Bayleys had a busy week in their Auckland and Hamilton auction rooms last week, with 50 homes auctioned in Auckland of which 32 were sold, giving a clearance rate of 64%.
In Hamilton 33 properties were offered, including properties in Hamilton, Matamata, Te Aroha, Raglan and Te Awamutu, of which 18 were sold, giving a clearance rate of 55%.
The auction sales included a former church building (pictured) on a 1053 square metre section at Puriri on the road between Kopu and Paeroa, which sold for $141,000 (see more photos below).
Some of the highlights of the Auckland auctions included a three bedroom villa on a 565 square metre section at Devonport that sold for $2.35 million, a three bedroom townhouse in Remuera that fetched $885,000, a Mt Wellington house that sold for $720,000 and what was described as an entry level house on 356 square metre section at Pt Chevalier that went for $1.017 million.
You can see the full results of Bayleys latest auctions in Auckland and Hamilton, as well as auction results from several other agencies including Barfoot & Thompson, Harcourts, City Sales and Ray White City Apartments, on our Auctions/Sales Results page.
Below: The Church at Puriri that sold for $141,000.
Below:The exterior of the Church at Puriri.
Below: The interior of the church at Puriri.
Below: The ornate ceiling of the Church at Puriri.
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter"and enter your email address.
10 Comments
I predict that the market will steadily flatten out and selling will get somewhat harder than before.
Therefore FHBs may get a better deal if they act quickly when the right property comes up. Also a bargain of sorts may be had by making cheeky offers to the vendors of the unsold properties who will be highly frustrated having spent thousands to get to the market and failed.
A crash is most unlikely unless a massive financial upheaval occurs locally or internationally such as bank collapses, or over reaction by the authorities introducing more regulations to the property market in the misguided view that a free market can be controlled.
The most likely problem will emenate from something going wrong in China.
and as JK said today watch out when the US Fed raises interest rates in December. People seem to forget we are on emergency interest rates in NZ. Banks are reluctant to pass on any further rate decreases and from here we should at some stage move back to the old 6 to 8% range of old. It might take some time. Housing will be effected when it happens and so will equities.
Chinese are trying to stop their property from imploding, so it will happen if you go any previous boom and busts asset cycles in china.
http://www.cnbc.com/2016/10/03/chinese-cities-curb-property-purchases-a…
Sorry BigDaddy...if I was an FHB I would be staying well out of the Auckland market .....as gordon said, as soon as young Janet raises those interest rates, the greedy aussie banks will no doubt raise their rates double what the Fed raised them by.....and there goes the end of low interest rates.
You are dreaming if you think that if the U.S.A raises interest rates then our rates are going to go to 6 per cent plus.
The fact that you can get 30 year rates so low tells us that rates are never going to see over 5 per cent again in our life time.
If they do then every country will be stuffed so it isn't going to happen.
You can wish what you want but it isn't going to happen.
10 year fixed currently 2.75 per cent 30 year fixed 3.62 per cent in the States
10 years ago US 30 year bond rates were double what they are now, 20 years ago they were nearly triple what they are now. At those times, looking at the 30 year rates to predict future rates failed miserably. What makes you confident that this time it's a useful predictor?
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.