A bach on Waiheke Island sold for just over two thirds of its council rating valuation

This Waiheke Island bach sold for $575,000.

Bayleys Real Estate achieved sales on just under half the properties it took to auction last week.

Bayleys auctioned 24 properties in Auckland, the Waikato and Bay of Plenty and achieved sales on 11 of them, giving an overall clearance rate of 46%, with most of the others passed in for sale by negotiation.

At the Auckland auctions prices ranged from $132,000 for a studio apartment that was part of the Quest Hotel complex on Ponsonby Rd, to $2.588 million for a classic villa in Parnell.

Another notable sale was a classic two bedroom bach on a 1064 square metre site at Oneroa on Waiheke Island, which was ripe for redevelopment.

It had a rating valuation of $850,000, with the land valued at $730,000 and the dwelling at $120,000.

It sold for $575,000.

Details of individual properties offered and the prices achieved are available on our Residential Auction Results page.

Details of recent commercial property sales are available on our Commercial Property Sales page.

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Great catching title " for a demolition job or very expensive rebuild "....

The crash is finally here !!


High estimate $895k, mid estimate $820k, low estimate $745k

Eco Bird, I hope your not fretting that you missed out on the perceived "bargain". It's only an example of the ever increasing reductions on 2015/16 prices that vendors are having to accept if they need to sell.

Many more reductions to come.

It's encouraging to see the success rates lift a little. I think this is more to do with vendor realization of softer conditions and therefore only offering up those more likely to sell and with more realistic reserves.

pretty much you would only be buying the land minus demoltion costs, so price is still high, once you rebuild and try to sell.
otherwise if you buying to build a home for the next ten fifteen years price for the land is about right

OMG so now a shack on a island is near 600K !
Just wait once the cheap money goes away

For me the most notable sale is this one:


Sold for 605K - ( I would really like to confirm this price)
RV 800K TradeMe estimate 800K

This appears to be an absolute bargain. So much so that I would question the advice they were given by their agent if they accepted this value. I would not have sold for this price without first advertising it for sale by negotiation. It did last sell in 2003 for 174K so I guess the owner has made a handsome profit but I reckon they could have easily got another 75-100K. It has a lot of very good features, good location, three bedrooms, freehold, its own driveway* and extremely tidy with a nice flat garden, walking distance to primary school, close to motorway and buses, Countdown within walking distance.

Okay it is a bit dated inside. This is an affordable home and a very nice one. FHB's take notice! This is not even a do up.

* not quite but it doesn't have neighbour's cars driving past and is set well back from the road.

2/12 Methuen Road Avondale
Sold for $600k
Last sale 2013 for $575k.

For 30k more the Te Atatu South one is a much better buy though. Three bedrooms and a freehold section. There are actually a few quite good buys for FHBs in these latest auction results.
I'd say it is the first time I have detected a real softening in the auction results page, something I have been looking out for in recent months.

I just had a look at that Te Atatu property and I agree. Some good bargains this time around.

Greg Ninness, 4A Vodanovich Road sold for 650K not 605K!
Still a pretty good price for the buyer however that original figure rang alarm bells with me.


Still a pretty good price for the buyer

Perhaps. Perhaps not..
Either way; Poor seller, though.
It seems to be nearly 20% under the recent CV...