Grey Lynn warehouse converted to residential use sells for $1.45 million

This Grey Lynn warehouseconverted to residential use sold for $1.45m. See below for interior photos.

There would have been a few Champagne corks popping after Bayleys' latest Auckland residential auctions, with sales achieved on two thirds of the homes offered, although the number of homes being auctioned remains low.

Of the 15 Auckland homes Bayleys auctioned 10 were sold, giving a sales clearance rate of 67%.

Although there wasn't a lot on offer they were well spread throughout the region, from Waimauku in the north to Patumahoe in the south.

Prices ranged from $730,000 for a three bedroom character house on a 1530 square metre section at Waimauku to $1,620,000 for a three bedroom penthouse apartment in the CBD.

One of the more unusual properties offered was a Grey Lynn warehouse which had been converted to residential use (pictured at right, with more photos below) which fetched $1.45 million.

Other sales included properties in Glendene, Milford, Devonport, Howick and Royal Oak.

You can see the results with photos and details of all the properties offered, on our Residential Auction Results page.

Below: Interior photos of the Grey Lynn warehouse that sold for $1.45 million.

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12 Comments

Wow! So no one is buying properties?

I just "analysed" 14 of the recent Auckland sales. All standard , unproblematic, properties with a total CV of 11.310M. The total sales figure of 16.918M revealing an average sale price above CV of 49%.

This has surprised even me. I tentatively conclude that the market has turned.....in the upward direction!

Buy now is my advice.

Street CV Sold

Church 750 1040
Trafalgar 600 853
Glendene 570 1032
Wiamauku 520 730
Wellington 530 800
O'HALLORHAN 960 1440
EVERSLEIGH 1250 1925
GLENCOE 1100 1520
TILDEN 690 1025
HORORATA 1425 2215
LYNN 590 830
ABERCROMBIE 760 1118
Liberty 1025 1550
Taylor 540 840

I agree, Zachary.

One has to be very careful in interpreting what's said in the media.

For sure, there are a lot of gloom and doom pundits around - many of them disaffected and malcontent.

In reality, there's a very active and buoyant market for well-located property - particularly in Auckland and Wellington.

I'll wager that the housing market in 2018 will pick up in buoyancy - more so than plenty of commentators here would dare believe.

And if Labour gets in, price increases will likely be greater....... with its fiscal imprudence.

TP

Did you guys actually read this article? They sold 10 houses..

Sentinel, close to 1600 houses sold in Auckland last month. With the auction results here we have a sample we can analyze and compare with CV values. The result is pretty amazing considering the bad press of late.

Auckland is buzzing tonight. Diwali, tourists, Matilda, Alison Moyet. Can't get seats at restaurants. If the market is on the edge of the precipice, the people I'm seeing don't seem worried. It's great to live in a big city. Inner city beaches were full during the day as well. All is good in 1071.

Matilda is amazing. Also Hobson Bay and Orakei Basin are full of walkers and joggers. All is good in 1050 as well.

I prefer beach to myself and a quiet beer with friends.

My crowded areas, full and packed pubs and clubbing days are done.

Palmy North is percolating tonight!

Here's a guy with a bit more credibility and nzherald to boot.

http://www.nzherald.co.nz/university-of-auckland/news/article.cfm?c_id=1...

Taken from the article

Rehm says debt-to-income ratios in New Zealand are in the stratosphere. A recent KPMG Financial Institutions Performance Survey (FIP) suggested most mortgages are sitting between nine and 12 times borrower income (this equates to a household with an income of $70,000 taking on a mortgage between $630,000 and $840,000).

Gross or net income? When I put $70,000 gross into Westpac’s calculator it would lend $400,000. Also how does he define ‘most’ mortgages?

You are missing a crucial detail. The housing market is a house of cards that can be brought down with nothing more than a breeze in a world where storms are brewing.

You guys keep telling yourself that its just hilarious! Auckland is a crap place to live and is getting found out right as we speak with the market going down down down.