sign up log in
Want to go ad-free? Find out how, here.

Prices at Bayleys' latest auctions ranged from $485,000 for a trendy Ponsonby apartment to $2.95 million for a beachfront house at Narrow Neck

Property
Prices at Bayleys' latest auctions ranged from $485,000 for a trendy Ponsonby apartment to $2.95 million for a beachfront house at Narrow Neck

Bayleys Real Estate marketed 52 Auckland homes for auction this week (to February 24) and sold 29 of them, giving a sales clearance rate of 56%.

At Bayleys' Hawke's Bay offices the success rate was even higher, with seven properties being auctioned and sales achieved on five of them.

Things were a bit quieter in the Hamilton auction rooms, with just two properties offered and both being passed in.

At the Auckland auctions prices ranged from $485,000 for a one bedroom Ponsonby apartment with a balcony and car park, to $2.95 million for a house overlooking Narrow Neck Beach on the North Shore.

Also on the North Shore a two bedroom home unit in the heart of Browns Bay fetched $650,000.

In Hawke's Bay prices ranged form $673,500 for a modern three bedroom house on a 6ha lifestyle block, to $1 million for a contemporary three bedroom house on a suburban street in Havelock North.

The full results of these auctions, with the individual prices of the properties that sold and details of those that didn't, are available on our Auction Results page.

You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter"and enter your email address.  

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.

12 Comments

Now the auction rate should go up as now MOST Vendors who are coming to market are with realistic sale price though still high for many FHB.

Up
0

hmm 56% clearance rate is quite a bit better than recently

Up
0

Well most of the sales are out side of Auckland and not much in the high price bracket.

Up
0

Let's see February data. It will decide market direction.

Up
0

Plenty of interest at the auctions I've been to recently. I suspect vendors have pegged their expectations back a little bit and now buyers are keen to take advantage of the opportunity and have a go.

Up
0

Yes I think so too. Yesterday I went to a B&T open home in DGZ Lee Street in Parnell and it was buzzing! The open home viewers are back! https://www.barfoot.co.nz/589397

Up
0

Yeh nah; the only thing buzzing was your phone..........from your lawyer. Ted Stanton or is it Ricky now? At least a "property story" is back on the front page of the Sunday paper.

http://www.stuff.co.nz/national/crime/89800380/million-dollar-real-esta…

Up
0

Yes if vendors in some parts of Auckland and Christchurch in general want some action they have to meet the changing market. More houses hitting the market and interest rates rising have certainly made people more cautious.

Up
0

Not as bad as the London property market. In December there were over 12,500 properties on the market over £1m and only 373 sold.

Up
0

Well, yeah - and in London you can earn a pretty penny too.

Up
0

Penguin there's no point in comparing Auckland's property market to London's they are two very different entities. London has high salary earners (With million plus bonuses per year) a multi national clientele including very wealthy Europeans, Russian Oligarchs, wealthy Arab and Asian buyers at the top end of the market.

Auckland basically has a tiny CBD, average wages though has been propped up by mainly Asian buyers for the past ten years as the top end Investors who were able to access lots of low interest credit before they clamped down on Capital Flight a few months ago, and the only ones who were on huge salaries were Auckland RE's who are now feeling the pinch. Oh dear poor RE's!

Up
0

Auction clearance rates over the next few weeks will be the critical indicator of the Auckland property market. My view is that we're near the beginning of a downward price correction that will be sustained through 2017 and possibly for quite a bit longer. Why would you buy property in Auckland right now, unless you had to for personal reasons? There could well be a silver lining if you bide your time and wait until winter/spring. Expect to see many more properties come up for sale "by negotiation" - with vendors keen to entice cash buyers.

Up
0