There wasn't a lot to choose from at the latest apartment auctions but half were sold under the hammer

There wasn't a lot to choose from at the latest apartment auctions but half were sold under the hammer
This studio in the Sebel Hotel sold for $145,000.

There wasn't a lot of action at the main Auckland apartment auction rooms this week, with just six apartments on offer and comparatively small turnouts by prospective bidders.

At Barfoot & Thompson's Shortland St auction rooms three apartments were on offer, one a larger more upmarket apartment in the Sugar Tree Prima building at the top of Union St, another in the Four Seasons building in Emily Place and the third in a building on Hobson St that requires remediation work to be done.

Things got off to a fine start with competitive bidding from several prospective buyers for the Sugar Tree apartment which sold under the hammer, but the remaining two were passed in without receiving a single bid.

Ray White City Apartments also had three apartments on offer at their regular Thursday auction (which will be postponed to Friday next week because of the welcome home parade for Emirates Team New Zealand and the America's Cup on Thursday).

There were multiple bidders for a leasehold studio unit in the Sebel Hotel on Customs St West and for a unit in the Princeton building on Symonds St and both sold under the hammer, but there were no bids for a studio in the Bankside Apartments building in Bankside St and it was passed in for sale by negotiation.

The full results with the prices achieved for the units that sold, are available on our Residential Auction Results page.

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A reasonable outcome for mid-winter, post-boom and the General Election just 12 weeks away.

It shows that Auckland property is still selling. Auction clearance rates are typically around 30-50 per cent.

The dip in Auckland prices has been very slight overall - with some localities still registering price gains.

In fact, the Auckland housing market is proving more resilient than some people here seem prepared to acknowledge.

A nice piece of revisionist history. The boom times had 100% clearance rates.

That is not true. I attended many auctions during the boom times and many properties were passed in and some, believe it or not, with no bids.

I think you're exaggerating if not straight out lying.

Who is likely to be right, someone who writes that auctions had 100% clearance rates or someone that writes that properties still passed in and some had no bids? I went to a lot of auctions at B&T Shortland St and some on site to gather information to post on this website about the market trend. Maybe someone can back me up or shoot me down who was actually there.

Dictator said there were 100% (which there were) NOT they were all 100% clearance rates.

Yes and it was noted as being exceptional. Not, yawn, another 100% clearance rate.

Oh I see a meaningless comment then? Didn't we have a 100% clearance rate the other day?

Yes, your comment was meaningless.

But its ok, there seems to be a lot of meaningless comments around here. Just like the original "In fact, the Auckland housing market is proving more resilient than some people here seem prepared to acknowledge"

Its all meaningless. The property market is slowing and no amount of wishful thinking is going to stop it. Not Chinese new year, not public holidays and not the election.

TKO!!! Comment of the day goes to Grendel

I wasn't going to comment on this but I will now. Grendel's comment is ludicrous. If "it's all meaningless" then Grendel's and Dictator's comments are meaningless too. So I'm right!

Anyway a market can be both "slowing" and "resilient". Going by the prices that houses are getting currently many of us are truly of the opinion that "the Auckland housing market is proving more resilient" than many anticipated. This doesn't mean we think the market is hot. However TradeMe listings for Auckland are down to 10,198 this morning and have been consistently falling over the last couple of months. There appears to be no sign of widespread offloading of investment properties. The Auckland market, or should I say Auckland property owners, are resilient, no doubt about it.

I disagree

"Auckland's average price down by $73,639 since February"

A 7.5% fall in asking price in 4 month doesn't sounds resilient to me.

Excuse me that was the "ASKING price" not the real average. The majority of the listings have no asking price just FYI.

An interesting and possibly more useful statistic would be the change in number of properties with an asking price. Cowpat should add that to her list.

For those new here, Zachary and DGZ are the same person.

Not sure what your getting at, I said 'asking price' in my comment.

But you have a good point. With so few listings showing an asking price in the first place the drop must be even BIGGER!

Well spotted DoubleZach I have to agree that market looks really weak at the moment.

In fact, the Auckland housing market is proving more resilient than some people here seem prepared to acknowledge.

And that the conclusion from a handful of auctions.

Hi J.C.

You write: "And that the conclusion from a handful of auctions."

No. That's the percentage range reported consistently in since February 2017.

Month of June Auckland 295 sold at auction 36 percent. 64 percent failure rate

Yes it's quite a contrast to last years sales figures, I had a quick look down memory lane at last years articles, this one highlights the Auckland's sales in April last year.

Quote: Barfoots sold 944 homes in April, well down from the 1341 it sold in February and down 126, or 12%, from the 1070 it sold in April last year.

Interest Article: May 04, 2016
Prices remain high but the number of sales and new listings are falling rapidly as the market prepares for the winter slowdown

Can election uncertainty really be one of the causes for this weakness or is it really debt fueled buyers remorse leading to an increase in winter time listings? There is no way I would list in the middle of any winter! A fresh round of spring listings is just around the corner and so are the good times - right :/

It's not the election there's a lot of people that don't qualify for mortgage lending from banks. Whatever amount they are capped to is all they can pay. How many people in Auckland can actually borrow $600k to $800k on their income?

The upcoming election will have an impact but there is a major credit crunch happening now which is having the biggest impact on the market. The boom is over and the banks know it.

anyone have an idea of tyhe clearance rates this time of the year before the last election?

I cant remember it being this dire

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