No sales at this week's Ray White City Apartments auction

No sales at this week's Ray White City Apartments auction
This Mt Roskill house was passed in with a highest bid of $795,000.

With only three properties on the Order of Sale it was a thinner than usual crowd that turned out to this week's Ray White City Apartments auction and the offering got even thinner when the auction of the first lot, an apartment in a leaky building in Upper Queen St, was postponed for a week.

That left two to be auctioned, a leasehold apartment in Parnell and what appeared to be an ex-state house in Mt Roskill.

There was a deafening silence when the auctioneer called for an opening bid on the apartment, so he opened with a vendor bid of $450,000 and when there were no further bids it was passed in.

There was a bidding duel between two potential purchasers of the Mt Roskill house, but the top bid wasn't quite enough and it was also passed in.

See below for the full results of this week's auction:

  • 1A/23 Upper Queen St. Westmount building. A two bedroom/two bathroom unit in a leaky building needing remediation work. The auction of this unit was postponed for a week. The agents were Simon Harrison and Daniel Horrobin.
  • 501/88 The Strand, Parnell. Mirage building. A two bedroom leasehold unit. When there were no bids on the unit the auctioneer made a vendor bid of $450,000. But when there were no further bids it was passed in. The agents were Mitch Agnew and Ryan Bridgeman.
  • 6 Parkinson Ave, Mt Roskill (pictured). A three bedroom house (one bedroom a single) with a separate sleep out on a 713 square metre section. According to QV.co.nz the property had been purchased for $670,000 in December 2013. It had recently been given a tart up. There were two keen bidders but when the top bid of $795,000 failed to meet the vendor's expectations it was passed in. The agent was Victor Lui.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

9 Comments

Comment Filter

Highlight new comments in the last hr(s).

Wednesday morning’s B&T auction results were 9/30 = 30% success
South Auckland B&T auction results were 11/32 = 34% success
The ratios haven’t dropped further in the last week but equally there are no signs of improvements as we enter the busy season.

In other news Rangitoto is 'coming alive'.

Would be great to see these clearance rates plotted against time.

Time to take some profits if you can find a buyer.

Price wilL not fall much
I believe we had passed the worst 3 weeks
Now wait for the rent to catch up
A major rent hike is on the way I can tell the media already got immunization on headline

Mt roskill one is interesting, not willing to take the profit on offer to me seems like willing to wait for the market to turn up. would fall outside the 2 year bright line so can claim change of circumstance as reason for selling I ponder will any tax be paid on the gain, hmm would not put my house on it

Maybe the recent "tart up" of the property was more than the difference between purchase price and highest bid? (or maybe the improvement + agent fees combined)

There were huge price hike to my rentals at south auckland
Rents went from from 350 beginning of 2013 to 400 end of 2013
To 440 a week 2014 now 500
3 bedroom full secton
Is it not that crazy which make me reluctant to sell to chase for 100k capital gain

Have noticed more advertised prices in our area rather than auction.