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Houses sell for under $1m in Devonport, nudge $2m in Grey Lynn and fetch $500,000 in Huia at latest auctions

Property
Houses sell for under $1m in Devonport, nudge $2m in Grey Lynn and fetch $500,000 in Huia at latest auctions
20th Feb 15, 11:19am by Greg Ninness
The block of four home units in Mt Wellington sold for $1.891 million.

Of the seven North Shore homes which Bayleys sold at auction this week, only two sold for less than $1 million and both of them were in Devonport.

There was plenty of auction action elsewhere in the region as well, with a house in Grey Lynn nudging the $2 million mark, a 1950s house in Blockhouse Bay selling for $908,000 and a block of four, old-style, two bedroom home units in Mt Wellington fetching $1.891 million.

At the other end of the price scale a 1960s house in Huia changed hands for $500,000.

To see the fulls results of Bayleys auctions this week, including photos of all the properties that went under the hammer and details of those that didn't sell, click on this link.

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8 Comments

by  tagrossbilly  |  20th Feb 15, 11:47am 1424386064

this is slightly misleading re devonport properties. both look to be cross-lease, initial/beazeley type homes, one 2 bed, one 3 bed, on the non-beach side up the hill from the golf course, so north devonport heading toward belmont and not situated on the heritage zoned devonport peninsula south of narrow neck beach. the one property that is on the peninsula proper is a two beddie on a narrow section in albert road which sold for $1.171m.

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by  doublegz  |  21st Feb 15, 9:43am 1424465005

Get real and admit it...Devonport has lost its cachet and is heading down hilll.  Problem is you can't drive anywhere!

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by  tagrossbilly  |  21st Feb 15, 2:19pm 1424481541

so true doubegz. here in devonport - or "sadness by the sea" as we locals call it - it is commonplace to walk past people sitting in their cars motionless on their driveways, futilely beating their steering wheels, openly weeping while mouthing small, sadly hopeful vroom vroom noises. and this as all around them cachet crumbles in to the waitemata harbour and the historic suburb sighs with the sounds of thousands of broken property dreams.  

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by  two otherguys  |  21st Feb 15, 3:46pm 1424486773

keeps the tourists and sightseers and riff-raff away doesn't it? - that's a benefit - they can always stroll down and enjoy the tranquility of Ngataringa Bay - it's preservation cost them a lot

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by  bigblue  |  21st Feb 15, 6:15pm 1424495730

That Grey Lynn property that sold for $1,935,000 last week also sold 11 months ago for $981,000 - a tidy profit - https://www.customresidential.co.nz/getFile/18

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by  doublegz  |  21st Feb 15, 11:30pm 1424514648

Big deal.  Wait till you come to Remuera and you'll realise you can't get anything decent for less than $2m.

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by  Tui12  |  22nd Feb 15, 7:25am 1424543136

Brilliant a $1M profit in 11 months. Nothing produced no wealth created and all tax free. Just what NZ needs. 

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by  Esprit  |  23rd Feb 15, 4:13pm 1424661215

I'm picking for that kind of flip/profit, there would have been a significant amount of capital investment, so who knows how much actual profit was made. Still, these are the sort of properties the IRD need to be applying CGT to. It's too easy in NZ to just say "oh, I intended to live in it and decided I didn't like it, so sold it in 3 months and made $300k, just good luck I guess."

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