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Everything was passed in at Barfoot & Thompson's apartment auction this week, while 100% sold under the hammer up the road at Ray White City Apartments

Property
Everything was passed in at Barfoot & Thompson's apartment auction this week, while 100% sold under the hammer up the road at Ray White City Apartments

It was a game if two halves at this week's main Auckland apartment auctions, held in unseasonably warm and sunny conditions on the first day of winter.

First on to the field was Barfoot & Thompson, with three apartments on offer at their Shortland Street rooms in Auckland's CBD.

All three were upmarket offerings in recently completed complexes and were the type of apartments likely to appeal to owner-occupiers, particularly young professionals or retired folk looking to sell a family home in the suburbs and move into a city apartment.

Over the last few months these types of apartment have tended to fare a bit better at auction than the smaller units popular with investors, but at this auction the bids were thin on the ground.

The first apartment offered was a two bedroom/two bathroom unit in the Sugar Tree complex on Union St and it was passed in without receiving a single bid.

The other two both had just one bidder each and their bids were not high enough to get either of them across the line and they were both passed in.

The second half was a livelier affair played out at Ray White City Apartments' rooms on Lorne Street, where another three apartments were on offer.

Two were studios, one in the upmarket Precinct Residences building on Lorne St, and the third unit was standard investor fare, a two bedroom unit in the Zest building on Nelson St.

All three attracted competitive bids from multiple potential purchasers and all three were sold under the hammer, to cheers from the appreciative crowd on the sidelines.

Check out the full results from both auctions, with the prices achieved on the properties that sold and the details of the properties that didn't, on our Auction Results page.

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29 Comments

A 50 per cent clearance rate over 6 apartments auctioned is clearly a reasonable outcome.

But no doubt some here will wish to cast a negative spell over the matter....

I can feel them coming!

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I won't say anything negative about the clearance rate. Please proceed with your pump and dump spiel.

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Yep - spin it how you want Mr RE guy.......a whole 3 apartments sold. Whoop de doo.......................

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A 50 per cent clearance rate over 6 apartments auctioned is clearly a reasonable outcome.

A sample size of 6 is meaningless for any analysis. High school statistics.

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Three apartments sold that's hardly a massive amount is it, I'd call it rather pathetic.
Also noticed that some properties are only just squeaking past their CV value on the auction results.

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.

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I knew it wouldn't take long for 'em to show up. Hehe

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.. perhaps we should ask a statistician or the Roy Morgan group as the whether a sample size of 6 can give an accurate depiction of Orc Land property investors' behavior ....

Ha de haaaaaaaa !

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Who needs a fidget spinner..when we have this "50 per cent clearance rate over 6 apartments"..

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"sold under the hammer, to cheers from the appreciative crowd on the sidelines."

This is a firsthand account of NZ switching to a new national sport:
http://www.stuff.co.nz/sport/rugby/super-rugby/10164253/Crowds-lag-as-S…

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Just sold at auction tonight. Six registered bidders fought hard to own 82 Upland Road Remuera. Sale price $3,756,000.
http://rwremuera.co.nz/auckland/remuera/82-upland-road-10259183/

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Unsurprising.

Don't underestimate Auckland.

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Im not sure Ive driven around Auckland a lot and I never noticed Remuera being Auckland.

There is money in Remuera, but normally people with money like being wise with their money, thats how they made money. But you can also get people who have bought money from overseas.

I think thats a nice house for $3.3 better then some from Remmers I have seen posted on here. At least its not 700K for a house in Otara.

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That is a good price, well above the homes.co.nz high figure. It is amazing how many people there are out there that can afford these types of houses.

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There's plenty of "old money" in Auckland. Always has been.

That's partly why the market proves resilient - even after a lengthy upswing in the cycle.

Auckland's more robust than some people here give it credit for......

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'Old money' is classy. You are not from old money.

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Hi blue meanie,

You are certainly correct about that.

I'm from the new-age poor and squalid.

My parents were in iron and steel: my mother did the ironing and my father did the steeling.

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Hey I see you're following in your fathers footsteps by being an RE. ;)

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Auckland's more robust than some people here give it credit for......

I think it's more that Auckland's robust because plenty of people get credit to make it so!

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double Zach. Back to your old gloating ways. Leopards don't change their spots.

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Never realised a traffic c-f was worth soooo much :)

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There are plenty of wealthy people, places like Mt Eden, Remuera, Herne Bay are well sort after no matter what the market conditions are. These are not the type of people that will be too effected when the squeeze comes on.

Keep an eye out for Waitakere, North Shore & Manukau, thats my bet for a few bargains in the not too distant future

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He he those paper castles won't last long in the price wars haven't you noticed the auction results. It's the Mt Eden, Remuera, Herne Bay's that are being passed in. Keep dreaming though.

No kidding take a look at the auction link.

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Those that pass in sell not long after.

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Yeah I'm not convinced Zachary. I had look through the homes sales advertising magazine recently, and Hardcourts proclaimed in on of their ads that they have on average a 55% auction success rate with 6% additional clearance after auction negotiations. And from what we're witnessing from the auction results presented regularly on this site we all know that Hardcourts have grossly exaggerated their success.

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db

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Trade Me Auckland 159 price reduced, 10 mortgagee, 12 desperate, 207 must sell, 169 urgent, 18 reluctant,1 divorce. The latter unfortunately will increase in the coming months.

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Trouble is we didn't do these types of checks when the market was hotter so it doesn't mean much. Ten mortgagee sales is very low and the rest is just marketing hype.

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Yeah but we can track these phrases and sentiments week to week, month to month from now on. And it might help to get a feel for market sentiment. If those figures don't change or reduce, then perhaps sentiment is unchanged. If these numbers increase, sentiment is worsening.

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