There was a good selection on offer at this week's main Auckland apartment auctions with 41% selling under the hammer.
City Sales had a small but perfectly formed offering of three units, being two leasehold apartments in the downtown CBD and a studio unit at New Lynn.
There were multiple bidders on both of the leasehold units and they sold under the hammer. But there were no bids for the New Lynn unit, which was passed in for sale by negotiation.
Barfoot & Thompson had six apartments on offer at its auction, with several of them being larger units that would appeal to owner-occupiers.
There were multiple bidders for three of the units, two of them received just a single bid and one received no bids at all. Only one of the apartments, a 63 square metre, one bedroom unit in the City Life building on Queen Street, was sold under the hammer, with the rest passed in for sale by negotiation.
At Ray White City Apartments eight units were scheduled to be offered, one was withdrawn from sale, three were sold under the hammer and four were passed in.
There was particularly strong bidding for a leasehold unit in The Docks building, which is at the beginning of a remediation process for water penetration and other issues. Several bidders saw an opportunity to buy at a good price and it sold for $121,000.
Unusually, three units in the Spencer on Byron at Takapuna had been marketed for sale at the same auction, one of which was withdrawn from sale and the other two received a single bid each and both were passed in.
The full results from all three auctions, with the prices achieved on the units that sold, are available on our Residential Auction Results page.
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22 Comments
It happened to many high rise beach front properties in Gold Cost many years ago. A ticking time bomb in NZ coastal high rise development. One of the problems is from salt air corroding the reinforce steel, rust grow on the reinforce steel causing the concrete around them to break up, because concrete is not ductile, it is brittle like glass when it is under tensile load.
Well firstly it sounds like a relatively active market. It may reflect a lesser number of properties being taken to auction. However, a quick look at the recent sale values suggests that prices may have taken a hit. I notice the 2A Church Street sold for $1.3m against a 2014 RV of $1.7m and a previous sale of $650k in 1994 - doubling in value over a 23 year period. Similarly, 6 Cockle Bay at around $1.3 against a 2014 RV against a previous sale of $650k in 2004 - doubling in 13 years. I suspect they reflect owners "meeting the market" and selling a fair discount to what they may have previously got.
It is a well known fact some of these new migrants share a house or room with lots of people . It is not uncommon some of the 3 br houses have more than 10 people living in them. High migration does not always result in increase in houses being sold to these migrants. It is all about affordability. How can one afford to buy a million dollar house in Auckland or pay $600/wk to rent a house on a minimum wage.
Interestingly, HOUSE prices are holding pretty well in Auckland Central. There has been a major increase in activity with apartments, which has brought down the average sales price. But, if you take out the apartments and look at HOUSES by themselves, then you get a very different picture. In fact, HOUSE prices are apparently creeping up in inner-city suburbs like Freemans Bay and Ponsonby.
Notably also, there are relatively few HOUSE listings in Central Auckland. Good HOUSES are damned hard to find. Ask anyone who's looking for one - or go check out the number of listings in realestate.co.nz and TradeMe.
@tothepoint I found this PRIVATE PONSONBY OASIS with a CV of only $1.2m but I think it will be snapped for around $3m!
http://www.trademe.co.nz/property/residential-property-for-sale/auction…
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