Less than a third sold under the hammer at the main Auckland apartment auctions

Less than a third sold under the hammer at the main Auckland apartment auctions
This 75 sqm leasehold apartment in the Scene Two building on Beach Rd sold for $201,000.

Things were a bit quieter at the main Auckland apartment auctions this week, with less than a third of the properties on offer selling under the hammer.

First off the blocks was City Sales where three apartments were offered. The first was a two bedroom shoebox (37 square metres) in the Harvard building on Hobson St, which received multiple bids but none that was enough to clinch a deal and it was passed in with a highest bid of $342,500. Next was a two bedroom unit (48 square metres) in Eden Terrace, which as passed in after receiving a single bid of $460,000.

That left a three bedroom unit with two bathrooms, wrap around decks and a car park in the Peaks building opposite Sky City on Victoria St West.

With 134 square metres of floor space, it was definitely at the upper end of the market and it sold under the hammer for $1.14 million.

Barfoot & Thompson had a full line up of six units at its regular apartment auction, of which two were sold under the hammer, one had its auction date postponed and the remaining three were passed in for sale by negotiation.

At Ray White City Apartments, seven apartments were offered but only two were sold under the hammer, which was one of the lowest clearance rates they've had for some time.

So overall, 16 apartments were marketed for auction, of which five were sold under the hammer, one was postponed and nine were passed in for sale by negotiation.

The full results of all three auctions, with the prices achieved on the apartments that sold, are available on our Auction Results page.

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31.25% clearance rate

but earlier this year, Ted Stanton said the Chinese were going to come back and the market will take off again.. guess he was wrong

"by Ted Stanton | Mon, 16/01/2017 - 15:23

February after the Chinese new year the market will take off again. In the mean time houses have sat on the market since October because of the Major Banks restricions on lending to their loyal and potential customers including Developers, Builders and the average family home owner with children and a mortgage to service." http://www.interest.co.nz/business/85504/bnz-appoints-new-head-retail-ba...

Whenever someone tries to create a sense of urgency they are trying to get people react and buy without thinking. His imaginary buyers never appeared. Chinese New Year was nice but it didn't mark the end of the capital controls.

What I find more interesting is the bids for the apartments that were passed in were not absurdly low. It shows there are still unrealistic reserves being set in the auctions.

The current excuse is the election isn't it? Before that we had bad weather and public holidays.

Spring selling season is going to be interesting this year. With so many houses already listed will we see another jump listing like we normally do?

Yes and then we have the latest news from David's morning article highlighting that China is going to clamp down on capital out flows even further:

Quote: "In China, their Banking Regulatory Commission is conducting a sweeping review of the borrowings of some of the country’s top overseas deal makers, in one of the most forceful attempts yet to get a grip on runaway debt".

Me thinks the Auckland property market is going to steadily decline for quite some time.

oh

There's nothing remarkable about this item. It reports a situation broadly in keeping with the market trend for the Auckland housing market over the last few months. Greg Ninness publishes items like the above every few days - and they've all been "much of a muchness" for quite a long time now. No big surprises today. But that's fine - Greg is still doing his job well.

What is remarkable is the level of interest that mundane items like the above attract. So fixated are people with the Auckland housing market that humdrum/un-newsworthy items like the above notoriously attract a large number of readers and comments. Of course, everyone's welcome to contribute and so they should if they wish to do so.

What it all suggests is that underlying interest in the Auckland housing market is running high, even following the major upswing of 2014-16. Plenty of people (including investors) remain keen to buy houses if they possibly can.......

Every woman and her dog wants a slice of the action. What's new?

1. Not many comments on this article, and you're one of the most reliable to comment on a property related article so I'm not sure why you have a problem with other people joining in.
2. I have no plans to buy a house in Auckland regardless of what happens to prices there (within reason), but I find it fascinating at the moment in the same way as watching a car spin out. Will it crash? Will it come right? Who knows!

Hi mfd,

You state, "Not many comments on this article, and you're one of the most reliable to comment on a property related article so I'm not sure why you have a problem with other people joining in."

Please read the last sentence in the second paragraph of my post above.

I have absolutely no problem with people joining in. I wholeheartedly support people making contributions here - provided they are fair comment!

To the point IS Ted ... not that hard for an eager RE agent to create a new identity on Interest.co that coincides with Ted being removed.

Toothypointy , why do you continuously edit your comments , whether to move your own goalposts or add additional material after another comment within the same stream , you simply shoot yourself in the foot. The purpose of the editing tool is given for other reasons.

As cowpat helpfully points out, you added that after my comment. Not sure what the point of your post is then, is it just a different approach to ramping the market?

Hi mfd,

Just to be clear, I never read your comment until after I had finished proofing/editing my post.

I always check my posts a second time and sometimes amend/clarify what I've written. But even without the final editing, there is absolutely nothing I stated (or have ever stated here) to suggest that I would discourage people from contributing (fair) comments.

Your suggestion that I would discourage people from making contributions ("joining in") is incorrect and does not stand up to scrutiny!

There is a 'preview' button if you'd like a second check so the rest of us don't have to read your drafts. My main point is that your claim that comments = people wanting to buy simply isn't true. Some are just interested bystanders, others are empathetic toward those adversely affected by the current bubble. Some people devote time and attention to subjects which do not directly affect their material wealth.

Hi mfd,

Sorry - but again you mislead!

I wrote above, "Plenty of people (including investors) remain keen to buy houses if they possibly can......."

And that is absolutely true. There are plenty of people who want to buy property in Auckland (and elsewhere) as evidenced by the fact that houses are still selling and people are still attending open homes etc with the intention of making a purchase. There's nothing wrong with that - people are free to do so!

I have never disputed, however, that there are others who are interested bystanders; who have left the market after becoming disaffected by rising prices; who are more interested in non-material things etc, etc, etc. That's perfectly obvious to all. Again, people are free to do as they wish. (In fact, some of those things apply to me.)

No totally disagree with you Tothepoint. Greg is right to track the property market and in particular Auckland since it has been the main driver for most of NZ house hold debt.

Keep up the good work Greg, the more we can see what is actually happening the better informed we are to make big financial commitments. :)

I think a lot of New Zealanders are interested in the Auckland property market as it has the power to bring NZ to its knees if its bubble bursts quickly, and its recent boom has been a major driver in inequality and hardship in NZ.

There are a few who for some reason post sold houses and their prices in these comments, but they really are in the minority and I am sure most others are like me skip quickly past those discussions. zzzz.

The story above shows that less people are buying houses in Auckland, and the market is slowing. No matter what you try and tell yourself.

Not every comment will be interesting to everyone however sales that reach eye watering levels are of interest and relevant in articles about house sales. Also sales that are spectacularly low would be of interest too however they are few and far between.

Hi CJ099,

I have no problem with Greg Ninness's items. They are always nicely presented.

As I said in my first post above, "Greg is still doing his job well.".

Monitoring the market is always worthwhile - even when there's not much that's particularly newsworthy/remarkable.

Monitoring the market is always worthwhile - even when there's not much that's particularly newsworthy/remarkable.

Statistically, you're not monitoring anything as the sample sizes are too small for any meaningful analysis. That in itself is an insight into the current state of the market.

Larger markets like Wellington and Auckland are fine in aggregate. Statistical significance is not a problem with analysis at current sales volumes.

Nonsense, A total of 16 apartments were sold in the report above. The sample size is <30 so what statistical significance can you see from it? Zero. Best you revise basic statistical method.

Nonsense, A total of 16 apartments were sold in the report above. The sample size is <30 so what statistical significance can you see from it? Zero. Best you revise basic statistical method.

Sorry - but (obviously) I'm meaning in the general sense.

I'm not referring to situations where there are 16 (or 6) sales!

The strategy to tax "greedy" boomers off their central Auckland single home properties and build apartments will need solid sales of existing apartments to make any financial sense to developers. I'm not seeing it any decade soon based on this market.