Barfoot & Thompson's auction rooms continue to be busy, with 260 residential properties marketed for auction last week and 117 selling either under the hammer or by 5pm the following day, giving a sales rate of 45% (see chart below).
Sales of note included a house in Remuera that sold for $6.4 million and another in Mt Eden that sold for $6 million.
The Remuera home has four bedrooms and a pool, but was on two titles and came with a total land package of 1571 square metres, "...offering massive creative potential for a family or developer," according to the description on Barfoot's website.
The Mt Eden house was a two storey bungalow on a 3040 square metre rear section, "...which could be developed as a multiple unit site subject to resource consent," according to its page on Barfoot's website.
Details of the individual properties that were auctioned and the prices achieved on those that sold are available on our Auction Results page.
| Venue | Sold* | Not sold* | Total |
| On site. Various dates | 15 | 13 | 28 |
| Shortland St, CBD. 28 February. | 9 | 9 | 18 |
| Manukau. 28 February. | 26 | 24 | 50 |
| Pukekohe. 1 March. | 1 | 3 | 4 |
| Shortland St, CBD. 1 March. | 30 | 44 | 74 |
| North Shore. 2 March. | 19 | 25 | 44 |
| Shortland St, CBD. 2 March. | 10 | 12 | 22 |
| Shortland St, CBD. 3 March | 7 | 13 | 20 |
| Total All Auctions | 117 | 143 | 260 |
| *Sold includes properties sold under the hammer or by 5pm the following day. Not sold includes properties passed in at auction and remaining unsold by 5pm the following day and properties that were marketed for auction but withdrawn from sale or had their auction postponed prior to the event. | |||
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70 Comments
It's all good. The unitary plan has ADDED value, now that it's got the leafy suburb tick. A lot of these derelict or not so derelict houses (in DGZ or GZ) on huge sites will make way for multi unit systems. The Grammar schools are in for a squeeze. Zone adjustment on the horizon I'd say?
More excellent auction results for Auckland City. Although I'm not sure if the results page has been updated with these latest B&T sales. I'm hanging out to see what one particular property sold in my area and it hasn't appeared. All the properties around me have sold except one which is a bit problematic however a colleague just told me there are many for sale signs in Sandringham/Mt Roskill.
So true h_d_b_u ...... sold my Auckland property March last year at auction and the clearance rate was way over 75% ....there is a definite difference in the market from 12 months ago.
DGZ et al can carry on all they like, but they are only dealing with a minimal section of the total market.
You two (or is it one?) should get a room....mmmm DGZ your property looks sooo good...mmm Zach your capital gains...mmm we're so superior.....mmmmmm property property property...gains gains gains...mmmm other generations sooo stupid and live in lesser places....mmm...
At an auction for a house in central auckland (Homes.co.nz low estimate of 950k), family in attendance stopped at 820k, phone bidder in Australia went up to 875k then passed in. Gives an idea of where people are currently seeing value (and weighing up market uncertainty) in that price range vs vendor expectation.
Ha it seemed legit given the length of time discussions took, but yeah certainly wouldn't put that past plenty of REAs based on my experiences with them! Latest gem came from an agent selling a house soon to be literally surrounded by 32 new high density Housing New Zealand town houses..."they'll really enhance the area." Umm....
Well I guess it depends on which part of the US and Europe they're from, as certain areas such as Germany are more use to a rental culture and so too are those from larger US cities such as LA, San Francisco etc...
I can tell you that most US citizens coming in to the IT industry here in Auckland can't afford to buy a home even if they're on quite a high salary.
It doesn't show in the sales history on homes.co.nz though. Either way the cost of selling for the same price now would hit hard especially if you have to pay commission. To me this is quite normal and the houses that are flipped quickly, making big profits are anomalies.
This one in Epsom has been flipped a few times in the past few years. The latest price was $2.33m sold in Jun 2016. https://www.barfoot.co.nz/543591
16 Cornwall Park Avenue, Epsom
1.738M Jun 2013
1.817M Sep 2013
2.330M May 2015
2.170M Jun 2016
from
https://www.trademe.co.nz/property/insights/address/Auckland/Epsom/Corn…
Wonder what 2017's price will be?
Auction clearance rates of less than 50% must be a particular concern - because this is the peak selling time of the year. (What's it going to be like come winter - and after interest rates have ratcheted up a bit further??)
Whatever - it's never great having to re-list a property after rejection at auction.......
Yeah, we're likely going to do that. Just considering when and where. (And whether we spend some time offshore again first.)
We may buy in Auckland at some point, but as per above, we're starting to lose interest not solely because of pricing. Like, what...people think the Southern motorway is going to be driveable and East Coast Bays are going to be swimmable all the time when we've crammed another 500-600,000 people in? It's not like we have the money to invest massively in infrastructure.
I've already spent years living in a crowded metropolis overseas. Getting gradually less interested in this brave new Auckland National is dead set on.
Listed privately (through HomeSell) in October last year for for $885k, no bites I'll assume
http://www.trademe.co.nz/1181347145
Today with an agency for auction with a price indication of $925k
http://www.realestate.co.nz/residential/search/prices_max/926000/prices…
If at first you don't succeed go to auction for 40k more to end up back at square one?
Another bargain here that Tony Alexander might recommend: http://www.trademe.co.nz/property/residential-property-for-sale/auction…
Buy a 2 bedroom leaky apartment that you'll have to pay to remediate, for only $500,000! Bargain! What more could young Kiwis want?
My friend's mum has put their house in the market through Barfoot with the heading "OFTEN SOUGHT, RARELY FOUND TRADITONAL RESIDENCE IN DGZ" https://www.barfoot.co.nz/589879
How much do you reckon Zach? I am guessing between $3 and $3.5m.
Wow that makes my place look like a hovel. it is a pretty special place in a great location. Being a bit of a classic DIY Kiwi the thought of painting it is a bit terrifying. The nearly new roof is a big plus. I think it will exceed the homes.co.nz high price. I'm picking $3.8M.
I'm going to stick with my prediction for now. I might check out the open home on the weekend as you can't really tell from looking at pictures so may change my prediction. However the house across the road at #45 looks fairly similar although bigger with a similar sized section and sold for $4.1M in Nov2015 (Update: Hmm maybe not a good comparison checking closer as it seems to have a tennis court that extends onto another section with no value which is weird. Looking from EarthView it is amazing how many houses there have swimming pools. Often houses that haven't sold for many years like this one can have lower CV values than they should. Price will depend on buyer competition of course but I reckon if you were rich this would be a prime property and you wouldn't lose money, especially if secured for low $3M.
Probably want to check this out first though http://www.stuff.co.nz/business/property/90127889/chinese-property-site…
Why is a Chinese property site apologizing to NZ, foreign buyers hardly figure in the housing market *splutter*
I just read this in a Stuff article:
"We get more searches for sales histories in elite suburbs than any other, with Remuera being our most searched this year. There's clearly still strong interest despite the hefty price points."
It would be interesting to see a breakdown by country of origin for the searches. I object to the term elite though.
Epsom / Remuera hand in hand together we are multi-billion dollar land :-P #GoodRhyme
One of my neighbours has finally put his property up in the market for sale. I am guessing it will go for over $6m? Have a look http://www.trademe.co.nz/property/residential-property-for-sale/auction…
Trade me listing for Auckland reach 10,612 as at 7.30am today. That's a big (and growing) number for Auckland. 2017 has ushered in a fragile market.
The usual trend in Auckland has been an increase in selling volumes (listings), followed by a decrease in sales volumes and then, finally, declining prices.
I guess for a lot of owners/vendors, it makes sense to offload now than risk what could easily be quite sizeable falls in price over the next year (or two).
But buyers, there's a very good chance there will be a silver lining if you wait a little while......
Realenz Auckland listings now at 11849, up by 300 listings in the last 10 days.
North Shore where I watch - 1560 up from 1540 yesterday...going up on average by 30 listings a week.
Trademe North Shore listings have increased by 225 in the last month.
Fixed price makes up 625 listings and by negotiation is 500 - so 1125 of the 1560 not by auction so a big change from recent times.
Driving in mine and surrounding similar neighborhoods (middle of the road - hillcrest, glenfield and lower - birkdale, beachhaven there are for sale signs popping up everywhere)
Will be interesting to see who blinks first...
Agreed. The premium paid for DGZ is funny. Good schools but are they that good....Both schools are increasingly massively overloaded. For neighboring, but outside the zone property one has to pay a million or more for a like for like option. Just seems crazy, take 5% interest only on that million and how many kids can go to private school while doing something useful with the difference? Oh and its nice not to get raped on the rating bill either. #no brainer.
I can but imagine how much its changed with the ummm "local demographic change" ? (Is that politically correct enough?)
When I went I was from a very modest income home, in very modest Mt Eden when it was a "working class" suburb and not full of trendy Volvo SUV driving nimby's living in renovated villas....or "brand" conscious recent arrivals where its all about how things "look" (Lexus or Merc, Rolex, Kids at correct school, etc)
Personally I believe the schools reputation itself is so overblown - great if you played rugby and wanted to be
A. An accountant
B. A lawyer
Otherwise it fostered zero creativity in any way. I truly hope its changed for the better in that sense.
It was no surprise that it had the highest drop out rate at Auckland Uni...once free of the heavily implemented constraints and force-feeding, many went crazy with the booze and chasing skirts...(not me of course :P )
Still - just one mans opinion on it.
Seeing the quality and breadth of education my kids get now on the North Shore in excellent public schools I see no need to change whatsoever
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