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Buyers were picky at this week's Auckland apartment auctions

Property
Buyers were picky at this week's Auckland apartment auctions

Things were a bit quieter at this week's main Auckland apartment auctions, with 10 apartments up for grabs and four selling under the hammer.

The biggest auction of the week was at City Sales where six apartments were on offer at their regular Wednesday auction, with three selling under the hammer and three passed in.

The strongest bidding was for a 41 square metre, two bedroom unit in a complex at 96 Symonds St in the heart of the university precinct.

It went for $240,000 and the top price on the day was $600,000 for a 65 square metre, two bedroom/two bathroom apartment with a car park in Grey Lynn.

The apartments that were passed in included a 108 square metre leasehold unit on Princes Wharf for which the only bid was one of $250,000 made by the auctioneer on behalf of the vendor.

A handful of buyers turned up at Barfoot & Thompson's Shortland Street auction room where just two apartments were offered. Although they both received bids, the potential buyers could not be encouraged to raise them to a level that would have met the reserves and both were passed in.

There was also just two apartments up for auction at Ray White City Apartments this week, with a 45 square metre, one bedroom apartment in the Barclay complex on Albert St selling under the hammer, and the other apartment on offer being passed in after it failed to attract a bid.

The full results from all three auctions, including the prices achieved and details of all properties including those that didn't sell, are available on our Auction Results page.

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5 Comments

Maybe people are realising that apartments are priced more highly for less and lower quality than in nearby overseas cities, and salaries here are lower. Melbourne apartments look a sight better than Auckland's right now.

E.g. first one on the realestate.com.au list, 2 bedrooms and 2 carparks, much nicer than the often leaky monstrosities common in Auckland, and $515,000 http://www.realestate.com.au/property-apartment-vic-melbourne-124749558 Auckland sellers would be asking $7-800k for similar.

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just a bit...

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TradeMe's Auckland's property listing now at 10510 and rising.

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Not to burst a bubble so to speak, but did notice interest pick up around my area with more people attending open homes, auction rooms getting more crowded on the shore. Its not translating into sales yet, but might only be a matter of time, and we'll be back where Sydney/Melbourne are at the moment?

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On the other hand, the downturn in Auckland could go on for quite a bit longer - maybe even 2-3 years.

Problem is that with interest rates moving up, buyers are becoming a bit more cautious. Certainly debt levels are at an historical high.

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