There was a surprisingly big crowd at Barfoot & Thompson's regular apartment auction this week, but most attendees weren't there to buy an apartment.
The first lot on the Order of Sale wasn't an apartment, but a house in New Lynn, and that's what most of those who turned up were there to buy.
The house was nothing remarkable, it had three bedrooms, a single detached garage and sat on a 696 square metre section.
It had been in the same ownership since it was built in the mid-1950s and was ready for a makeover.
But the bidding for it was intense and at one stage the bids were coming so quickly that the auctioneer could barely keep up.
The bidding opened at $500,000 and quickly progressed past $600,000, then $700,000, then $800,000 before the property was sold under the hammer for $826,000.
Although most of the crowd dispersed after the first property was sold, those who stayed on for the three CBD apartments that were offered next weren't just window shopping.
All three apartments attracted multiple bids and they all sold under the hammer.
It was a quieter day at Ray White City Apartments where a single property was offered - a two bedroom apartment in the Nautilus building at Orewa which had two car parks and extensive sea views.
This building is in the throes of substantial remediation work and the auction documents stated that the occupiers would need to vacate the unit for at least six months from about the end of September.
There were no bids on the property and it was passed in for sale by negotiation.
The details of all the properties offered at both auctions and the prices achieved for those that sold are available on our Residential Auction Results page.
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10 Comments
8 of 13 sold at Auction on Wednesday http://intraapps.barfoot.co.nz/Includes/_pdf/GetPDF.asp?Title=AuctionRe…
It very hard to work out the market, listings , sales averages, has the lower end dropped off making average higher , auctions high, auctions low but picking up only because people see a small discount, appartments selling fast, rentals mainly selling, people moving away from auctions, home for sale with a shown price, , amount of time to sell, weeks or months, corrections can drag on for years slowly eating away at prices but 4 things we know, 1, who ever you believe and by how much overseas investors had a impact and are gone, 2 , we have pushed up a lot of dept and 3, the RB and banks are worried and 4, Auckland has set records for being unaffordable and won't help for a recovery, also at the beginning of the last downturn in 2008 interest rates started at over 9% so people's weekly mortgages were higher so got relief in that downturn as rates softened, thing just aren't that black and white , you need to read it
Listing are also lifting because labour is looking likely to get in, you'll be surprised where People get hope from, national that made this mess but hopefully they'll save my capital gains or monster of dept, list or don't list after the election, but thing are changing now, most people would have thought bill English would have done ok last night and did, but Jacinda ardern, the youngster, well she done ok to , so that's a big plus for her
I thought Jacinda was a bit starry-eyed and vague - but very nice presentation just the same.
I worry that Labour would tax everything like there's no tomorrow - and stifle profits (and productivity) in the process. Plus, I worry that it lacks the people for a credible Cabinet.
Bill had his feet firmly on the ground. His experience/knowledge/skill shone through - and so it should have given his seniority in Government over many years. He had more substance than Jacinda.
Importantly, both Jacinda and Bill were polite and respectful. Two excellent people. It was a worthy debate.
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