There were 100% sales rates at some of the main Auckland apartment auctions

There were 100% sales rates at some of the main Auckland apartment auctions
An apartment in the Lapwood Spiral building which overlooks Myers Park sold for $120,500.

Buyers were again showing their hands at the main Auckland apartment auctions this week, extending the more buoyant conditions that have been evident over the last couple of weeks.

At Barfoot & Thompson's main apartment auction there was only a single unit offer, a spacious one bedroom apartment in a character building, which unusually, opened out to its own outdoor courtyard, and although there was only one bidder for the property it sold under the hammer.

At the same auction a large house on a lifestyle block at Kumeu was also offered and there was only one bidder for that as well, but it too sold under the hammer, giving auctioneer Murray Smith a 100% clearance rate for the morning.

At Ray White City Apartments four apartments were offered, ranging from a a couple with weathertightness/remediation issues, one of which was also on a leasehold title, to a couple of more upmarket units at the top end of town.

All four attracted multiple bids and all four sold under the hammer, with prices starting at $120,500 for one of the leaky units, which attracted surprisingly strong bidding.

At City Sales four apartments had been scheduled for auction but one was postponed before the auction commenced, and although all of the three remaining properties attracted bids, none was quite good enough to get a sale across the line and all three were passed in for sale by negotiation.

Details of the individual properties offered and the prices achieved on those that sold can be found on our Residential Auction Results page

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Does anyone know if there is a website out there that follows the latest auctions and gives the address, the sold price, and how that compares to the latest CV. in a simple straight forward format. ???

518/6 Dockside Lane, Central Auckland. Vendor took a bit of a hit due to weather tightness:
2006 sale price = $763k.
CV = $740k
Sold for $200k

"leaky units are up for auction" - a good Friday laugh¯\_(ツ)_/¯

Looked at some apartments in Albany that are yet to be built, pricing is off the planet. Try a single bed room in a south facing block with NO CARPARK for $550K and thats "Entry Level"

Yet you are the guy that’s critical of anyone who can’t afford to buy a home. At last you see what FHB are up against. But you’ll still scream anyone who can’t afford a million dollar leaker is lazy. Time you thought about your comments, aye? Though I know for 100% you won’t...

That is incredibly decent for something this decade, a "steal". They are lucky it is not a leaky meth riddled building with one bedroom on a lease.

Crazy, yeah. Certainly helps make a case for the government getting involved again in fostering supply, as it did for previous generations.

Obviously there are other problems we need to fix too, e.g. liberalising zoning and what people are allowed to do with their land, but NZ has a successful history of addressing under-supply problems with public and private solutions.

Interesting house in the auction results page that sold for 3.750M in Parnell. Assuming this is correct. Only a 306 m² section with 150 m² house originally. I think it has had a major renovation and been enlarged but not by a great deal, extended at the back and a bedroom and en-suite added into the roof space. A pool added. Very nicely done and keeping the character of the building. However still inches away from the neighbours. Classic tin iron roof weatherboard villa with no garage. RV of 2.350M and last sold in Mar 2014 for 1.300M. Did the reno cost more than a million do you think? Even if it did the owners would have got a nice profit. Would be interesting to know what it cost and what it would have sold for unmodified.

This has got the three new rules: location, quality (reno), four or more bedrooms. It seems the bedrooms and the house doesn't need to be particularly large, the number or rooms and location is more important.
An amazing price really.

Who cares when you're laundering your money. Getting it out of China is the main thing isn't it?

I think they still like location, quality and extra rooms.

I'm not sure about laundering without details however certainly fortunes have been made somehow in China and India and elsewhere by a lot of people. Certainly exploitation and practices NZers are not familiar with play a part.

Without doubt what we would regard as a bit dodgy occurs in other countries and that wealth crosses borders especially now with rampant globalism. This was the whole idea of borders really, to seal off the harmful effects of incursions, hostile or otherwise.

Thinking about this from an old school point of view it's like we are seeing pirates fleeing from foreign places and bringing their ill gotten wealth to us. If you own a shack in Parnell this may be a good thing on a personal level.

After all, my people, the English, used to do this piracy thing quite a bit, even had Royal sanction. It was actually quite good for England's economy and put them on the path of becoming an epic empire. Now we don't need to send out pirates, pirates come to us.

Hence the importance of the Global cities. Transport nodes where we wait for the ships to come in with their treasure chests. To be successful in a global world you need global cities. So obvious really.

Piracy, Imperialism, globalism...all a bit related. This is why I transitioned from being a nationalist to a globalist. It's kind of cool if you play the game.

Purely speculating about this as a theory however. Not claiming anyone has done this specifically.