Bayleys sold three quarters of Auckland auction properties last week

Property

Bayleys auction clearance rate approached 75% last week, including three homes that sold for more than $3 million

7th Mar 16, 10:47am by Greg Ninness

Bayleys sold 34 of the 46 Auckland residential auction properties last week, giving a clearance rate of 74%.

In the Waikato, Bayleys sold two out of three commercial properties taken to auction plus a renovated five bedroom house on a lifestyle block that went for $480,000.

Highlights of the Auckland auction rooms included a villa in Parnell that fetched $3.24 million, a two bedroom duplex in Three Kings that went for $790,000 and a two bedroom apartment on Symonds St in the CBD that went for $245,000.

See below for the full results, with photos and details of all properties including those that didn't sell:

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37 Comments

by The best statu… | 7th Mar 16, 12:03pm 1457305409

[ comment deleted. Breaks our comment policy in a major way. Ed ]

by The best statu… | 7th Mar 16, 12:35pm 1457307317

Satire is lost on the left, ok for a lefty to use those terms I bet.

by DFTBA | 7th Mar 16, 1:01pm 1457308895

Interest.co.nz is not "the left" by any stretch of the imagination....

by sadr001 | 7th Mar 16, 1:24pm 1457310285

most of NZ is Left

by notaneconomist | 7th Mar 16, 1:57pm 1457312252

Burnt toast indeed.

by buzby | 7th Mar 16, 11:40am 1457304040

Not sure what is happening on the North Shore at the moment. Quality houses selling for high prices but other less perfect properties sitting around for longer.

by BadRobot | 7th Mar 16, 4:51pm 1457322692

Some property will always sell well - right location , right view etc, no matter what the market. . Other properties not so well....

by gordon | 7th Mar 16, 11:40am 1457304059

Yes I have been saying for some time it was only a matter of time before overseas buyers would be back in the market and in the meantime there were bargains to be had. Luckily my bank were willing to support me.

by Cowpat | 7th Mar 16, 1:28pm 1457310521

Gordon Gordon Gordon. Can you please reread what you wrote just four days ago. Actually are you simply Greg in drag.

by buzby | 7th Mar 16, 4:34pm 1457321690

Do I detect a hint of sarcasm Gordon?

by BadRobot | 7th Mar 16, 4:53pm 1457322786

No, I think he's totally serious. Grasping at straws - confirmation bias.

by SpaceX | 7th Mar 16, 12:25pm 1457306740

Foreign ownership needs to be banned now. As Australia further clamps down on non resident buyers...these people will start buying here.

Stop the cancer.

by xelnaga | 7th Mar 16, 12:54pm 1457308451

The TPPA has removed our ability to ban foreign buyers. The best that can be done is a stamp duty and National are opposed even to that. Nothing is going to happen until they are replaced.

by DFTBA | 7th Mar 16, 1:03pm 1457308988

The TPPA has not yet been ratified.

by SpaceX | 7th Mar 16, 6:24pm 1457328285

Nope, it means we cant ban other TPPA signatories. We can ban anyone else, unless we have a seperate FTA such as with China which also has another cancer clause.

by buzby | 7th Mar 16, 12:26pm 1457306762

Do we know that for a fact? Where is the evidence it is overseas buyers? Only locals at the open homes round us this weekend.

by doublehelix | 7th Mar 16, 12:39pm 1457307556

Spending $3m on a house is the hobby of foreign buyers and the 50 kiwis who feature in this years NBR rich list. Oh, and I went to two open homes on the shore and there was almost no one there to keep me company. Very quiet in the working peasant price bracket (sub $1m)

by Ms de Meanour | 7th Mar 16, 12:48pm 1457308121

Do you truly imagine that rich people get to be and stay that way by spending more than they need to on things that they have no use for?

by xelnaga | 7th Mar 16, 12:55pm 1457308553

It's worked with the global real estate bubble so far...

by Penguin | 7th Mar 16, 8:41pm 1457336506

You get the recently emigrated wealthy Europeans buying at this time of year as they have moved at turn of year to get away from Winter and also get in at start of school year.

by buzby | 7th Mar 16, 12:26pm 1457306763

Do we know that for a fact? Where is the evidence it is overseas buyers? Only locals at the open homes round us this weekend.

by Machiavelli | 7th Mar 16, 12:41pm 1457307710

Check out Melbourne results recently also. It doesn't look like there is going to be a lasting slowdown in this part of the world. $3M-$4M for standard inner city houses over there. I read an article today about "residential tourists". Check it out. Could be a whole new can of worms coming our way.

Edit: Can of worms or pot of gold depending on your viewpoint.

by notaneconomist | 7th Mar 16, 12:44pm 1457307894

People should also put the Gold Coast on their pot of gold radar.

by Machiavelli | 7th Mar 16, 1:31pm 1457310663

Yes. Reports are Chinese buyers are turning their attention to north of Sydney because better value for money. Under this rationale Auckland is is also good value for money! (Bears may now commence with objections)

by xelnaga | 7th Mar 16, 1:44pm 1457311478

Maybe they will turn their attention to north of Auckland too. I hear Kaitaia is excellent value.

by Machiavelli | 7th Mar 16, 2:45pm 1457315100

I think they prefer a bit of a city. By north of Sydney I mean Brisbane, gold Coast etc.

by Zombie ponzi | 7th Mar 16, 5:20pm 1457324406

The Brisbane market is flat as it has been for several years now. I keep hearing the 'investors heading north' story but its not really showing through in prices or activity. The one exception is probably new build apartments - massive new supply happening, cranes all over the city.

by SpaceX | 7th Mar 16, 1:38pm 1457311092

So left that we voted in John Key 3 times and he's continued selling out this country.

by notaneconomist | 7th Mar 16, 1:59pm 1457312397

But isn't that what the left do? Control every facet of business at the same time ensuring social freedoms?!

by sadr001 | 7th Mar 16, 2:25pm 1457313943

National is center left, act is center right. If you somehow managed to decide that national is the right then you are far left :)

by Machiavelli | 7th Mar 16, 3:22pm 1457317342

National is center-right. Unless they've changed their ideology and only told a select few.

by BadRobot | 7th Mar 16, 5:01pm 1457323316

Bloomberg reported today that house sales in Hong Kong have dropped 70% as slowdown intensifies as concern about China increases.

Bloomberg also reported Aussie banks are concerned about corporate loans as defaults in mining, agricultural and dairy sectors increase.

While neither of these articles directly relate to the Auckland housing market - to look at the Auckland housing market in isolation is both foolish and naive.

by SpaceX | 7th Mar 16, 6:37pm 1457329025

Yeah..you have a point but there's nothing rational about the Auckland housing market.

by mandalay | 7th Mar 16, 8:21pm 1457335309

Read the subtext in this article from Bloomberg on 'overseas' investors receiving Greencards for investing in property... Seen that happen before, somewhere else? Maybe?
http://bloom.bg/1TCMsZe

by mandalay | 7th Mar 16, 8:15pm 1457334937

Guess who's back? Back again! Hot money out of the country up north....
And on a more serious note - https://m.youtube.com/watch?v=YVkUvmDQ3HY

by Yvil | 8th Mar 16, 9:37am 1457383056

Hi Greg, I don't know how to contact you directly so hopefully you will read thi, I was very surprised:

I subscribe to Robert Ashton's "Rob report" on house sales in Remuera & Parnell. Rob is an experienced, long standing agent at Bayleys. I was surprised, even shocked to read the following data for the latest Median sale price:
Nov 2015 $1.61 Million (70 sales),
Dec 2015 $1.39 Million (also 70 sales),
Jan 2016 $1.00 Million (40 sales).
Not 1 single month of 2015 had a Median sale price as low as Jan 2016.
This is a quite staggering drop !
I'm happy to attach the link in a standard email
Yves

by Zachary Smith | 10th Mar 16, 7:13am 1457547184

I analyzed 28 of these properties, Auckland homes that were not problematic, 28 in all. Total sale price was 36,032K compared to CV of 25,825K giving an average of 39.52% above CV. The Harcourts, Bayleys and Barfoots auctions all reveal similar ratios for last week.