number of potential buyers who do not want to hand the IRD their details. Amazing how many people are out there who think everyone else should be paying taxes to keep the nations infrastructure going.
I would suggest it's not only buyers, but also sellers who don't want to reveal their IRD connections to property. There could be a lot of dirty money heading for the exits. From what I have read, the requirement to provide IRD numbers and bank account details will apply to both buyers and sellers.
There will be people with rat-cunning who will seek to transfer (buy and sell) property back and forth within their immediate family or associates, at an inflated price, now before the new regime starts in order to establish a new higher purchase cost and new start date for the "bright line" test
That's a big call from a small sample and a single event
You don't know what the reserves were
They could have been un-realistic - wanting far too much
Maybe there were only 34 buyers in attendance - who were 100% satisfied
It's diificult to call a top to the market from a single event with a sample population of 55 properties for sale - a clearance rate of 62% is lower than previously but still healthy
Need a few more auction events before you can draw such conclusions
clearance rates are now falling in both auckland and sydney
http://www.domain.com.au/news/sydney-auction-prices-show-signs-of-slipp…
APRA has been quietly exercising its nuscle on the banks for some time affecting investment loans
Demand by investors for investment properties is being hammered
They can't get the finance any more
With the result property prices are cooling
http://www.smh.com.au/money/insight/landlord-loan-boom-starting-to-cool…
Mortgage brokers Choice and AFG, both this week reported a significant decline in the proportion of new loans going to property investors
http://www.smh.com.au/business/banking-and-finance/westpac-caps-lvrs-on…
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