While apartment sales dwindle in the auctions rooms, commercial properties are flying out the door

An apartment in The Docks complex in downtown Auckland sold for $150,000

Apartment sales had almost dried up but commercial properties were flying out the door in the Auckland auction rooms this week.

The main apartment auctions have been exceptionally quiet for the last few weeks and this week was no exception.

City Sales had just two apartments on offer, one in the Station R building in Mt Eden and the other in The Ivory building in Epsom, and both were passed in.

At Barfoot & Thompson's regular apartment auction just one unit was on offer, and only a couple of prospective purchasers turned up and neither of them made a bid so it was passed in.

At Ray White City Apartments a couple of units were on offer.

One was a 45 square metre, one bedroom apartment, with two tandem car parks (4 parking spaces) in The Docks building in the Britomart precinct.

The Docks complex is a leaky building and the apartments in it are on leasehold titles, however there was competitive bidding for the unit and it sold for $150,000.

At the same auction an apartment in a complex on Newton Road was passed in with no bids and a three bedroom/three bathroom house with a two bedroom flat on an 8230 square metre section with a tennis court in the Henderson Valley sold for $1,065,000.

However, while the apartment auctions were definitely on the slow side, commercial properties were flying out the door at Bayleys' main commercial property auction this week.

A good mix of 10 properties ranging from smaller retail units to larger industrial properties was on offer and a good crowd of local investors turned up to have a go.

There was competitive bidding on eight of the properties, all of which sold under the hammer, with the remaining two being passed in, giving an 80% clearance rate.

Prices ranged from $830,000 for two new retail premises in Warkworth leased to a single tenant, to $6.81 million for a 1990 square metre warehouse on a 4755 square metre site in St Johns.

Also on the commercial property front, Colliers announced that the sale of the Tait Technology Centre in Christchurch for $57.75 million had gone unconditional this week.

You can check out the details of individual sales on our Commercial Property Sales Page.

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6 Comments

What are REINZ up to this month? I would have thought they'd have reported by now. There were only about 41 sales across New Zealand to count weren't there? Will be interesting to see if they've been scripting up the mother of all election scaremongering messages (implied or otherwise).

I have also been waiting for the REINZ figures and notice the economic calendar keeps getting moved on a day - every day since this time last week. At the risk of reading too much into it - I suspect they are unsure about how to write a press statement about Auckland value declines. All a week before the election.

Try to put lipstick on this dead horse.

I hear the market for houses in Auckland Central has been particularly strong recently. There are very few houses on the market in this area. (Ask anyone looking.)

1000 new people arriving in Auckland every week have to live somewhere....... and there is far too little new residential building underway.

You "hear"...? Amazingly today, I heard, if you hear really hard, you can hear anything. Just ask anyone who is hearing something!

Hi blue meanie,

You can hear what you like......

But I only listen to reliable, well-informed sources.