Exactly half the apartments offered at this week's main Auckland apartment auctions were sold under the hammer.
At City Sales' auction on Wednesday two apartments were offered, a smaller, two bedroom unit on Hobson St that went for $353,000 and a larger unit with a double garage in Grey Lynn that would have appealed to owner-occupiers but was passed in.
A small commercial unit on Victoria St West, which had a nail and beauty clinic as its tenant, was also offered, selling for $450,000.
At Barfoot & Thompson's auction on Thursday six apartments were offered and there was strong bidding on three them, with two selling under the hammer and one being passed in.
But there were no bids on any of the other three and all were passed in.
There was also very competitive bidding for a 201 square metre retail premises in Panmure, which was offered at the same auction.
It had been divided into two shops, one of which was tenanted and the entire package sold under the hammer for $645,000.
Ray White City Apartments continued its recent run of successful auctions on Thursday afternoon, offering two apartments and selling both under the hammer after some spirited bidding.
You can see the full results from all three auctions, with the individual prices achieved on all of the properties that sold and details of those that didn't, on our Auction Results page.
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8 Comments
Where are you Zach? Talking about property auctions, I have a few sales to report.
These are the sales that have been achieved literally in the last 24-48 hours.
1. 54 Portland Rd - Remember we talked about how steep it is below the road? It is finally sold and I'm guessing around the asking price of $2m.
http://rwremuera.co.nz/auckland/remuera/54-portland-road-11096916/
2. 42 Bassett Rd - Sold under the hammer yesterday for $3.05m.
https://www.bayleys.co.nz/Listing/Auckland/Auckland/Remuera/1751085
3. 1H George St - Sold under the hammer just this afternoon for $2.4m.
https://www.bayleys.co.nz/Listing/Auckland/Auckland/Newmarket/1751090
4. 77A Bell Rd - Sold just today for around $1.7m asking price.
http://rwremuera.co.nz/auckland/remuera/77a-bell-road-10292277/
5. 4/45 Abbotts Way - Sold today for around $700,000
http://rwremuera.co.nz/auckland/remuera/445-abbotts-way-11123715/
Just walked around the block and spotted another sold sign. Sold on auction day. Old house on 1000sqm section which has high demand.
The Abbotts Way property looks like a good buy. Places like this have people queuing up to rent them.
I was just looking at what you can rent a house for in Puhoi and the rent is quite high. Something I noticed about Papakura as well. It seems that places far from the centre are not much cheaper to rent which is interesting.
*TradeMe listings for Auckland down to 11013. A drop of about 50 since a couple of days ago.
There will be sold signs popping up despite the slow-going at present, especially in our zone.
Funny you said that Zach, I have always thought Abbotts Way is a very popular street especially for the renters. Thinking about it now it makes perfect sense since they have the convenience of Lunn Ave shops and Upland Rd shops, depending on which end you live, as well as access to public transport and motorway. It is definitely a good buy, in fact I think it went for $680,000!!
I pick Puhoi as my next target purely because I know someone there who can look after the property for me, and I am not planning to use a PM for this one, so am saving some money. The high rent is a bonus really, but not too overly major for me as I am in it for the long haul. Just heard from my accountant about my upcoming tax return ...very happy :-)
Makes me wonder why so many vendors are still selling via actions. Nothing is selling, is it not better to decide on a price and market it so more people show interest. The RE agents are still pushing auctions knowing houses are not selling. I am told that is where they make money forcing vendors to spend big bucks on advertising packages and also pocket the auctioner fee even when the house does not sell. My advice buyer beware do your building inspections and due diligence before you buy dont bother with auctions. With the crap out there for sale dont jump in and get stuck with an overpriced lemon. It will only end in heartache.
You are correct in the fact that Real Estate Agents push for Auction because they pocket a minimum of $2000 regardless of whether the property sells or not. Prospective buyers are no longer attending auctions due to our Banks reluctance to offer home buyers pre-purchase certificates because even they know prices are tanking in Auckland! The "Credit Crunch" is real and it is election year. I wouldn't touch the Auckland market with a barge pole right now and the stats coming out of the RBNZ website on debt to income ratios and the fact that lending in the Auckland area has been dropping significantly over the past 4-5 months proves that the market is tapped out to full capacity. The off-shore speculators have already left months ago. They only buy in a rising market!
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