Overall sales rate of 25% at the latest Auckland apartment auctions

The end Terrace house in the complex in Eden Terrace sold for $700,000.

Buyers were cautious at the last major Auckland apartment auctions before this weekend's general election.

At Barfoot & Thompson's regular apartment auction it was a thin crowd of potential purchasers that turned up for the three apartments on offer, all of which were larger units ranging in size from 62-131 square metres, which meant they could have appealed more to owner-occupiers than investors.

However none of the properties received any bids and all three were passed in for sale by negotiation.

At Ray White City Apartments' auction, one of the biggest crowds we've seen for a while turned up for the five apartments on offer.

Two of the apartments were on leasehold titles, one was in a terraced house complex in Eden Terrace, and there were two CBD apartments on freehold titles.

There was extremely spirited bidding for one of the apartments and the terraced house, both of which were sold under the hammer, but there was very little interest in the other three.

One of the leasehold apartments didn't receive any bids. The other received just a single bid before they were both passed in. There was a lone bidder who raised his hand on the remaining unit and it was passed in as well.

So the overall clearance rate from both of this week's auctions was 25%.

The full results with details of all properties offered are available on our Residential Auction Results page

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7 Comments

After the election this weekend and whom forms a government get a better direction up or down.

While the election may remove one uncertainty, it may just generate a whole lot of new uncertainties depending on who gets in.......

What difference will 'who gets in' make? Seriously. National = what we currently have ( and the market's looking fragile!) and Labour is, well National with a different coloured tee-shirt on. So what will change?

Oh. And Aussie doesn't have an election this weekend. But I guess they are different....

"It's getting lonely at the top for sellers of the nation's properties in wealthier postcodes, with buyers' agents saying it's more of a struggle to find buyers. Rising debts, pressure from five years of turbo-charged growth and some concerns about increasing interest rates are drawing the heat from some of the nation's suburbs, they claim. Top-end house prices are usually the first to rise and first to fall. The water is getting a lot choppier"

http://www.afr.com/personal-finance/tougher-at-the-top-for-property-sell...

"and some concerns about increasing interest rates are drawing the heat from some of the nation's suburbs"

It's interesting how different it is in the US. Since long term fixed rates (for the life of the mortgage) are the norm, expecting interest rates to rise is incentive to buy asap..

Huum... The RE's will have to come up with much better excuses as to why sales continue to be down. No more hiding behind the election.

Well of course you're very unlikely to get stellar auction results in the week of a very tight election

After the election it won’t be long and we can blame winter again. Full circle. Elections do make people pause tho but that’s about it. Wasn’t there a election in 2008 and the correction carried on. Elections can’t change anything quickly