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Bayleys sold two thirds of the homes they took to auction, with three houses topping $2 million and several two bedders selling for under $400,000

Property
Bayleys sold two thirds of the homes they took to auction, with three houses topping $2 million and several two bedders selling for under $400,000
2nd Oct 15, 3:07pm by Greg Ninness

Bayleys sold 25 of the 36 properties they took to auction this week, giving a clearance rate of 69%, with a further three properties that were scheduled to be auctioned postponed or withdrawn at the last minute.

Included in this week's offerings were several two bedroom homes that could have appealed to either investors or first home buyers.

These included a two bedroom brick and tile home unit at Ranui which sold for $388,000, a two bedroom house in Kelston that went for $470,000, a two bedroom unit in Manurewa that achieved $390,000, another in Mt Wellington that went for $385,000 and a two bedroom duplex unit on a 455 square metre section in Remuera that sold for $1.28 million.

At the other end of the price scale houses in Remuera, Freemans Bay and Greenhithe all sold for $2 million or more.

See below for Bayleys latest auction results, with details and photos of all properties, including those that didn't sell.  

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6 Comments

by  Triple  |  2nd Oct 15, 5:16pm 1443759412

"...with a further three properties that were scheduled to be auctioned postponed or withdrawn at the last minute.

That means these 3 properties had no buyer interest prior to auction so were pulled last minute.

They should be included in the numbers: so really it was a 64% success rate under the hammer.

May I ask what Bayleys average success rate has been this year as a point of comparison?

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by  doublegz  |  3rd Oct 15, 8:23pm 1443856997

OMG 1x bed 1x bath duplex unit (semi-detached) fetched $1.28m in Remuera wow!! Is this for real?

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by  gordon  |  4th Oct 15, 3:19pm 1443925181

When you get silly prices in a market you have to think things are about to turn. Why would housing be any different from shares?

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by  steven  |  4th Oct 15, 7:26pm 1443939975

Has it not been silly for 2? 3? years now?

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by  doublegz  |  5th Oct 15, 9:45am 1443991559

It has been silly billy since 2009.

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by  Simon  |  7th Oct 15, 9:43am 1444164183

since 2007 and never really corrected and won't while policies are set toward migration and protecting environment, 'street appeal', and farmland (rightly so on this last point) over freeing up land for housing. Its land prices that are the issue and as more people enter NZ the ratio of ppl per sq m increases hence land will fundamentally rise at a rate somewhere greater than inflation. With current zoning, RMA settings that 'somewhere greater than inflation' is likely to be 5-10% (on land component).

People citing Atlanta or Texas house prices need to not look at house price medians over all (as they are unique in that they can bring on new 'house and land' packages on fringes very cheaply so lower the overall rate of house price inflation for these 'demand responsive' cities), but look at an inner suburbs house price change, while still nothing like NZ, last i checked was 40% up over 10 years, so beating inflation and wage growth even in these most affordable global cities.

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