Only a third of the Auckland homes auctioned by Bayleys last week were sold, with the rest being passed-in, postponed or withdrawn from sale

Only a third of the Auckland homes auctioned by Bayleys last week were sold, with the rest being passed-in, postponed or withdrawn from sale
This two bedroom house at Belmont on the North Shore sold for $640,000.

Bayleys auction clearance rate dropped to a third in Auckland last week, with 21 of the Auckland auction properties finding new owners and the remaining 42 being passed-in, postponed or withdrawn from sale.

In the Waikato, three of the seven auctioned properties were sold, with most of the properties that didn't sell being rural properties.

Highlights of the Auckland sales included a do-up in Herne Bay that fetched $1.04 million, an Orewa house with a pool that went for $1.157 million and a lifestyle property at Dairy Flat that went for $2.75 million.

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

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OMG poor thing! All the signs are pointing to a sharp correction!

And possibly the first of many defaults.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=1155...

How many lost their deposits, never mind even more??.

How is that possible - according to Herald werbung dressed up as news the Chinese were all over that like flies at an aussie BBQ?
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=1149...

Question - is the Herald worth buying these days or should I just get my propaganda from whale oil?

...Auck property, Sky City...place your bets folks.....
Macau’s casino revenue fell for the 18th straight month in November, as China’s moves to curb illicit money flows from the mainland deterred the high-stakes players who rely on junket promoters for betting loans.
http://www.bloomberg.com/news/articles/2015-12-01/macau-casino-revenue-f...

How quickly things change

That propaganda was published 11 August 2015

A Chinese group is very close to buying it. It won't be finalised until the end of the month so it hasn't happened (yet). We marketed stages two and three. Stage one is 160 houses under construction now

The end of that month was 31 August 2015 - either they didn't exist or they got frightened

I have noticed most of the latest listings are not going to auction, interesting in that to auction in a falling market is not the way to preserve wealth

Have to agree less auctions. There's been a big upturn in listed prices. Flies in the face of what RE agents were spouting a few months ago about auctions being the best way to sell, maximum price blah blah blah.

I hope there is as not as much overseas money in the Auckland market as many of us think there is, any serious downturn could see it flee for a safer market
queenstown is still recovering from the boom of 2008
http://www.straitstimes.com/business/property/asian-investors-in-new-zea...

Sydney sellers cancelling auctions en masse as market crumbles
http://www.domain.com.au/news/slowing-market-triggers-the-highest-rate-o...