It was Hobson's choice at the main Auckland apartment auctions this week with just a single apartment on offer, and it didn't sell

Photo: Ed Kruger. www.freenzphotos.com

Auckland apartment auctions all but dried up this week with just one unit on offer at the main apartment auctions.

Ray White City Apartments had just a single apartment lined up for auction, but that was postponed until next week so the auction was cancelled.

And fellow apartment specialists City Sales do not currently have any auctions scheduled.

At Barfoot & Thompson's regular weekly apartment auction, two units had been marketed for sale by auction this week but one was sold prior, leaving just a single unit on offer, a studio in the Four Seasons building on Emily Place in the CBD.

Four potential purchasers turned up and two of those actually made bids, but none was high enough to get a sale across the line and the unit was passed in for sale by negotiation.

However there are plenty of other auction results from around the country to look at on our Residential Auction Results page and if you are interested in commercial property, take a peek at our new Commercial Property Sales page.

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6 Comments

Just a little cautionary reminder of housing market over confidence. In April 2017 Canstar were citing
"big demand for small properties"

Touting a booming apartment market as a major trend for the 2017 housing market. And currently, that same apartment market is dead in the water.

https://www.canstar.co.nz/home-loans/nz-property-trends-2017/

**Canstar, will basically provide any of its subscribers, any rating/analysis that it needs! Andrew Willink set it up as Cannex 25 odd years ago, (after he left a Canadian Investment bank) and it was basically just an interest rates comparison service that morphed into a 'Star Ratings' system ( a bit like Gold Medals are attached to wine). It changed names from Cannex about 10 years ago, but will still give its loyal customer base...whatever they need, in return for their subscription!
http://www.willink.com.au/

I think potentially there is a whole lot of corruption like this, in many areas of NZ. There isn't much serious investigative journalism to expose it so it probably just goes under the radar.

Anxious specuvestors are holding their breath waiting for the next herd of fools to offload onto. This will have proved somewhat elusive come summer.

That's a 0% clearance rate, with only 2 up for auction. Looking pretty grim for vendors. Even with extremely low supply, there was no demand even for those 2.

No there was demand - just that the price the buyer was willing to pay did not equal what the seller wanted.