Bayleys sold a third of the properties at their latest auctions

Property

Latest auction results from Bayleys in Auckland, Waikato, Tauranga and Marlborough, plus Eves in Tauranga

11th Jun 18, 10:54am by Greg Ninness

Bayleys Real Estate had 32 residential properties marketed for sale by auction in Auckland/Waikato/Bay of Plenty last week and achieved sales on 11 of them, giving an overall sales rate of 34%.

At the Auckland auctions 18 properties were offered and seven were sold, ranging in prices from $832,000 for a three bedroom house in Glen Eden to $5.06 million for a four bedroom house in Kohimarama.

Sales down the line included a three bedroom house on a 7.5 hectare lifestyle block at Cambridge that went for $2.57 million, a three bedroom brick house in Matamata that fetched $486,000 and a beach front house at Mt Maunganui that sold for $2.7 million.

Also in Tauranga Eves Real Estate auctioned 15 properties last week and achieved sales on seven of them, at prices ranging from $450,000 to $1.16 million.

At the top of the South Island Bayleys auctioned five Marlborough properties and sold two.

Details of the individual properties and the prices achieved on those that sold are available on our Residential Auckland Results page.

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76 Comments

by Retired-Poppy | 11th Jun 18, 11:43am 1528674221

The Auckland "chill" has now taken hold in the regions. Again, roughly 2/3rd of vendors left interrogating their agent.

by Nic Johnson | 11th Jun 18, 1:03pm 1528678990

The washing machine has stopped, the laundry's on the line but those that joined in may still get rinsed and put out to dry!. The fallacy of buying a product without an honest price, with lies and subterfuge behind every word is surely at an end. Time to put a price on it, buyers have now lost trust in the market and its makers!

by Double-GZ | 11th Jun 18, 11:26am 1528673210

Ex Expat would be happy with the $5.06 million sale for a four bedroom house in Kohimarama (Postcode 1071) ^^LOLz^^

by Ex Expat | 11th Jun 18, 11:45am 1528674352

Actually St Heliers. 130% of 2017 CV is impressive but there are some special aspects. 1. Much of Kohi waterfront property has Pohutukawa trees blocking views, this doesn't. It has new apartments in front of it and a bare bones rebuild next to it so it will have new quality neighbours. Way out of my price range, I'd rather walk to the beach and have the extra $2,500,000 in my bank.

by Zachary Smith | 11th Jun 18, 11:31am 1528673467

38.88% sales rate in Auckland. Things are looking up!

by Retired-Poppy | 11th Jun 18, 11:33am 1528673633

yippie yay, pop the corks. Good times are just around the corner everyone!

by Double-GZ | 11th Jun 18, 11:43am 1528674209

Yeah Zachary and 99% of those that are not sold at the auction will be sold via post auction negotiation within the next 2 weeks yay!

by Retired-Poppy | 11th Jun 18, 11:51am 1528674675

Yup, this desperately implies a zero dropout rate, falling inventory and none for sale by negotiation for months afterwards...

by Nzdan | 11th Jun 18, 12:44pm 1528677896

Lucky 8's beating the foreign buyer ban.

by TainuiBabe | 12th Jun 18, 6:36am 1528742172

An auction clearance rate of 60% is the benchmark used in the industry to set house price levels at a stable hold pattern. Anything above 60 indicates house prices increasing and anything below indicates house prices declining.

by Houses Overpriced | 11th Jun 18, 11:52am 1528674726

"832,000 for a three bedroom house in Glen Eden"..

Agents feedback during the open homes was high 8s

by Zachary Smith | 11th Jun 18, 12:11pm 1528675913

The 2017RV is 840k and the TradeMe Property Insights middle estimate was 790k. Sounds like a very successful sale. No sales history so the seller could have owned it for a while.

We need a much better example than this to declare it the harbinger of the coming real estate market apocalypse.

by Houses Overpriced | 11th Jun 18, 12:23pm 1528676595

The RV didn't do justice to that property. . It was a Def good buy at that price

by ngakonui gold | 11th Jun 18, 12:00pm 1528675214

So the agent got it wrong.
No doubt the buyers are happy and who knows but the seller could be happy to.
Maybe they got less than what they wanted but then again they got what somebody else thinks it was worth.

by theglc | 11th Jun 18, 12:40pm 1528677659

The dismal clearance rates continue,,, albeit that Bayleys is still doing marginally better than their competition

by Bobster | 11th Jun 18, 12:43pm 1528677814

Yep, dismal for sure. A continuing theme...

by Houses Overpriced | 11th Jun 18, 12:52pm 1528678355

Followed 7 auctions over the weekend. Only 1 sold. Another glen eden property had a price expectation of mid to high 7s, didn't sell, now a price of 729

by Double-GZ | 11th Jun 18, 1:15pm 1528679736

What’s it like to live in NZ’s most expensive suburb? Bobster will abuse me for sharing this...
It’s interesting that every suburb has its own special vibe ^^LOLz^^
https://www.oneroof.co.nz/news/35003/?ref=nzhhome

by Retired-Poppy | 11th Jun 18, 1:37pm 1528681072

Oneroof? really DGZ, you're just plumbing new lows now. The following will help treat your addiction. We're always here to help; https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11…

by Double-GZ | 11th Jun 18, 1:35pm 1528680959

Wrong person RP. I will be the least affected if the house prices crash coz it makes no difference to me but let's face it, it's not always about ME ^^LOLgz^^

by Bobster | 11th Jun 18, 1:51pm 1528681900

PPWOARRRRRRRR! You are a NAUGHTY NAUGHTY boy....

So tell me more about your property vibe....do you keep it in your knicker drawer!!??

Lols

#sadpropertypornaddict

by gingerninja | 11th Jun 18, 3:51pm 1528689081

He's definitely not the Messiah. He's a very naughty boy.

#hardforhousesale
#doublegrammartumescence

by Bobster | 11th Jun 18, 4:25pm 1528691158

B-boom boom

I had to google tumescence....I found the results mildly upsetting, especially when I clicked on images...

by gingerninja | 12th Jun 18, 10:40am 1528756808

Sorry about that Bobster!!

by Bobster | 11th Jun 18, 2:17pm 1528683438

Interesting video re the perspective of a buyers agent on current Sydney market. Sounds like where we will be shortly

Particularly note comments at 28 mins about what MN considers to be a misassessment by banks of the credit risk of outer vs inner (“leafy”) suburbs. He thinks the leafy suburbs are where the greater part of mortgage debt is concentrated and therefore this is where the credit risk is greater. Compare that to here where 40% of mortgage credit is held by 8% of the borrowers (I think those those numbers are right?) ie the greater part of that mortgage credit risk is concentrated on borrowers based in the wealthier suburbs. No doubt much of that credit represents investments in outer suburbs.

https://youtu.be/CHHhSKxyobg

by Retired-Poppy | 11th Jun 18, 1:57pm 1528682245

"the higher they are the harder they fall. If its not top shelf, it will get punished. Situation now heading towards a sustained correction"

by Bobster | 11th Jun 18, 2:05pm 1528682722

Is that their words or yours

by GenerationXY | 11th Jun 18, 2:10pm 1528683032

Theirs.

by Bobster | 11th Jun 18, 2:15pm 1528683354

Golly, must have missed that

Anyway, they are just “glass half empty”, doomy and gloomy people, why listen to them. I prefer eco birds analysis cos he mentioned gold, and that quite impressed me.

by tothepoint - d… | 11th Jun 18, 1:37pm 1528681028

Given the strength and length of the last upswing, the Auckland housing market is holding up remarkably well.

As I've been saying for a long time, the Auckland market is more resilient and robust than many people here dared believe.

TTP

by Retired-Poppy | 11th Jun 18, 1:49pm 1528681766

TTP, can you factually mitigate the external risks and recent legislative changes that could easily derail this "robust" but in reality, highly vulnerable housing market going forward?

by Mrs The Point | 11th Jun 18, 3:38pm 1528688329

Hi tothepoint,

Do you have to keep cutting and pasting the same comment continually?
It would be good if you could come up with something new or informative rather than the same ol' cyclical oscillation of trending up-swinging, sustained plateauing robustness.

MTP

by PatrickW | 11th Jun 18, 2:34pm 1528684454

I would assume a short term increase in sales and prices would be warranted as lingering foreign buyers grab what they can before the changes become law. Storm before the calm...

by Jaf | 11th Jun 18, 2:48pm 1528685312

Imagine going into a supermarket & most of the groceries don't have a price tag!!

Well, that's what the real estate market is.

In that respect, used car salesmen are better than RE agents because almost every car for sale in the yard has a price stuck on to the windscreen. At least they are honest & upfront!!

by gingerninja | 11th Jun 18, 3:46pm 1528688777

Jaf, I share that pet peeve. Put a damn price on it!

by tothepoint - d… | 11th Jun 18, 4:52pm 1528692738

I know some of you don't like the truths that I state here......

But it was me who was right...... and you who were wrong.

In these circumstances, repeating things can help the one-eyed and those who are not too bright....... gradually the message sinks in for them.

TTP

by Retired-Poppy | 11th Jun 18, 6:31pm 1528698662

.......still waiting for your fact based response to my question above. Seize the chance to share some insight:) Is this a housing market where FHB's who commit today one that renders them slaves to underwater mortgages? All this after committing a hard saved 20% deposit?

by Zack Brando | 11th Jun 18, 6:08pm 1528697336

Most first home buyers view housing as a consumer product - they consume it buy LIVING in it ..

Think of it in terms of chocolate, lol. I wanted a chocolate bar a few weeks ago, so I went to the Mobil service station down the road and brought one! I could have waited and driven a little further to the supermarket and got perhaps a 40% discount, but I didn't want to wait.

When push came to shove, I could afford the chocolate bar and didn't care if I paid more. If FHB's are concerned about prices falling and having negative/zero equity - that's a good indication they can't afford to buy. Housing has gone down in the past and it will again - the inverse is true of interest rates.

by tothepoint - d… | 11th Jun 18, 6:06pm 1528697216

Hi R-P,

You're the same old record stuck in the same old groove.

Suggest you try a more sophisticated approach.

TTP

by Retired-Poppy | 11th Jun 18, 6:44pm 1528699474

TTP, your dodging my question speaks volumes. What you comment will transpire, is entirely different to what your gut instinct tells you. Its different when it's your own money.

by tothepoint - d… | 11th Jun 18, 6:57pm 1528700240

Hi R-P,

My gut instinct tells me very clearly that (Auckland) house prices will climb much further in the medium/long term.......

And by then you (and your naive mates) will be cursing the fact that you didn't buy now - while the market is relatively subdued.

When the next upswing occurs, my message to you will simply be, "Don't blame me."

TTP

by BearBear | 11th Jun 18, 7:13pm 1528701186

Wow!!! Gut feelings..... >~''. I would upvoted you if you said you saw the future through goat guts, chicken bones, or a vertical tea leaf in your tea.... BUT you just have to use gut feelings... GG wp point man.

by Retired-Poppy | 11th Jun 18, 7:28pm 1528702085

Yeah, I think TTP's confusing gut instincts with his hunger pains. TTP, have another crack at my question (13:49) after dinner. Maybe gut instincts was the wrong choice of words. I was just trying a simplistic approach to extract an insightful response. My fail.

by tothepoint - d… | 11th Jun 18, 8:09pm 1528704540

Hi R-P,

Certainly, you're no stranger to failure.

It's a word that must now be deeply ingrained in your lexicon.

TTP

by Zack Brando | 11th Jun 18, 3:40pm 1528688457

Sounds like there are still desperate people willing to pay top dollar for shacks. Personally I don't see the appeal of New Zealand, lots of countries now offer a way better quality of life. I understand everyone has different circumstances, yet I'm surprise there isn't a bigger exodus out of NZ. Perhaps the stats just haven't been released/collected?

by Te Kooti | 11th Jun 18, 4:16pm 1528690600

Really, where are these mythical unicorns you could be living in? These comment threads are the bastion of the bitter and resentful, a cornucopia of the would of, could of, should of brigade. Those who got ahead through property investment do so by getting off their bums and taking some risk, not taking that holiday or buying that car. As for non-resident investors, they at least paid a fair market price. Now just imagine having it taken away from you (along with your language) and having to fight for compensation....

by BearBear | 11th Jun 18, 7:19pm 1528701554

I think the best and brightest are constantly leaving nz. But that is a very small number as New Zealand tend to not make smart people. Just look at our politicians from all parties and you can guess the IQ of what the voting public is in general. So a lot of kiwis do get trapped in nz because out in the open competitive world a lot of kiwis just don't stand a chance.

by swapacrate | 13th Jun 18, 8:11pm 1528877510

More then one way to skin a cat, where NZ and property is not the be all and end all. But property does impact all NZ, especially at these unaffordable levels, something a bit more productive like the people below would be better.

https://en.wikipedia.org/wiki/Victoria_Ransom
https://en.wikipedia.org/wiki/Derek_Handley
http://www.howdidshegetthere.com/claudia-batten/
https://en.wikipedia.org/wiki/Rod_Drury

While I don't disagree with your final point.

by Badlad | 11th Jun 18, 8:06pm 1528704373

Swings and roundabouts Zack. You will, over time I suspect, find that your perceptions, tastes and circumstances change such that what you may once have considered not to your liking becomes more appealing. In my later forties now, lived in three continents and oddly came back here to settle. However I am very well aware of what is on offer elsewhere and yes, some of it breaks my heart that I dont have it anymore however on balance NZ fits my current life and to be fair everywhere has its problems once the gloss of a new place starts to fade. But the reality is, to a large degree it doesn’t matter where you are, what matters is you and what you are prepared to do to make the world your own.

by Zack Brando | 11th Jun 18, 4:48pm 1528692494

Your Question: "Really, where are these mythical unicorns you could be living in?"

My Answer: What a stupid Question!
Malaysia, Germany, Mexico, Vietnam, Colombia, Peru, Norway, Netherlands, Nicaragua, Cambodia, Morocco, Latvia, Armenia, Australia, Estonia, Spain - even Poland is cheaper to live than NZ, etc, etc ... should I start listing all the traditionally better Western countries .. ?

You need to wake up boy!

by Te Kooti | 11th Jun 18, 4:56pm 1528692994

Armenia called, they're expecting you. Don't let the door hit you on the way out.

by Zachary Smith | 11th Jun 18, 5:20pm 1528694423

People should move around more. I say go for it. Estonia is full of beautiful young ladies too.

Also, what about Bluff? You can buy a house there for around 100k and still enjoy the benefits of NZ's welfare state.

Corner Section Cottage

by Zack Brando | 11th Jun 18, 5:44pm 1528695899

Yeah, Bluff could diffidently be a goer for many people. It all depends on people's situations. New Zealand doesn't work for everybody. It differently use to be a good place to grow up and many retirees enjoy, "the benefits of NZ's welfare state" which is funny, because it's true.

A lot of single Millennials like myself aren't interested in having our earning suppressed by the government subsiding employers through working-for-families OR our rents raised by the government subsiding tenants/landlords via accommodation supplements. The list really goes on and on .. but at the end of the day, people will vote with their feet, NZ will become more hollowed out.

by Bobster | 11th Jun 18, 6:26pm 1528698412

To be honest, if you are young, there are plenty of better places to be. This is from someone who spent 15 years in London, Hong Kong and Singapore. Whether you come back or not depends I think on how strong your sense of turangawaewae is. If you do come back, there are some compromises to make. This is not the land of big salaries. And the things things that used to make Auckland special (living space, a home with outdoor living) don’t exist for a lot of people. Whether that’s permanent or not, don’t know.

by Erewhon | 11th Jun 18, 8:56pm 1528707398

Maybe they'll be able to teach Millennial Zach how to spell "definitely" when he is overseas in all those non-English speaking countries which are better than NZ. Or is cheaper the only yardstick? Think he definitely needs to get out and see the world like most of us. The brain drain was much more noticeable back in the late 90s and early 00s, why aren't the Millennials leaving? We couldn't afford to travel then either but working hard and saving for 2 years was enough to go and see the world and earn some coin.

by Chessmaster | 11th Jun 18, 9:13pm 1528708405

Zack Brando, sorry can't help myself. I had stopped blogging but can't stay out of this one. Why don't you f off to one of those countries then. I can't believe how much people hate their own country and Auckland on this website. No pride. I bet you've never been to one of those countries. They will have their own set of problems. But please f off to one of those, you're not needed in NZ. Take bobster and saving for Aust with you.

Been all the the world, there is no place like NZ and I love Auckland.

by Bobster | 11th Jun 18, 9:24pm 1528709056

Oh dear....bit grumpy tonight....what happened?!

London’s great but expensive, not an old persons town unless you are wealthy

Hong Kong is (was) very exciting, the New York of Asia. Really vibrant.

Singapore I liked the most, really organised and “go ahead”, very competent and focused. The Zurich of Asia.

Auckland...well, it’s not even the best city in NZ. Meh.

Why am I not needed? Just so I know what to write on my departure card? I think “not needed” is a departure category... maybe I’m wrong

by Chessmaster | 11th Jun 18, 9:37pm 1528709840

Not grumpy, just amazed at how people sing praises of other countries and bag their own. Fundamental difference between us and Aussies, you say anything bad about them and the Aussies will f U up. They are a very proud nation and have no tolerance for f wit poms and others who don't think they are the greatest. Where do U live bobster, racist Christchurch or what's left of it?

by Bobster | 11th Jun 18, 9:42pm 1528710128

Eh?

You can be proud of NZ but knowledge it’s limitations. The country as a whole is special but Auckland as a city has its limitations....pride does not require you to say that Auckland is paradise on earth.

Weird....

by Houses Overpriced | 11th Jun 18, 9:44pm 1528710294

Chessmaster (he was meant to type loser) is fake, very clear from every post of his, hence his pressure is rising to the extent he might pop.

by gingerninja | 12th Jun 18, 10:48am 1528757324

It's nice to have heated debate, but there is no need for telling people to $%*# off Chessmaster

by Double-GZ | 13th Jun 18, 7:38pm 1528875497

OMG ^^LOLdgz^^ this is ridiculous ^^

by Houses Overpriced | 11th Jun 18, 9:24pm 1528709046

Oh my oh my, should have listened to your doctor and stayed away from this site. At this rate you will pop a nerve, hope you have a will in place, so someone can enjoy the money you've been hoarding

by Chessmaster | 11th Jun 18, 9:41pm 1528710098

HO your mum is busy so I'm here blogging. I'm Still relatively young mate and bodyfat of under 15% so very long to go. When you have money you use personal trainers, good food and life is generally awesome. You don't blame the country you live in or foreigners for things. Don't worry you'll never know what I mean :-)

by Houses Overpriced | 11th Jun 18, 9:42pm 1528710127

For sure I don't understand, I'm not the one who's pressure is rising..

by Bobster | 11th Jun 18, 9:47pm 1528710432

“Your mum is busy so I’m here blogging”

WTF?! Ooooo yukky....

by Houses Overpriced | 11th Jun 18, 9:49pm 1528710587

Shows your level of intelligence.. pretty pathetic, always knew your a serpent..

Signs of a loser, bet you have no clue who your father is.. you must look like all your neighbors

by O.Farr-Kinnell | 11th Jun 18, 10:35pm 1528713323

Time to put it away before you flatten the battery.

by tothepoint - d… | 11th Jun 18, 8:06pm 1528704383

I couldn't imagine living anywhere other than New Zealand. And most people I know feel the same way.

Wellington and Auckland are my two favourite cities.

If I wanted a good lifestyle with lower living costs, I'd head for Palmerston North. Palmy captivates me more each time I visit there. (Have never come away feeling disappointed.)

TTP

by custard | 11th Jun 18, 8:40pm 1528706416

Like others – have lived in a few other spots over the globe.

Regardless of the attractions and benefits of other places and countries there is one thing that they can’t replicate.

Having being born here, grown up here and having extended family here – nowhere else is truly “home”.

And thankfully, even with some of the nuisance issues we currently face, NZ isn’t a bad place to call “home”.

by Bobster | 11th Jun 18, 9:25pm 1528709133

Yes, I agree the Tūrangawaewae factor is a big one

by gingerninja | 12th Jun 18, 10:55am 1528757745

NZ is a fabulous place to raise kids. Unfortunately, the jobs and opportunities are located in places where the housing is unaffordable. Forcing many to have hours of commuting a day, which then detracts from it being a good place to raise kids as your time with them is reduced. Or else, it forces these families into rental accommodation, where the house price inflation has gone up faster than they can save, even after giving up avocado and flat whites. And of course, now it requires two adults working full time to even begin to be able to afford a house where the work and opportunities are, that means the kids lose out on time with both parents. Not to mention that not being able to buy a home impacts stress levels and sense of belonging and security, so will have much wider ramifications for the future generations of NZ.

But who cares right? 8% of NZ population are a success and get to boast about their body fat percentage and how amazing they are?

by Zack Brando | 11th Jun 18, 10:05pm 1528711526

It's actually cheaper for me to fly to Perth and rent a property there, than move to another rental here - true story, that's including the airfare too, as Perth has no letting fees and cheaper, yet higher quality, furnished housing. There are also realistic job opportunities for me in Perth - which is really exciting. The NZD/AUD cross-rate (money transfers) isn't too bad either, possibly narrowing more.

There shouldn't be anything wrong with wanting to make a better life for yourself, especially here, with such unrealistic earnings compared to the cost of living [when you're a worker].

by custard | 11th Jun 18, 10:45pm 1528713905

Perth is one of the places I’ve lived in – great city, beautiful climate and many opportunities – go for it.

A lot of NZ’ers have made it home – did my thing there, then moved to London.

You may well love it – good luck!

by Zachary Smith | 12th Jun 18, 6:55am 1528743332

I reckon Perth would be a good bet too. It is a very European city with mostly English, Irish, Scottish, Italian and South African immigrants and relatively low crime. This should be appealing to a number of people and will eventually become an immigrant magnet for all nationalities when they find out about it.

by RickStrauss | 12th Jun 18, 9:56am 1528754189

Speaking of letting fees, might be time to chase up the government on when they're banning those. Need to keep the pressure on them.