Bayleys' auctioneers have been kept busy with 67 Auckland homes marketed for sale by auction last week.
Of those 28 were sold by Friday afternoon, giving an overall clearance rate of 42%.
The 67 homes that were not sold, included four that were withdrawn from sale and three that had their auctions postponed.
Bayleys also auctioned another seven properties at their Hamilton office last week of which four were sold.
The Auckland sales included a five bedroom house at Bucklands Beach that went for $4.01 million and a spacious loft apartment in a character building on Queen St in the CBD that fetched $760,000.
One of the more interesting sales was an upmarket three bedroom/two bathroom house on two levels in Mission Bay which sold for $260,000.
The catch? It was on a leasehold title.
The Hamilton sales included a couple of lifestyle blocks and a three bedroom American colonial-style house in Chartwell that sold for $490,000.
The full results of last week's auctions at Bayleys, with the prices achieved on the properties that sold and photos of all properties including those that didn't sell, are available on our Auction Results page.
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11 Comments
Many boomers bought for retirement cashflow, that retirement is still 15+ years off, I don't think capital values will make these boomers sell.... sure some where pure capital gain punters but not many....
If they have 20 years of mortgage left they will just let it run and in 20 years live off the rental flow...
I think you are wrong there..
Over the past few years you would have to be genuinely inept to be buying in Auckland only on the basis of cashflow/yield. If they can afford it, they'll keep it. But, given that the youngest of the boomers is around 55, that positive cashflow isn't going to be available until they are around 75. As I say, extremely poor financial planning on their part, or your interpretation of the situation is wrong..
You will know its getting bad when the RE firms start savaging their fixed costs. Wouldn't want to be a supplier of services to them at the moment. I wonder how many sales/commission it take for the larger firms per month to cover costs - rent, power, brand marketing, sponsorship etc.
These auction figures aren't too bad. If you compare the prices of the houses that sold with the estimates provided by homes.co.nz the results are pretty good price-wise. Two properties actually sold for close to 300-400K OVER the high estimate. Quite a few others sold just over the high estimate. Very, very few sold for under the low estimate. It does look like good houses in premium areas are getting premium prices still.
According to Andrea Rush in the QV Property Report today...
"A total of 22 Auckland suburbs now have estimated median value of more than $1.5m and the city has 4 $2m suburbs with Remuera and Stanley Bay having ticked over the milestone to join Herne Bay and St Marys Bay. In fact, the Auckland suburbs showing the highest percentage and dollar value growth over the past year are also some of the highest value suburbs of the city. These include Herne Bay, St Marys Bay, Mission Bay, Remuera, Kohimarama, Takapuna and Stanley Point, all of which saw median values rise more than $250,000 since January last year."
Yes - there's a fair bit of nervousness out there now. The market might best be described as "fragile".
I see that bank lending rates edges up again yesterday.
Buyers - no need to be in a rush. There's a good chance that prices will fall further through 2017 - and maybe beyond??
A crash? Not likely in my view - but it can't be completely ruled out......
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