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.
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12 Comments
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
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…
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!
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.
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