A small number offered at the latest apartment auctions - buyers were active but remain cautious on price

A small number offered at the latest apartment auctions - buyers were active but remain cautious on price
The interior of a two bedroom unit in the Alpha building that sold for $490,000.

There were just eight apartments on offer at this week's main Auckland apartment auctions, and although buyers were about they were generally cautious in their bidding.

City Sales was first out of the blocks with three apartments on offer, one in the Aura building on Cook Street, another in The Quadrant building near the High Court, and the third in the CityZone building off the top end of Queen St.

Buyers were unusually shy when it came to making opening bids, forcing the auctioneer to open the proceedings on all three apartments with vendor bids, but that then encouraged other bidders out of the woodwork with multiple bids received on The Quadrant and CityZone units and a single bid on the Aura unit. But only The Quadrant unit was sold under the hammer.

Barfoot & Thompson also had three units on offer, all of them good quality units that would usually appeal to owner-occupiers, and there was particularly strong bidding for a one bedroom apartment in the Shortland Apartments building at the top end of Shortland St which sold under the hammer.

A unit in the Eclipse building on Vincent St attracted multiple bids, but was passed in. There were no bids for a unit in the Connaught building on Waterloo Quadrant.

Two units were offered at Ray White City Apartments' auction and both attracted multiple bids.

A unit in the Alpha building on Vogel Land was sold under the hammer and although there were multiple bidders for a huge 100 square metre, one bedroom apartment in The Hobson building, it was passed in for sale by negotiation.

Further details of all the properties offered and the selling prices of those that sold are available on our Residential Auction Results page.

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14 Comments

Poor thing. Please buy something,anything,people!

I noticed that the few appatments that had sold we're way, way below the million mark. Looks like buyers are only willing to pay more realistic prices.

Correct CJ099. Also related, the prices paid are probably the most the banks are willing to lend since it's only local buyers in the market now.

Thanks Rich, it will be really interesting to see how prices and sales numbers pan out by September. ;)

Or investors are waking up and getting back to basics buying on yield if LTCG is not a given

10
up

The auctions show how resilient the Auckland market is . Especially this time of year when it is mid winter and sometimes raining. 38 percent is better than 62 percent. It shows how strong the sellers are. The demand is strong and medium forecasts are strong for the international cities of Auckland ( which is also a global city)and Wellington due to demographics and shortages.I have seen the shortages. Smart sellers are now removing their properties until spring when my real estate friends tell me pent up demand will be pent up . For all those doomsayers , these significant samples show how everyone wants Auckland real estate and prices always go up.The numbers of people that now rent in Auckland show how pent up the demand will be in spring or after the election or the Americas cup. My mortgage broker friends tell me demand is very strong from couples returning from overseas with no children , and incomes above 200K and wishing to take on 900-1 million in credit especially on interest only terms and using the bank of Ma and Pa to top it up, and from investors happy to pay the tenant to rent their properties and fudge their details to the bank slightly. Below these levels of income my mortgage broker friends suggest eating baked beans if you wish to obtain an Auckland property and repay the debt before 2100.

" 38 percent is better than 62 percent ". I love your sarcasm Cowpat, very funny. :)

Cowpat my neighbour hope you are well and i'll see you out and about this weekend at the village!

What's your average yields on your property portfolio dgz?

Around 4% what about yours?

Ditto.

I don't get anywhere near your capitol growth but I'm averaging 8.3 yields.would love your growth but am too conservative to risk it.

Glad to see my chosen building "Alpha" is performing well. Also noted in the NZ Herald today they promoted an app that shows a renter the cost of commuting based on suburb and net household income. Makes me want to live in my own investments when you consider the cost of parking, time stuck in traffic, cost of fuel, imminent toll charges etc etc... :-) Time to get back to basics and buy for yield and consider any LTCG as a bonus...

A draw!!!!!!!!!extra time thank you very much!!!!that's as bad as losing!!!!

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