Bayleys auction rooms were busier last week as things returned to normal after a couple of short weeks

A character one bedroom apartment in the Brooklyn building sold for $385,000.

Things were a bit busier in Bayleys' auction rooms last week as people put the Easter break behind them.

The agency marketed 58 properties for sale by auction and achieved sales on 28 of them, giving a sales clearance rate of 48%.

At the Auckland auction 26 residential properties were scheduled for auction and 10 of those were sold, with prices ranging from $385,000 for a one bedroom apartment in the Brooklyn, a a character building on Emily Place in the CBD, to $1.875 million for a two bedroom villa in Ponsonby.

At the Matamata auction, four of the five auction properties were sold, four of the seven properties in Hamilton found new owners, and four of the six properties offered in Marlborough were sold.

There were also sales rates of 40% in Tauranga and 44% in Rotorua.

The full results, with photos and details of all the properties offered and the prices achieved on those that sold, are available on our Residential Auction Results page.

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17 Comments

Woohoooooo!

Ten properties sold in Auckland at a rate of 38%.

https://www.stuff.co.nz/life-style/homed/latest/103118140/aro-valley-lan...

I see that record prices are also being fetched in Wellington.

TTP

For the sake of accuracy, you should say "a record high price was fetched for the sale of a house in a suburb".

Hi J.C.,

Please note that there are many house sales setting record prices in Wellington - especially in the inner city suburbs like Brooklyn, Kelburn and Mt Victoria. (There's a dire shortage of good properties coming on the market.)

The link I provided above is but one example.

I imagine that as Wellington house prices move closer to Auckland, then Auckland prices might well start moving up again.

I'm not an active participant in the housing market. Nonetheless, it's interesting to watch Auckland and Wellington house prices as these two cities become more prominent (and increasingly sought-after) on the world stage.

TTP

Bollocks Tootypointy. A dire shortage of good properties, nonsense, but what constitutes 'good' is somewhat subjective. The link provided was for a home that Stuff first profiled in November of last year for some obscure reason . Its recent sale,is hardly the stuff of 'sought after'. Agreed an absurd price for an 'architectural box '

Hi Cowpat (my bovine friend),

I'm afraid one has to get used to "absurd" prices in Wellington these days. Prices are now reported as rising at around 9 percent per annum (year on year). Yet the boom is supposed to be over!

Go have a look at realestate.co.nz and you'll see just how few houses are listed for Wellington city and suburbs. Take out the apartments/flats and there's very little to pick and choose from.

I have several cashed-up friends looking to buy houses in Wellington's inner city suburbs and they tell me it's an "near-impossible task" as there's "nothing good being listed".

I understand that people now commute from Palmy to Wellington each work day - because housing is so much cheaper in Palmy (and the schools and facilities are excellent there). Sounds unlikely but I'm assured it's true.

TTP

Ha-ha-ha :) TTP says "I imagine that as Wellington house prices move closer to Auckland, then Auckland prices might well start moving up again"

"You can't depend on your eyes when your imagination is out of focus" Mark Twain

Credit availability in Australia has tightened considerably; https://webcache.googleusercontent.com/search?q=cache:EtlL-H93G-EJ:https...

"The Royal Commission has changed the game,” UBS analyst Jon Mott said, predicting further credit restrictions will be put in place. “This could lead to Australia’s Minsky moment,” he said, referring to the economic term for a sudden collapse in asset prices after a long period of growth"

"The heat is already coming out of the housing market. Prices in Sydney, the world’s second-most expensive property market, fell 2.1 percent in March from a year earlier, according to CoreLogic Inc. A year ago, annual price growth was running at almost 16 percent. The top end of the market has recorded the biggest falls, the data show"

"It’s really obvious that a lot of people have a lot of unmanageable debt,” said Karen Cox, coordinator of Sydney’s Financial Rights Legal Centre, which fielded 25,000 calls last year from people seeking financial help. “Because it’s such a benign interest rate environment, the problems can only get worse.”

Those who think we are immune IF/WHEN this unfolds in a disorderly fashion, I'd suggest think again. I think we are at the very beginnings of an unfolding story about credit availability/lending criteria to feed this ponzi on both sides of the ditch. It's not all about population growth.

*popcorn*

Hi Nzdan,

I'd sooner have a property than popcorn.

Popcorn will only make you fat and rot your teeth. (Losers spend their money on popcorn.)

Property will secure your livelihood and improve your self esteem. Give me a nice property any day!

TTP

Nzdan, is TTP even aware you already own a home and the popcorn? Such envy!

Yes and not too far from Palmerston North as well!

Hi Nzdan,

Well - no complaints about value-for-money in Palmerston North......

You can buy a 3-beddie there for less money than 2 bags of popcorn.

Palmerston North - the hub of the universe - and haven of first home buyers! Beats popcorn any day!

TTP

Borrow borrow borrow, TTP, get investors, its a guaranteed return. You will be rich.

Borrow 100 million piece of cake, no risk guaranteed returns easy money, enjoy. Use all your current logic for investors and they will be throwing money at you.

“What drives house prices is credit availability,” said Sean Fenton, director at Sydney-based Tribeca Investment Partners, which manages about A$2.5 billion. “A tightening of lending standards directly impacts the ability of the marginal buyer to buy a house.

The heat is already coming out of the housing market. Prices in Sydney, the world’s second-most expensive property market, fell 2.1 percent in March from a year earlier, according to CoreLogic Inc.”

“It’s really obvious that a lot of people have a lot of unmanageable debt,”

"For now, he’s predicting prices will just edge lower, with the crunch coming if interest rate increases coincide with tighter credit conditions. "

But NZ is different, just because house prices are stagnating, NZ has a magical haze and fairy dust that makes us different, no risk in NZ. Easy money. Banks will lend up to 20 times income.