Bayleys had a small selection but a high success rate with Auckland auction properties in the week before Easter.
Bayleys sold 22 of their 26 Auckland auction properties last week, giving an 85% sales rate.
And in Napier and Havelock North, three quarters of the auction properties were sold.
It was a quieter week in Bayleys' Hamilton auction room with just one property offered for sale.
In Auckland two homes cracked the $3 million mark and several others sold for more than $2 million.
See below for the results of Bayleys auctions last week, with details and photos of all properties including those that didn't sell.:
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32 Comments
Overseas buyers are still not in the market like they were last year. Some auctions being cancelled as no interest. It is getting tougher to sell generally unless the location and house is exceptional. Market is doing what all markets do. Moving backwards after a strong run. Time to be out of the market buying wise.
That's what I'm thinking as well. So this last group that was effectively sidelined by the last 2 year's feeding frenzy, have finally managed to stump up 10% of $700-$800k mortgage. They are buying these "shacks" from people who paid $300-$400k 5-8 years ago. They now in turn are running around the market "trading up" into the $1mil + houses with their tax free profits.
This is the last bit of fuel in the market, and once exhausted there will be no more kindling to stoke this fire IMHO.
One of the things I observed in 2014 when I was buying my house is that 10% was impossible to get as there were too many approvals out there. The bank bend over backwards for me as I had 20%. The banks are allowed something like 10% of their mortgage book as sub-20% deposits. The statistics show they are floating around 5% of that.
A few of the banks have been tightening up with some of my clients and other commercial property owners I've caught up with at the pub. Although it's hard to say what has put the banks in their current position. It could be that there are a lot of marginal mortgages, it could be the regular ebb and flow, or they may have lost a lot of high equity mortgages due to competition over interest rates.
We're not at housing market melt-down stage yet. For that there needs to be panic and I don't see any.
SOLD SOLD SOLD !!! ....last week, so now out of the Auckland central market .... just a total relief :) ... now I will either watch from the sidelines or buy elsewhere .....it's a real "circus" out there.
Yes... I am renting in Auckland central ....and yes, it is way cheaper than owning.
And for all those who say "you'll never get back into the market" .....who cares, I don't want to or need to.
I am actually disappointed for the majority it has come to this ..... John Key et al is selling this country down the river... for a short term gain ....and long term loss ... but the sad fact is by then their ilk will be long gone....
Our house went up for Auction and did not meet the reserve which was based on the lower end of the estimate given by the estate agent. Very disappointing only 1 bidder who was well short looking for a buy on the cheap. Then after auction flood of offers and bids with the highest offer. We gave the bid to the highest offer but the Chinese buyer who won the bid pulled out with finance clause. We then had building company with a good offer that we accepted but they put in a 10 day due diligence clause. We accepted the offer. Then on the 9th day I tried to find out whether they were going ahead. They said yes they will go ahead and go unconditional if you drop the price by another 25K. We said obviously said no. The company did no due diligence but were trying to get lucky by dragging out for 10 days in the hope that you are desperate to sell. We also had another one who again were interested to buy but subject to finance and ask for extension but then we grew in patient when they had not even got a solicitor and were going through an Indian loan company. Again stalling tack ticks. To some it up we have not had one genuine buyer. All have been dodgy buyers who have no intention but to screw you on price or have been working in conjunction with agents on a commission bases through these what I call unlaw operating practices. These property acquisition company's are no better than loan sharks or local drug cartel. Surely if you put offer in they should concede cash deposits like other developed countries.
There are always people putting in low offers. There's no point them buying at a rate where they can't make enough profit, they might as well put the money in another investment.
House prices are a complete rip off in New Zealand. Most of the houses are in a poor state of repair or have design/construction defects that mean they are in need of emergency work.
When looking for my first house I was travelling by foot to look at a number of houses. I walked past one house that I wasn't even going to look at and the real estate agent outside it said the owner was desperate to sell. So I put in an offer $125k below the value that I estimated it was worth if I wanted to flip it. There was an attempt to negotiate with me but when your own real estate agent says you are desperate to sell that sets an expectation.
I'd say be wary of what may be said on your behalf. Also there are people out there who will only buy if they can get a good price, and they aren't desperate to buy.
Dear ol Fran did a puff piece for National recently celebrating the fact that Key is happy to turn us into a Sth Pacific Switzerland "a beautiful and wealthy bolthole for high net-worthers seeking to escape from an unstable world."
http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11611…
Switzerland indeed is a country we should be discussing, more for the fact that as the US pressurizes the secret bank accounts, NZ property is most likely taking up some of the slack for the wide boys hot money.
Did Gareth's sign ever get put up at the airport?
http://www.interest.co.nz/opinion/78051/gareth-vaughan-wonders-whether-…
South Pacific Cargo Cult Thinking
Michael Reddel AKA Croaking Cassandra did an unflattering critique of O'Sullivan's article
http://croakingcassandra.com/2016/03/29/switzerland-of-the-south-pacifi…
Chinese investors are relatively open that they are seeking to de-risk their own exposure to the China market, get capital out and buy residential property in a pollution free environment
They are not coming to NZ to invest in businesses create jobs
Cargo cult is right. We're due another one, now that Endless Milk Bonanza has footrot. Lazy, self-deluding, get-rich-without-working thinking.
Although, it occurs to me that there will be rich opportunities for our young people in the lucrative field of carjackings and kidnapping. Maybe there is an upside.
Don't worry everything's good in Auckland. Well except for middle class poverty in Auckland. Let the good times roll.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11612898
That Herald article is just silly. In my opinion those teachers should all be arrested for contributing to the severe obesity problem we have. Who here thinks we don't have an obesity problem? When I was a kid I probably ate lunch at school about three times. Teachers seem to think kids need feeding every two hours.
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