Bayleys sold 58% of the properties overall at its latest Auckland and Hamilton auctions, although the number of homes coming to auction remains very low.
Bayleys marketed 16 Auckland properties for auction and sold 10 of them, and in the Waikato three were offered of which one was sold.
That sales rate was in line with what was achieved the previous week.
The Auckland homes offered were located from Oneroa on Waiheke Island to Glen Eden in West Auckland and everywhere in between. The Waikato properties were in Hamilton and Cambridge.
Prices of the Auckland properties that sold ranged from $359,000 for a spacious three bedroom/two bathroom apartment in the CBD which had three car parks and wide harbour views but was on a leasehold title, to $2 million for a freehold, three bedroom penthouse apartment with harbour views in St Heliers.
The details of all the properties offered, with photographs and the prices of the homes that sold, are available on our Residential Auction Results page.
If you are interested in rural or commercial properties check out our Commercial Property Sales or Rural Property Sales pages.
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26 Comments
Heres an interesting artilce http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=118…
I wonder if they will publish the 20 biggest bust suburbs in 12 months time
Smacks of a touch of panic by B&T.
Usually they publish this every year. - why after 6 months?
I wonder what the figures for 20 worst performing suburb's look like? Go on Barfies, I dare you to publish.
Still, nice front page ad in the Herald to rev up a bit of fear in FHBs and greed in investors. If only they had the money!
Interesting table, thanks. I take it with a grain of salt though. For example Parnell is 3rd but that's off an avg price of $800k in 2016, that's extremely low and must have been influenced by some cheap appartments.
Takapuna is 6th fastest rising values yet we keep getting news that the North Shore is dropping in value
Yeah, only reason Beachlands has shot up is because of the large number of sales from an upmarket subdivision out there. Just the same as Hobsonville did when the upmarket Hobsonville Point houses came on the market.
Same with GI, a lot of new places being built on ex-statey land dragging the value up.
Stranded owners look for someone to blame when things go bad in the property market. 'This' sort of thing happens in the UK just before the bottom fell out of the market in the late 80's.
John McMurrick is taking real estate agency Kay & Burton to court on Monday in a misleading conduct case that could make agents accountable for the prices they promise ahead of a sale....."(The RE Agent) failed to warn, or warn adequately, John McMurrick about the material risks to which he would expose himself," Mr McMurrick's statement of claim alleges.
http://www.afr.com/real-estate/toorak-standoff-john-mcmurrick-takes-age…
Still tiny volume numbers and I see that most are selling below their homes.co.nz estimates.
Not sure if some are distressed sales: 4D Matai Road, Greenlane, that sold for $1,520,000 and was bought
previously over a year ago in June 2016 for $1,510,000.
So must have made quite a loss if you consider the all the marketing and agency fees to sell it.
FHB just rushing to buy those cheap 800k houses. Do maths... either there is overseas money buying and prices will rise. Or, they won't and prices will drop significantly. Cow milking immigrants on 44k a year sure as heck won't be buying in droves. They are the target migrants of the Nats. Our bet still on Yvil? I like Trappist beer... :) have a fine weekend only sixty something days till I'm drinking them brewskis... hmmm can taste them already ...
I never said FHB are buying $800k homes.
There's an alternative to overseas money to revive the market, that's easier credit. You must have missed it but investor lending was 48% down in June compared to a year ago !
Yes our bet is still on: you say National will have a clear majority, I say they (or Labour & Greens) will NZ First
The banks are unilaterally reducing mortgage credit. They are restricting credit to property developments and imposing tighter conditions especially for apartments. Partly this is to do with Aussie parents requiring capital support from their nz subs, but mostly it's due to the recognition by banks that current prices are unsustainable and they are therefore seeking to limit their exposure to the market in terms of new lending. They aren't restricting credit because they have "run out of money", they are reducing lending because they are the residual risk holder and they consider their credit support margins are reducing or will reduce so they lend less. Of course, as this credit bubble is of their own making and their actions will become self fulfilling, as prices will fall as a result of the tighter credit conditions.
Can't guess timeframes, when the Aussie market sours then credit may fall quite quickly.
You ok to take it from here?
then who will buy them, Yvil? Investors? But you correctly say they are 50% down... So that leaves, foreigners and FHBs... second and third Home Buyers need to sell said first and second home, usually to FHBs... So again, if investors aren't buying, then it must be FHBs. 800k houses are plainly out of the question for 95% of them... so it must be foreign... but what if they don't buy?
Regarding the elections, one thing neither of us have considered, is Greens going with Nats... don't scoff, it's worked great for the Maori Party and it will mean cabinet positions... think about it!
So, in the spirit of me winning those trappist beverages, you can't call a victory if Greens form a government with the Nats... only if Winnie is the king maker...
Hi Yvil,
Broadly agree with you.
Some Auckland suburbs will hold on better than others - but I very much doubt there will be a crash.
Most people would avoid selling rather then take a reduced price. But a few people who are donkey-deep in debt may have to take a loss. What's new?
Auckland's (steeply) rising population will likely underpin demand.
Notably, it's very hard to find good houses on the market in the inner-city suburbs right now.
I feel sick in my stomach after watching the TV1 news tonight.
'It's a disgrace for our city' - Queen St businesses calling for action over intimidating behaviour of Auckland beggars - https://www.tvnz.co.nz/one-news/new-zealand/its-disgrace-our-city-queen…
Disgusting indeed ,,,I am not sure which one is more sickening, beggar's behaviour or Police mamby pamby attitude ...begging is not illegal !! but it tarnishes the image and the safety of the city .... these people have to be removed and Queen street needs to be cleaned up ... or are we going to look like Paris and other Aus cities full of beggars and corresponding issues ...
Are we going to wait again for someone to get rapped or killed to take action?
Isn't this part of Auckland city council responsibility ?
I'm surprised the likes of Gucci and Louis Vuitton aren't kicking up more of a stink. I sure would be...mind you if the local populace (i.e. office workers) didn't provide them with half smoked cigarettes and coffee, possibly the problem might reduce somewhat..I saw exactly that happening on Wednesday late afternoon..crazy!
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