Auction results: Only one Auckland property sells for less than $500k and it was in Otara

Property

Only one Auckland home sold for less than $500,000 at Harcourts' latest auctions but several went for $2m+

6th Jul 16, 1:47pm by Greg Ninness

Harcourts auction rooms were busy throughout the country last week and we have their latest auction results from Auckland, Hamilton, Hawkes Bay, Wellington, Blenheim and Christchurch.

In Auckland several properties sold for more than $2 million, and the cheapest auction sale was a house in Otara that went for $460,000.

The Otara property was also the only one in Auckland that sold for less than $500,000.

In Hamilton Harcourts' auctions were dominated by properties in the middle to upper end of the market with most sales above $600,000, while in Hawkes Bay all of the sales were in the low $300,000s.

In Wellington prices ranged from $467,000 for a house at Woburn to $1.3 million for one at Paremata. In Christchurch prices started at $355,000 for a two bedroom home at St Albans.

To see all of Harcourts' latest auction results, with photos and details of all properties, including those that didn't sell, click the property tab at the top of this page and select "Auction/sales results" from the drop down menu, or you can click on this link.

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20 Comments

by bloodymigrant | 6th Jul 16, 11:21pm 1467804091

Where are the commentators??

by Zachary Smith | 7th Jul 16, 7:53am 1467834788

It is not so much fun now that people get so overwrought. DGZ and I used to have some good discussions on these threads.
The unit in Sandringham looked like a good buy at 510k. Solid construction although bedrooms look a little like jail cells. I could live there, I think, but I am a man and can tolerate pretty much anything.

https://www.bayleys.co.nz/Listing/Auckland/Auckland/Sandringham/1630125

Is this not something Hardworker could have bought?

I will be going to B&T auction today in central Auckland and will report back on general mood and action. Not buying, just observing.

by Kakapo | 7th Jul 16, 3:17pm 1467861479

Offensive comment deleted. This is not the forum for that type of comment. Any more like that and you'll be given a little holiday from commenting. GN.

by Zachary Smith | 7th Jul 16, 8:16am 1467836182

Why are you so gross? This website has the subtitle "Helping you make financial decisions". And is festooned with adverts from finance companies, RE companies and banks. It is for people like me really when you think about it.

Do you'll want this to be an echo chamber? Anyway anyone is welcome to discuss this with me. I actually believe in free speech. People like Kakapo can reveal their true natures. Just makes me look more epic which I didn't think was possible.

by Kakapo | 7th Jul 16, 8:24am 1467836652

Just a little of the banter you claimed to be craving, old chum. But really, if you want to dish it out, then you really ought to be able to take it.. However will I be able to respect your manly manliness if you're going to be such a whiny thin-skinned crybaby?

by Zachary Smith | 7th Jul 16, 8:28am 1467836900

I merely ask, why are you so gross? Just fire away. I can take it. I enjoy it as i can snipe back. But why so much grossness?

by Kakapo | 7th Jul 16, 8:34am 1467837258

You say gross, I say metaphorical. Potato potahto. You poor sensitive little cupcake. To the fainting couch with you.

by Zachary Smith | 7th Jul 16, 8:44am 1467837893

Do you think about gross stuff all the time?
I ask because this is by no means the first time. It's quite alien to us noble souls. In a million years I would never do it.

by Zachary Smith | 7th Jul 16, 8:43am 1467837805

Analyzing it a little closer it does appear to be a downstairs unit which makes it a whole lot less desirable. 150K above CV (about 40%). The sort of place that a FHB would be reluctant to buy but an investor might. Maybe someone who rented something nicer could buy as an investment property to be in the game?
Could actually be cost/income neutral which means costs you nothing to be "in the game". Right next door to Mount Albert Grammar. Poor Asians would rent this. Check street view to see what I mean.
Street View

by Hardworker-doe… | 7th Jul 16, 10:59am 1467845982

Look forward to your report Zach. For this small downstairs unit (which to be honest I probably would have been able to tolerate) I would still need a deposit of $102,000. I don't have that lying around so I couldn't even stretch to a jail cell...

by unaha-closp | 7th Jul 16, 11:38am 1467848339

It is a housing boom, house prices are high.

by Narrabeen Boy | 7th Jul 16, 11:58am 1467849502

Hey zac.what are your thoughts on the rbnz's announcement late this afternoon?what do you think they will implement and what do you think it will do to the market?just about to buy but a bit nervous about the new rules.thanks

by Zachary Smith | 7th Jul 16, 1:04pm 1467853474

I am very interested in their announcement and am confident they wont introduce anything too drastic that would have unintended consequences. The objective will be to plateau the house prices rather than crash them. They may introduce a measure where if you are an investor you actually have to have the cash for the deposit rather than just have it in the equity of your other holdings. They could do this as well as increase the percentage at the same time.
To be honest my gut feeling is to wait and see what happens over the next three months (hopefully prices stay stable) unless you need a house to live in or see a bargain or a house you really, really want. Don't pay over the odds at this stage but there may be bargains out there. I saw one go the other day. Also a tenant just offered to buy one of my houses for 60k (no commission) more than I paid 14 months ago which I declined so I guess I am definitely holding rather than selling.

Heading to the auction...

by sharetrader | 7th Jul 16, 3:59pm 1467863981

that will not work
all you will do is renegotiate your loan take the extra in cash go to another bank deposit it at that bank and get a loan.
they are always loop holes, the best way is to restrict lending is for the RBNZ to up the capital requirements that banks need to lend for certain types of loans
if the Banks can not lend as much they will widen the margins to make the same profit , hence interest rate rises without raising the OCR

by Zachary Smith | 7th Jul 16, 6:09pm 1467871748

Yes but it requires a bit more dedication. I know because I thought I had to do this and was pondering ways of achieving it like looting my revolving credit and emergency funds etc. It came as quite a surprise when the broker said it wasn't a worry because I had enough equity.
Maybe there is some technical/legal reason why it can not be done?

by Narrabeen Boy | 7th Jul 16, 12:54pm 1467852886

Any takers???

by Narrabeen Boy | 7th Jul 16, 1:10pm 1467853807

Thanks

by Zachary Smith | 7th Jul 16, 3:42pm 1467862944

Not many houses for sale at the B&T afternoon auction today. The room was half full at first but the auctions were slow to get through. While I didn't stay for the whole thing each property was taking about 15 minutes to process and vendors were adjusting their expectations and bringing down their reserve prices near the end. They were still selling for +30/40% over CV but generally had only one interested bidder who had to be pressured to raise their offer. Sellers had to be pressured to lower theirs.
I have noticed there is quite often a house at auction that has a lot of interest for what look like well paid and attractive young European couples, generally a renovated villa type of house in Onehunga or Mt Eden for around a million. There is generally a bit of a battle in this scenario. I have a soft spot or these buyers and it makes me sad to see them lose.

by tripplej | 7th Jul 16, 5:16pm 1467868564

You might have seen my comment yesterday but I was generally surprised by how many of the auctions failed yesterday at B&T - 7 out of 13.
With as you described the rest being hard sells to get near reserve.

by Zachary Smith | 7th Jul 16, 5:31pm 1467869479

Yes I did read your comment. I think the market is not hot in the sense that vendors are confident of further price gains. They're not buying for capital gain but to buy a house for themselves to live in by the looks of it and as always it is just that bit too much and the bidding stops before reserve.