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Auckland house along the road from billionaire Graeme Hart's mansion sells for $3.5 million

Property
Auckland house along the road from billionaire Graeme Hart's mansion sells for $3.5 million

Barfoot and Thompson achieved sales on 36% of the residential properties the company marketed for auction last week.

Of the 212 properties scheduled for auction, 76 were sold either under the hammer or by 5pm the following day, leaving 136 unsold.

That included 11 properties that either had their auctions postponed or were withdrawn from sale, with the remainder available for sale by negotiation.

Sales remained slow at the Manukau auction where seven of the 32 (22%) properties scheduled for auction were sold.

At the North Shore auctions sales were achieved on a third of the properties.

Highlights included a five bedroom house on Riddell Road in Glendowie with expansive sea views from its upper level that went for $3.5 million. At the other end of the price scale a four bedroom house on a 690 square metre section at Otara went for $540,000.

 At the Whangarei auction a modern, three bedroom house in a bush setting on a 1552 square metre section sold for $415,000.

The full results with the prices achieved on individual properties and details of those that didn't sell, are available on our Auction Results page.

Barfoot & Thompson Residential Auction Results: Week Ending 25 March 2017
Venue  Sold* Not Sold* Total
On Site 8 12 20
Manukau. 21 March 7 25 32
Shortland St, CBD. 21 March 6 12 18
Shortland St, CBD. 22 March 23 21 44
Whangarei. 22 March 2 1 3
Pukekohe. 22 March 2 4 6
Shortland St, CBD. 23 March 11 14 25
North Shore. 23 March 15 31 46
Shortland St, CBD. 24 March 2 16 18
Total 76 136 212
*Sold includes properties sold under the hammer and by 5pm the following day. Not sold includes properties that were passed in at auction and remained unsold by 5pm the following day, plus properties withdrawn from sale or that had their auction date postponed.

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89 Comments

I wonder when the Herald will start reporting the truth about Auckland's property market and its incredible slowdown this year.

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True, they're bordering on socially irresponsible at the moment - pushing things especially hard at the lower end, FHB segment of the market.

If a number of FHB who follow their cajoling end up getting burned, they'd be justified in getting a bit angsty at the Herald.

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When you consider how much RE and housing related advertising they sell, it's not all that surprising.

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And they said March was a great time to sell...

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Well they were fairly on the money up until a few months ago, surprisingly they haven't joined the dots much since last year, perhaps they've been told to shut up by certain political pressures?

Fran O'Sullivan: Crackdown threat to property boom
http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11578…

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Haven't you been following all MSM and data/RE company release excuses? "It's too early to see a trend, we will have to wait till after elections. Just a little speed bump caused by RBNZ rules. All FUNDAMENTALS still in place to drive prices up...immigration...supply...interest rates .......yadiyadi F$#@ g YA!"

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Has anyone done the analysis on volumes offered and sold by month for year vs last year? I'd be interested to see it

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Agree, bulls were all calling "wait for Feb and March" to see take off speeds acheived again. Clearly not the case. Quality in quality location still strong, but the term "location location location" was not coined for nothing. Election has property top billing as election noise starts to build.

Have heard its much harder to pull lending for development at the moment than it was 12 months ago, with banks are all acting like the bear is about to wake up hungry and angry. Im picking the debt bender is now a serious hangover, with risk of a blood vessel going pop.

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Ted's Chinese New Year sale failed and March the traditionally strong month doesn't seem that great. The last year on year sales figures I saw were for January with the 30% decrease in Auckland.

The one uptick I've seen is few mortgagee sales listed on trademe for Auckland at the end of last year. Now there's a continuous trickle of them. A good time for banks to clear out mortgages in default.

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Do you think Ted is watching his screen? Ready to strike at a moments notice?

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#PricesToFollowSalesVolumesDown

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I think people need to know that there are still buyers out there especially in the high end market. I just received a market update for the suburb of Remuera today, and this includes sales achieved by all major and minor RE companies not just Barfoot.

Average sale price = $3,713,111
Average time on market = 61 days
Average sale price over CV = 46%
$3m+ sales = 50%
$2-$3m sales = 17%
$1-$2m sales = 28%
Up to $1m = 5%

Top 10 sales in the past month:
1) 51 Arney Rd sold $8,250,999 CV $5,200,000 (59% > CV)
2) 93 Benson Rd sold $8,050,000 CV $6,600,000 (22% > CV)
3) 64 Lucerne Rd sold $7,200,000 CV $4,650,000 (55% > CV)
4) 72 Lucerne Rd sold $6,998,000 CV $4,700,000 (49% > CV)
5) 9 Walton St sold $4,880,000 CV $2,040,000 (139% > CV)
6) 55 Portland Rd sold $4,428,000 CV $3,350,000 (32% > CV)
7) 56c Arney Rd sold $4,350,000 CV $4,700,000 (7% CV)
9) 142 Upland Rd sold $3,340,000 CV $1,640,000 (104% > CV)
10) 6 Chatfield Pl sold $2,720,000 CV $1,820,000 (49% > CV)

In my opinion, it is important to know that the Auckland market has its own hot spots and not so hot spots. We should not assume that every suburb is the same in this Auckland market. The above is just an illustration of it. It is healthy to actually debate about this and hear about the viewpoints from the other side of the debating table. I still think it is too early to tell that the market is heading towards a big correction. As Olly Newland pointed out in his interview with Mr Ninness, he doesn't think the bubble has burst.

Note that I am not a RE agent, and I work in the IT field, and I moved to NZL about 30 years ago.

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Thanks for this year information Zach

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Double GZ , you work in the IT field. Awesome. Explain your comment December 3 2015, in relation to the Barfoots article.

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I think you have mistaken me Cowpat. I only just joined this site for the first time about 5 months ago. I have worked in IT since mid-1990's, both in full-time and contract arrangements. Furthermore it is not relevant to this subject so let's not get carried away.

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December 3 2015, Barfoots article at 10.53 First to post Double GZ posts at 10.55. April 5 2016, 10.16 Barfoots article . Double GZ first to post 10.17 . April 12 2016, REINZ article 12.05, Double GZ posts first at 12.05. Your an IT guy , work it out.

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What do you mean Cowpat?

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Cowpat is saying Double-GZ is a Barfoot & Thompson insider stooge

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Two otherguys, wins the summer cowpat. Can be used as a frisbee or trophy, like the real estate awards. Full of shit.

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It is possible that there is more than one DGZ. There have been at least two different spellings of the moniker in the last twelve months. Pretty sure the original didn't have a hyphen. I actually thought the original DGZ had been around for about five years from a comment I vaguely recall over a year ago.
Anyway does it really matter?

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Exactly Zach. Does it really matter? I actually catch public transport to work every morning and I work in the CBD. If I really am a RE agent don't you think I need a car?

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I always believe people when they tell me these sorts of things about themselves. I believe gordon when he says he retired at 50 and likes to drive a fancy car. I believe THE MAN 2 and Narrabeen Boy and HardworkerDoes.(hope she is okay)..It's pretty rude calling people liars all the time and really a rather strange way to carry on.
I appreciate all the information people present and generally follow people's links and ponder their points of view. I don't think I ever get upset about someone else's opinion and I don't care what they call themselves.

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I don't know where all these hatred comes from to be honest,if Auckland is not for you then find another area to explore - NZ is so much bigger than Auckland.
Also I have to say it's also so awfully weird that when we're sharing/exchanging opinion on related topics, people somehow insist that we are the same person. When you're just an ordinary IT worker people think that you must be a RE agent...I feel like I'm being locked up in prison and people expect you to eat anything they feed you, it's so awful.

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I'm playing the worlds smallest violin for the pair of you. You complain of hatred yet you are quite willing to put down other people if they have a different point of view ( especially people who invest in the share market) . I think the pair of you and "The Man" are nothing more than hypocrites. I don't know if you are the same person - I don't care - but your integrity takes a major hit when you complain of "awful" behaviour yet you engage in similar behaviour yourself - kettle pot black.

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I don't recall either me, DGZ or THE MAN putting people down. We only have the greatest respect for our fellow commenters. I think you are a bit confused there, possibly time for a reboot.

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Well you called me foolish for saying the housing market resembled the ponzi finance stage before the Minsky moment.

Robot is operating just fine.

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Look I'm an IT hardware guy, I know about these things, regular reboots are essential for a bumbling bucket of bolts . I very much doubt I specifically called you foolish. I object to referring to the housing market as a ponzi because houses have legitimate yields.

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I’m an electronic design engineer. I know robots, he’s working just fine.
I’ve heard plenty of stories of negatively yielding properties.

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If you borrowed money to buy gold would that be a ponzi? I don't think the true definition of a ponzi scheme is negative yield in the short term. Standard inflation of around 2% is enough to more than cover the negative yield on most rental investments. Just because you have heard there are some investments that are extremely negative doesn't mean the whole market is a ponzi. Many people have positive yield.

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Maybe Zach and DGZ have run into each other in the course of their work, they seem to be in the same sort of thing.

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I think your attacks on my avatar prove my point. If you have to resort to implying that I am thinking incorrectly and saying I need a reboot I must be hitting a nerve ( and I work in ICT as well).

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BadRobot you seem to have no sense of humour! Surely you can see your avatar is a magnet (hehe) for good-natured digs. Maybe you don't know but my namesake was constantly having fun with the Robot in Lost in Space. The interaction was a big part of the show:
https://youtu.be/jfh-YY465HA

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And neither do you it would seem - you are the one who is complaining - the dim witted Dr Smith.

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I have probably made less than 20 comments on interest.co.nz but have been insulted by Zach personally on two occasions. It makes it hard to respect someone's opinion when they act like a douche bag troll constantly. I just assume that he gets a kick out of trolling and ignore it.

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I don't particularly like to comment on people, however, DGZ you're lack or empathy to other people's situations and joy in showing off your wealth puts you offside with some people. You can't then complain about ppl giving you some stick back. Personally I don't care what you say but I can totally see why ppl dont respond well to your comments. If you're in prison, it's a prison you built yourself.

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Eh, I think when you gleefully celebrate home ownership being pushed out of the reach of young and upcoming generations of Kiwis, it's not surprising people start to consider such investors as somewhat of parasites in NZ society, consuming NZ society from the inside out, gradually hollowing out the society.

And especially with no acknowledgement of the role previous generations and governments played in creating the affordable ownership conditions that enabled you to enter the market.

I don't think people hate selfish property investors any more than they hate a bad case of worms haha. They might be disgusted at you celebrating the decline of home ownership chances of others...that's about all.

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Looks like your rates will be doubling. WIN !!

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From where I am sitting a lot of poor quality investment properties coming on the market whilst still good demand for quality higher end (family) homes.

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Here is a blast from the past! I totally wish Tony Alexander hadn't been right about this one! http://www.interest.co.nz/property/63366/bnz-chief-economist-tony-alexa… THREE YEARS! - Still going on four years later! And the same folk are still predicting a catastrophe - house prices have more than doubled in price!
The comments are brilliant!

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Actually we're just commenting on the facts presented in this article. But some try to play the man, not the ball.

How about you stick to the facts blue meanie - is a 36% sales rate good for B&T in March?

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Um? ,,, I thought the article I posted was interesting for two reasons... one, because the same people who are screaming that the bubble is about to pop now, where screaming the same thing four years ago when that article was written by the silly man Tony. The FACT is, house prices have more than doubled in the last four years. Also, someone was "playing the man" Double-GZ,,, usually it's me roughing the pill around the fringes of the scrum, but cowpat was giving him a bit of a 'tickle' in the lineout which I thought was a tad unfair. So, the second interesting point is, our 'Double-GZ' is NOT the same 'doublegz' that appears in the earlier article, which cowpat had insinuated. While that might not be a FACT, it's pretty likely they are different people. Read the comments in that article.
Double-GZ has also pointed out, that some houses in some areas are selling well and way above cv... he is correct in that regard and that is a FACT. So while there have been some really bad sales in the auction rooms, house prices are not crashing... while I'm not as an astute observer as you, and maybe my maths is a little rusty... but if you bought a house for 500k four years ago and the price more than doubled, but has dropped a whopping 7% in the last 6 months, I'm pretty sure that you'll still be ahead of the game... but then maybe not, you might know better... Seriously though, you just only want to see commentators who have exactly the same opinion as you... too bad...
the market has turned and is no longer scorching hot, that looks like a FACT too, but just as I don't know, you don't know what's around the corner... that my friend is also a FACT. But with our government now cuddling up to the PRC for massive infrastructure builds and already we are in negotiations for the PRC to provide the workforce for said infrastructure, all bets are off on whether house price will flatten as Olly said they would... Are my FACTS correct? That wasn't a serious question matey, we both know they are and that's a FACT... peace out!

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...so is 36% a good success rate for B&T auctions in March or not?

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It's very good considering the new rules, tightened Chinese capital outflow and general market sentiment and looming election. Everything is going according to plan as far as I am concerned. I actually want the market to cool a bit believe it or not.
Great comment too blue meanie.

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Very good in what context - please explain? Against 2016 auctions?, 2015 auctions?, 2014 auctions?

How can it be good if in 2015 mid winter B&T were selling 70-90% under the hammer and now they're selling 36% in the busiest month?

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Good in the sense that the market is not red hot but houses are still selling. 70 - 90% selling under the hammer in mid winter is an anomaly. Failing to sell at auction is no big deal, just put a price on it and negotiate a sale. All the marketing has already been done.
We don't want houses shooting up 15-20%every year as that is unsustainable.

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Yes houses are still selling in the good areas, but much slower, and stock is rising fast. The fact is the market has changed, as the article discloses.

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Churr Zach... it's all about clear heads. Just because one sees something happening, doesn't necessarily mean they support it. 'Tis kinda like a street mugging... I'll see it, respond to it as best I can... but will never walk away with my hands over my eyes, yelling "there is no crime in NZ! There is no crime!" And because crime statistics are down 7%, scream "crime is over!"

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My reply was to Triple. I just thought I'd compliment your comment in the spirit of being positive and inclusive. Just because I say great comment doesn't mean I agree with it.

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Yes it is a great comment, and thank you for standing up for me from time to time blue meanie and ZS. I know I can be perceived as cold-blooded and someone who always puts people down but I am not like that at all in real life, maybe it's something to do with my English. I am happy to learn to tone down and show more empathy to those who are less fortunate than myself. Thank you.
P.s. Zach I stumbled across this gem today...have a look https://youtu.be/0LI1QndIIfk

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Sorry mate. Guess I'm like Double-GZ ( as he said in his comment below) and can't express myself as well as I think I can. What I meant was, thank you. Also, just because I observe things, doesn't mean I support them... like the ever increasing Auckland house prices... see them, don't like them, but know they are there... phew...

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..

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Depends on who... the seller... probably not. A first time buyer watching the market? For them, probably a promising sign...

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Really saddened by all the racism in the comments on the 2013 Tony Alexander article. And note that no one with an Asian profile name seems to comment on interest.co.nz anymore.

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That's one of the points I was subtly trying to make GingerNinja! Seems if you disagree with someone, you can't do it over a polite conversation anymore.

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Wow that article really brought the ugly side out of 'everyone' LOL
So where are all these people now?
xingmowang, Christov, Matt in Auck, iconoclast, doublegz, BigDaddy, Chairman Moa

Does anyone know why they have disappeared?

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What?!?!? Double-GZ is asking where doublegz is? Did you forget to use another alias?

You do know we can easily track you by your IP address, right? Oh of course you do, you're in IT..

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Matt in Auck moved to Adelaide. Smart guy, professional architect if I recall right.

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BigDaddy is still about.

Don't forget that charming Your Landlord.

xingmowang's loyalties lay else where me thinks.

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Zachary Smith, I totally agree with your comments.
Ridiculous when people call other people liars just because they haven't done what someone else has.
They seem to want the property market to crash just because they haven't invested in the market.
If investors want to invest in property that is their business and it is our perogative to comment accordingly as that is what I thought Interest.co is all about?
As for people calling THE MAN a liar, everything I say is gospel.
The challenge I have made to Gordon or anyone is still there but no one has taken it up.

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Get more positive The Boy. I really miss your old ways. Although I can understand your anger when one looks at what is happening to your city.

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Two things

" everything I say is gospel" - my god that is arrogant - I think you have a serious case of " legend in your mind" syndrome and secondly - who put you on a pedestal.

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BadRobot, "gospel" is simply Kiwi idiom for "the truth" and THE MAN 2 is simply stating that all he has written about his personal circumstances has been honest and heartfelt. Christians often refer to the Gospel story as The Truth. I was brought up in a sect where this was constantly reiterated as a form of brain-washing. Usually people say, "the gospel truth" but TM2 shortened it for brevity. Also not capitalizing it keeps it in the secular domain. TM2 will always be a legend thanks to gordon. I think we should preserve idiom as cultural artifacts in the spirit of multi-culturalism.

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Yes multi-culturalism is something we should celebrate not reject.

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Yes, as long as we all get a fair suck of the sav.

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WTF - how does this relate to multiculturalism at all. It seems like try and deflect any criticism at any cost.

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Kiwi folkways.
Folkways, in sociology, are norms for routine or casual interaction. This includes ideas about appropriate greetings and proper dress in different situations. In short, mores "distinguish the difference between right and wrong, while folkways draw a line between right and rude.
Different cultures should study and appreciate the folkways of their host country. People like yourself shouldn't violate them. THE MAN 2 is totally upfront.

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"People like yourself shouldn't violate them" - why?

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What a load of bollocks. Sorry I don't think that is what he is saying at all. I think he is saying that he should be believed and everything else is a lie - even if proven wrong. I think you are trying to justify a very poor choice of words.

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THE MAN 2 should perhaps comment. I'm pretty sure he would agree with my analysis of the use of the term.

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As another native Kiwi, I'd suggest it also sounds tongue-in-cheek, said with a certain level of irony.

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Saying, it's the gospel truth is similar to saying, I swear on my mother's grave. It's meant to imply a certain gravity to the claim as if one will be struck down if it is not true although we all know that won't happen. It's a major folkway violation if it is actually a lie. Can't believe I am having to explain this really.

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I don't think you really understand. TM2 made a statement that "everything I say is gospel" - I'm just challenging that statement as being arrogant.

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You're taking it too literally.

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While I am taking him literally, if I can't take him literally how can I trust anything he says........

EDIT

Above you wrote

"I always believe people when they tell me these sorts of things about themselves" - so it is OK for you to believe what people write themselves but not me - hmmmm this seems like hypocrisy to me.

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Yeah, that's why I suggested it was partly tongue in cheek / said ironically. Most Kiwis genuinely know they're a bit full of crap.

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The thing is I don't think it was tongue in cheek - I think he really believes it.

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A lot of younger people want the market to crash so that they have a chance to buy without being saddled with a huge amount of debt for the next 30 years. The market crashing would likely cause big problems in the economy and the destruction of a lot of wealth but for these people who see themselves having slim to no hope of owning their own place why do they care? It's difficult to have any sympathy for you/DGZ (I would add ZS in here to but he seems to be much more moderate of late) spouting on about how things are only going upwards when a huge number of young people are just seeing the goal posts move further and further away (both from them and any kind of historic fundamentals). The air of superiority that pervades a lot of your comments is too much for some people. Look at it this way, if you own 4 or 5 rental places then that's 4-5 families that don't own their own home (and all the benefits that entails). Now apply that across the whole country and it's a pretty sad state of affairs.

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We all have our own agendas Risky. Personally, I'd love to see the market slide 52%. But I understand why The Man, Zach Q and 2xGZ want to keep it bubbling... we all have our own vested interests... thank you Interest.co.nz for allowing us to have this debate. It feels good to be trusted as a grownup and not be blocked because some candy floss snowflake, has a different opinion to the world and so wants to ban all other opinions!

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Sounds a little God complex-y there, THE MAN. You might want to tone down on the grandiosity and hubris.

People want the property market to crash so they have a better shot at owning an affordable home. They've seen how obscene house prices are in New Zealand now, how property speculation is favoured over all other investment vehicles, how housing is now treated as a business transaction instead of a home and how Generation Y and onward and becoming serfs in their own country. It's not difficult to understand, especially when housing investors have the attitude of "I'm fine, all you others can get stuffed" like you do.

Also, did you get a free ride via cash or equity from your parents/in-laws for your first properties? Or did you save up and buy your first house when the house price to income ratio was 3:1?

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The man 2,

I too think that a lot of comments cross the line and I don't exempt myself from that criticism. I am going to try and be more measured in my comments/criticisms from now on.
Out of curiosity,just what is the nature of your challenge?

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I have a rule now not to hit save if I find myself laughing at my own comment.

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Linklater, the challenge originally for Gordon but now for anyone is for 100k.
If I can prove to Interest.co that everything in regards to my financial position in regards to rental and income plus investments is true then that person who accepted my challenge pays up 100k.
If I can't prove it to them then I will pay up 100k, easy as that!
I await Gordon to take up my challenge as he is the one that calls me a liar and a fraud, however if anyone else is up for it so be it!

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I have an alternative proposal: I'll buy the two of you a night in a cheap motel during which you can kiss and make up.

Better for all concerned, methinks.

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ROTFL

and shame on you I can't get that disturbing image out of my mind.

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Some kind of cage-fight, perhaps. I volunteer to be the guy who runs out of the audience and hits somebody with a chair. Then they can shut up forever.

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Count me in! Count me in!!!!!! Fight! Fight! Fight! Though in all seriousness, it'll be like Tana Umanga's "hand bags at dawn..."
http://nzh.tw/10384002

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dp but laughing out loud!

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I for one would be very glad if "Da Man" and "Gordon" would take their one on one cracks at each other elsewhere......its done its race. Let it go....

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Investing in houses has been a bad deal ever since every man and his dog discovered how to negatively gear and get in on the game. THe housing market is now so top heavy with specuvestors that the real long term investors have already sold out in the past 18 months just before the peak of the market and it is now declining faster, as the stats show. Governments are ReACTIVE and not PROactive and John Key was right to warn that house prices are finite in our current economic environment, but the people just hear what they want to believe in. The cheap money bandwagon has lost its wheels and the tradies have already priced in their fixit deals. The party is over, except for a few drunken hangers on who are still drinking their cheap wine.

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