Auction results: House in Auckland sells for under $500,000

Property

A couple of homes hit the $3m mark at Harcourts' auctions last week and a house at Mangere Bridge went for $416,500

3rd May 16, 2:36pm by Greg Ninness

Harcourts' auction rooms were busy again last week, with the top price of $3,001,000 being paid for a house at Mission Bay in Auckland, while a Remuera home sold for just $1000 less at $3m.

The cheapest home sold at the Auckland auctions was at Mangere Bridge (pictured) and it went for $416,500.

In Tauranga only one home sold for more than $1 million at last week's Harcourts auctions and in Hamilton prices ranged form $310,000 to $865,000.

In the Christchurch auction rooms the cheapest sale last week was a section in Akaroa that went for $115,000 and the top price of $990,000 was for a house in Ilam.

See below for the full results of Harcourts' auctions last week:

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23 Comments

by sharetrader | 3rd May 16, 3:24pm 1462245858

Two listed as mangere bridge are now where near it , they are mangere east, guess it helped with the price though.
as for paying a mil to live at mangere bridge, good on a not hot, not windy day, still can get a little bit smelly, between the farm, the ponds and the sea

by gordon | 3rd May 16, 4:14pm 1462248888

Are you saying properties in Mangere Bridge are over priced currently?

by sharetrader | 3rd May 16, 5:50pm 1462254632

RE are selling them as the new ponsonby of south Auckland. its very very pricey for what you get and what is around you

by Esprit | 3rd May 16, 6:38pm 1462257480

Disagree. Mangere Bridge is pretty good value given it's probably the closest accessible place to Auckland where you can still buy a proper quarter acre place for less than a million in Auckland. Possibly excepting GI / Point England / Panmure, but Mangere Bridge has almost no state housing, which is desirable for owner occupiers.

Mangere Bridge is certainly not the bargain it was 5 years ago, but it's hardly overpriced, given it's a lot cheaper and a nicer place than plenty of more exclusive neighbourhoods.

Since the start of the year, Mangere Bridge has averaged over $1M, and even during the Oct-Jan period, pretty much eveything was selling within a week or two.

by sharetrader | 3rd May 16, 11:16pm 1462274178

there are a lot of rentals there, don't believe everything a RE says ask some locals
Counties Manukau West police prevention manager Inspector Dave Glossop says crime in Mangere Bridge comes in waves.
The suburb can go months with barely any crimes reported then see a "spike" like the one in the past week.
Glossop's team will be targeting known offenders in the area, who he says are often responsible for most of the crimes committed

by Esprit | 4th May 16, 12:36am 1462278982

Having lived there almost four years now, I can comment. One burglary on my street in that time, which is far less than I experienced when I was living in Meadowbank or Orakei.

No more crime here than in any similar suburb in Auckland, and far less than many a suburb.

by ptamanz | 3rd May 16, 8:26pm 1462263979

It's the proximity to the airport and the isthmus which appeals to people. Safer and quieter than Onehunga and zoned for Onehunga schools.

As a suburb it's on a par with and similar to Waterview and Te Atatu Peninsula, and they have roughly similar prices.

As for sewage ponds, they were removed over 10 years ago and it's all done inside the plant.
And living between a farm and the sea sounds fine to me. but perhaps you would rather live beside or under a motorway like Northcote Point.

Each to their own.

by sharetrader | 4th May 16, 12:56am 1462280196

haha, try riding the bike trail on a hot summers day and then tell me there is no smell, it get flushed out the side of the island into the harbour and sits in a pond between tides , its no where as bad as it used to be with the ponds but the harbour is polluted pretty bad so swimming and selfish gathering are prohibited
http://stateofauckland.aucklandcouncil.govt.nz/marine-report-card/manuk…

by Zachary Smith | 3rd May 16, 4:47pm 1462250854

The Mangere cheapie sold for just over 60% above CV. Could currently yield more than 4% though.

by sharetrader | 4th May 16, 8:05am 1462305912

you say cheapie 3 years ago in mangere, you could for the same price brought a house on a 800sm section for that price, they are now 700-800 almost double the price in three years, at that rate what would you expect them to be in another five years,

by Zachary Smith | 4th May 16, 8:16am 1462306586

I was trying to be ironic with the word cheapie. I do think the entry level houses in places like Mangere, Manurewa, Papakura etc have gone up a lot in the last year or so. From 400k to 600k in 18 months in many cases. It seems directly related to affordability. With higher interest rate 400k was just affordable. Now with lower interest rate 600k is just affordable. Yield dollars are similar to rent potential - see featured Mangere property for example. They could go up again if interest rates drop further. If interest rates stay the same prices will flatten.
All good - proceed with the gentrification of Mangere.

by muntijaqi | 3rd May 16, 5:01pm 1462251663

only 6 times the median annual household income? Unbelievable bargain!

by Crazy Horse | 3rd May 16, 8:16pm 1462263408

Don't worry muntijaqi, once the balance of landlords v. renters tips the vote towards the renters, then the Govt will do something ....till then it's more of the same ....which is nothing !

by ObeseBallerina | 3rd May 16, 8:32pm 1462264326

That's an awfully long way away.

by xelnaga | 4th May 16, 6:51am 1462301505

This government won't do anything. Vote for _anything_ other than National next year.

by Crazy Horse | 3rd May 16, 8:06pm 1462262790

Rock On !! ,,,,,, keep those prices climbing up, up, up !! .... the higher they go, the further they fall !

by sharetrader | 4th May 16, 8:20am 1462306855

someone so young can see more clearly than many older supposedly wiser people especially those in power. are you listening JK and nick smith, you are destroying the aspirations of our young
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11632998
House owners are delighted, as significant increase in demand has resulted in house values skyrocketing. My parents were lucky to be able to benefit from this, and thus increase our living standard through their hard work. However, as a young student, this is terrifying news to me. This increase in housing price is just increasing the seemingly unreachable wealth gap. I have first handedly experienced the difference throughout the years. The cost of our first family home was just under $400,000 when we purchased it around 10 years ago, but now it has a market price of over double. However, the amount my parents earned around then were not that different from how much I hope to earn out of university. Something that used to be attainable through hard work is no longer something we can achieve through hard work. Our unnatural increase in housing price is making it impossible for our generation to purchase our first home without significant funding from our parent
This is means that even if you work your hardest, without prior wealth, it is almost impossible to take the first step into the house market anymore.

by Zachary Smith | 4th May 16, 8:32am 1462307546

We probably need to develop different forms of housing, transportation and work centres. It is unrealistic for everything to stay the same especially in light of changing demographics and the rapidly emerging middle-classes around the world. Things are changing and people need to adapt. Societies need to adapt. The quarter acre section is becoming a thing of the past inside super-cities so if you want that you need to move elsewhere. I quiet like the Singapore idea of subsidised sales of apartments to native born young couples.
There are still opportunities in the world but it is a different world and the young writer above needs to take advantage of different opportunities.

by PeterPen | 4th May 16, 8:56am 1462309004

Go overseas where you can make a lot more with your hard work, so that you can pay John Key land tax which he can invest in bringing scores of "refugees" here to enrich our society.

But seriously, listen to the silver back and his opportunities in an out of control money printing world of mega cities. Even John Key - I understand - pulled in his loot overseas. Move on, make lots of money, invest it where it makes sense and maybe wait it out until the AKL bubble bursts. You have to be a lot more flexible these days to make it. Your dad's "business model" is not likely to work for you.

The only way the AKL bubble will NOT blow up is a sustained global perma-crisis that makes poor old NZ look like a place where you want to bring our assets and family to protect them from chaos. That is a possibility, unfortunately, but I feel it is unlikely. If e.g. we get a president Trump, a lot of the financial house of cards that inflates asset prices might collapse, as he is unlikely to support money printing polices.

by Zachary Smith | 4th May 16, 9:37am 1462311428

Yeah this why I use Evola's notion of "riding the tiger" which is basically taking advantage of whatever opportunities there are in a dysfunctional and unfair system that people seem to only want make worse so is out of your control.
I have no doubt that if NZ had managed and planned things differently, harvested our resources properly, we could all be living in great houses, each with a holiday home and a boat and an annual overseas trip in a clean, green and sparsely populated land. We could be like Norway with trillions in the bank. But it was not to be.

by Esprit | 4th May 16, 8:32am 1462307556

by Zachary Smith | 4th May 16, 9:31am 1462311101

Espirit, what happened? That was a good comment, in that it appeared to support my agenda. ~~Sounds like things are progressing nicely and going exactly according to plan.~~

by Esprit | 4th May 16, 10:25am 1462314346

I put it in the wrong place, it was meant as a reply to someone else's comment, not to the article overall :)