There was not much to choose from but plenty of bidding at the latest apartment auctions

A 2 bedroom apartment in this complex on Newton Rd in Eden Terrace sold under the hammer for $421,000.

There wasn't a lot on offer at the main Auckland apartment auctions this week but there was still plenty of interest from buyers.

At the first City Sales auction of the year two apartments were offered, a three bedroom shoebox (42 square metres) in a managed student accommodation complex, and a three bedroom/two bathroom terrace house on a leasehold title in Parnell.

There were multiple bidders for the student apartment and just a single bidder for the Parnell unit but both sold under the hammer, providing City Sales with a 100% success rate to kick off 2018.

At Ray White City Apartments there were also just two apartments up for auction this week, a two bedroom unit in Eden Terrace and a one bedroom penthouse with panoramic views in the Argent Hall complex near the High Court.

There was keen bidding on both apartments and the one in Eden Terrace sold under the hammer but the Argent Hall apartment didn't quite make it and it was passed in for sale by negotiation.

You can see the details of the properties offered, and the prices achieved for the ones that sold, on our Residential Auction Results page.

The number of apartments being auctioned is expected to pick considerably next week.

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10 Comments

Auctions are so deja-vu nowadays..... They belong to yesteryear.

The property market has marched on.

TTP

... deja-vu isn't what it used to be ...

Love it!

TTP

Yes TTP, as you've said many times - yawn. Can you enlighten all as to the now in vogue method of sale that has since replaced the fee ridden and faltering auction process.

Your mission should you choose to accept it is to come up with a alternative process that has an inexhaustible supply of greater fools to rely on in order to sustain this ponzi.

Before you embark on your quest, it's worth noting that seller expectation standoff with potential buyers cannot continue forever.

Good luck ;-)

Sure the stand off can last. Most sellers want to sell but only a small percentage actually have to sell.

Completed sales make market valuations. If a couple of desperados cut and run for a lower price, that is the new market valuation for that type of property in that area. This is how property market valuations fall - bit by bit, month by month, desperado by desperado.

I understand that extreme sales prices which are unusually high or low get ignored by valuers. I agree though that falling prices influence the market price. This same process happens in other more liquid markets too but one thing I like about the property market is it is slower moving. There isn't the same volatility of wild daily swings.

Second week in a row - Number of Barfoot auction sales across the entire eastern beaches = "zero"

The average/median price remains unchanged for that area, it’s a soft market but showing true resilience.

It must be difficult feeling for a vendor to stomach knowing that the only buyers out there think their properties are worth less. I would have thought that when a vendor makes the decision to sell in the first place, they want the process concluded ASAP. In 2015/16 it would have been the case. Knowing this, vendors will only endure this "soft market"for so long before price slippage begins begins in the leafy suburbs. Even those homes that hit the "G" spot eventually won't hold.

The real action begins when an event sends a message to vendors causing them to believe their properties might be worth less tomorrow - not unlike 1990. The risks such a message will be delivered a growing by the day.