It was a quieter week in Bayleys' auction rooms last week, with just over half the properties offered being sold and the rest passed in.
Bayleys marketed 35 properties for sale by auction last week, two of which were withdrawn just before the auction, leaving 33 to go under the hammer.
Of those 17 were sold and 16 were passed in, giving a clearance rate of 52%.
The most expensive sale of the week was a house in Bucklands Beach which went for $1.4 million and the cheapest residential property to sell was a house in Mangere East which sold for $485,000.
Sales were particularly slow in the Waikato, where eight properties were put up for auction but only two were sold and one of those was a 60ha farm block and the other was an equine centre.
All of the residential properties auctioned in the Waikato were passed in.
See below for the full results:
30 Comments
I received an email from my 'friendly' B&T agent who would fire through the B&T auction stats each week and it said,
"Sorry but the CEO emailed all staff and said they could no longer forward any sales stats unless it was for a particular property the subject person was interested in selling or buying. Therefore I will not be able to forward to you any further results".
Obviously recent sales stats are not very good because B&T had no problem with them being forwarded by staff when the market was going gangbusters.
HERE WHY!!!
Market has stopped on the Northshore international buyers are out.Also stop out west.
Looks like 1 October IRD number and banks account number stop them dead in there tracks.
I wonder how long the real estate companies can keep the spin on before they drowin there own poo.
I don't think it was the requirement to have an IRD what stopped overseas "investment" but the capital restrictions in China and the bad news of productive economy unable to keep pace with financial speculation.
The same is happening in Australia.
It simply is a bubble about to burst and smart money is out. An increase in offer means delaying sales and eventually pushing prices downwards..
Your are all wrong (again)
The experts say we are in for yet more price rises, so tough luck for those who missed out:
http://www.stuff.co.nz/business/73143578/auckland-house-price-should-ri…
"Auckland house prices are expected to keep rising as demand continues to outstrip supply, according to a panel of property experts.
The panel of property managers, valuers, agents and brokers was assembled by the Property Institute"
So a completely unbiased panel with no agenda then eh!!?
Property expert also say we should closely watch Sydney as Auckland will follow the same pattern:
http://www.domain.com.au/news/plummeting-auction-clearance-rate-brings-…
25,000 of these immigrants are students and the rest are Baristas or something! They are not all cashed up and ready to roll the dice on a leaky in Remmers. http://croakingcassandra.com/2015/09/03/occupations-of-residence-approv…
My humble guess - Not too far into future, perhaps March 2016, the USA will initiate QE4. The Chinese will also match with an equivalent or greater amount of monetary easing. The NZD will strengthen against the USD and Yuan. The pressure on mainland Chinese to get their money out of China will be intense. Interest rates in NZ will be lower that ever - although that depends on eurodollar demand and LIBOR (I think) rather than FOMC determinations. Well, that takes care of Auckland, now as for the provinces - all that matters is this graph.
http://www.interest.co.nz/charts/credit/housing-credit
As we get further away from 1 October the news should get more interesting. So many traders do not want the IRD involved. When one avoids paying tax due one needs to watch over your shoulder. IRD are stepping up their presence in the Auckland property market. All they have to do is search LINZ data and money for jam.
The IRD have been extremely lazy in their approach and have only ever focused on collecting the easy dollars....from existing registered businesses......
I wonder if the IRD has ever conducted an internal investigation on their own staff investments and expenses......and do they ever investigate other public servants?
If the IRD were doing their job then we wouldn't have the current system but they don't ever seem to advise the Minister of alternative tax systems like a cost efficient ATP Tax!
They have historically spent all of their tight budget on auditing existing registered businesses who are doing all the work for them and have all the expenses.....
The real tax cheats are under the radar.......and the only way they are going to stop this behaviour is to adopt an ATP tax and periodically update the look of the currency.........I find it damn unfair that as a registered business I can get every financial transaction gone over with a fine tooth comb while others are never investigated for ripping the system off!!!
Public Servants and Supersize Me go hand in hand!!
And the WHY question never gets asked........it is like a business doing work and never billing out for the goods or services.......were they just looking for the easy hanging fruit.....or are the staff on the take.......or maybe the staff have been investing in housing?
funny you mention that, russian lady i worked with brought a house in mangere east years ago to do up and sell, when talking to her i said watch out since thats your intent you are liable for tax, she said no her friend that works in IRD told her all ok as she was living in it while they were doing it up and would not be looked at.
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