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A one bedder at Albany goes for $348,000, two bedder in Titirangi fetches $760,000, partially done up cottage at Devonport sells for $1.595m

Property
A one bedder at Albany goes for $348,000, two bedder in Titirangi fetches $760,000, partially done up cottage at Devonport sells for $1.595m
6th Jun 16, 7:32am by Greg Ninness

Prices at Bayleys' latest Auckland auctions ranged from $348,000 for a one bedroom apartment at Albany (pictured) to $1.595 million for a partially renovated cottage in Devonport.

The Albany unit was part of The Grange complex which has recently been reclad and issued with a new Code Compliance Certificate.

It was the only property to sell for less than $500,000.

The next cheapest sale was a two bedroom bach in need of renovation at Kawakawa Bay which sold for $537,000.

At Bayleys' Hamilton auction room a house on a 5344 square metre section at Cambridge sold for $710,000.

See below for the latest results from Bayleys' auction rooms, with details and photos of all properties, including those that didn't sell:

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9 Comments

by  another andrew  |  6th Jun 16, 3:40pm 1465184425

Thanks for posting this.

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by  J.C.  |  6th Jun 16, 5:16pm 1465190164

I couldn't imagine similar "sales reports" news out of Ireland or the U.S. being much different pre-GFC. But because it's NZ, nobody bats an eyelid.

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by  Mystery  |  6th Jun 16, 6:23pm 1465194190

US jobs numbers came in very weak on Friday meaning that RBNZ might have to drop our interest rates lower to weaken the NZD. Lower OCR will translate into even cheaper mortgages and therefore potentially higher house prices. Interesting times.

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by  J.C.  |  6th Jun 16, 6:46pm 1465195562

Sure. If you can scroll up and see the banner advertising, you will see a middle aged man running along with an egg on a spoon. Kind of sums it up to me.

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by  Madan Chugh  |  6th Jun 16, 7:44pm 1465199093

where there is no will , there is no solution. new zealand on sale to whole world, the overseas billionaires are buying uninterrupted, and our children will be renters , as no other country sells its land except nz
as nz dollar falls , overseas buyer by virtue have more buying power. since dollar is falling , property for overseas buyers in still on same price in their currency , therefore ?????????

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by  iconoclast  |  6th Jun 16, 8:03pm 1465200217

Ironic isn't it - in case you didn't know

Niue is a dependency (protectorate) of NZ, supported by the NZ taxpayer
Niueans are NZ Citizens, and carry NZ passports

Foreigners cannot buy land in Niue, they can only lease it

Go figure

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by  Zachary Smith  |  7th Jun 16, 6:03am 1465236198

According to Wikipedia Niue is a self-governing state in free association with New Zealand.

With only a thousand people living there and a land area of just 260 km2 they are wise to not allow foreign ownership.
That said it does seem like the Anglophone countries and Europe have taken it upon themselves to be the stewards of humanity. We are showing everyone the way forward with our tolerance, political correctness (politeness?) and sharing. Fingers crossed it all works out.

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by  Tom Joad  |  6th Jun 16, 8:58pm 1465203526

By far and away the biggest "landlords" in the country are the banks. They collect "rent" (mortgage interest payments) from the "investors" (risk holders). The "rent" (mortgage interest payments) is subsidized by the "government" (taxpayers) in the form of housing subsidies and other support payments resulting in "investors" (risk holders) bidding up house prices beyond what could be sustained in an unsubsidised market.

As if this wasn't mad enough the government helps the ponzi along by structuring the taxation system to encourage "investors" to take on more risk and structures the immigration policy to ensure the demand side overwhelms the supply side. The banks love it.

In an Orwellian twist the government blames everyone else for the "problem" (policy directed outcome).

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by  evita  |  6th Jun 16, 9:00pm 1465203637

Hi Madan, should be happy if childerns can be renter also for government is hell bend on kicking them out of Auckkland and NZ to make way for theier overseas rich friend. Has the government not heard that karma is a big B.... so be aware.

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