A quiet week at Bayleys' Auckland auctions, Eves busy in Tauranga

Property

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

29th Jun 18, 7:00am by Greg Ninness

This house in Mission Bay sold for $3.288 million.

Winter had well and truly taken hold in Bayleys' Auckland auction rooms this week, with just six Auckland homes up for auction, barely surpassing the five that were auctioned in Hamilton.

Of the six Auckland properties that went under the hammer, sales were achieved on two - a house in Mission Bay and another in Omaha, while homes in Ponsonby, Karaka, Meadowbank, and Greenhithe were passed in for sale by negotiation.

At the Hamilton auction Bayleys offered five residential properties and sold one, a modest house in Leamington, although a Waiuku dairy unit was also sold at the same auction (details of that sale are available on our Rural/Farm Sales page).

Bayleys' Marlborough office auctioned three properties last week and sold one - a house in Springlands, with the other two passed in for sale by negotiation.

In The Bay of Plenty, Eves Real Estate had 13 homes scheduled for auction this week and achieved sales on four, with prices ranging for $515,000 to $1.245 million.

Details of all the properties offered and the prices achieved on most of those that sold, are available on our Residential Auction Results page.

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58 Comments

by Pragmatist | 17th Dec 19, 8:51pm 1576569115

by Nzdan | 25th Jun 18, 12:14pm 1529885685

About a 70% failure rate.

by Zack Brando | 25th Jun 18, 7:21pm 1529911265

People may be finally adjusting to the housing realities in NZ? With homelessness here at the highest level in the OECD - have we reached peak rental-uptake?

If there are no more people financially able to rent accommodation, perhaps the sustainability of buy-to-let property investment has also peaked?

I know net immigration is still positive but perhaps new migrants are now just pushing current tenants onto the streets, that or migrants are now finding themselves homeless? To me buy-to-let property investment is wishful thinking because those unable to buy are increasingly unable to rent.

by Ocelot | 25th Jun 18, 11:25pm 1529925958

We're just cramming more people into flats in Auckland. I share a 1 bedroom unit with a good friend even as a top 10% income earner.

by tothepoint - d… | 25th Jun 18, 8:13pm 1529914408

Clearly, there's not much coming onto the market at the moment - very few tidy properties in good locations.

Vendors are generally not so keen to sell - and holding back.

Recent interest rate cuts might help buyers - and first home buyers remain particularly active....... Quiet market is a good time to look around and buy - and many are doing so.

TTP

by Yankiwi | 25th Jun 18, 12:55pm 1529888159

My takeaway from this, is that there is currently almost zero demand in the housing market in Auckland. Yes, there wasn't much put to auction. That there were a total of two sales, well this indicates that the demand is even more slack than the vendor hesitance. Interesting to see where this goes for the future...

by fat pat | 25th Jun 18, 4:50pm 1529902217

Seems that way. Demand in Auckland ultimately comes from credit availability, and from foreign money. Demand in Tauranga, to a large extent, comes from accumulated baby boomer wealth. The prices are also much lower in Tauranga than Auckland. It makes sense to me.

by Wiseguy | 25th Jun 18, 8:48pm 1529916510

Prices are and will continue dropping by the look of these auction results, very few transactions are taking place. Would be wise to wait and see how far the market will stretch

by Auckland | 25th Jun 18, 1:06pm 1529888808

Tothepoint : here is a little refresher video for you for the meaning of a Bubble ! enjoy.https://www.youtube.com/watch?v=Hlaze7Tm8lY

by theglc | 25th Jun 18, 10:02pm 1529920947

Well TTP, after your early spring a week or so back based on Bayleys hitting 40%, you will be heading back into hibernation after this 27% clearance rate.

Dont like to gloat, but I told you so........

by tothepoint - d… | 25th Jun 18, 10:31pm 1529922680

Hi thegic,

I don't like to gloat either.

But, it must be said that the clearance rate was 33% (not 27%).

It appears that simple arithmetic is not a strength of yours.

TTP

by Pragmatist | 17th Dec 19, 8:52pm 1576569136

by theglc | 26th Jun 18, 10:38am 1529966310

3 from 11 is 27%, basic arithmetic!!!!

Obviously the Farm is excluded

by Nzdan | 25th Jun 18, 12:31pm 1529886686

Greater fools?

9 Northbrook Close, Greenhithe. Bought 18/2/16 for $1,317,000 ($157,000 over 2017 CV) Passed In.
20 Manapau Street, MEADOWBANK. Bought 7/12/16 for $1,100,000, Passed In.

by Bobster | 25th Jun 18, 12:59pm 1529888393

From a property porn perspective, you are a real turn off, a certified left swipe. I only have eyes for DGZ.....he never fails to please....

#sadpropertypornaddict

by Double-GZ | 25th Jun 18, 1:07pm 1529888879

Hello Boobster, It's me again...
Penthouse Apartment: 29e The Parade, St Heliers
Price guide: $4,000,000 plus http://www.boulgarisrealty.com/listings/19065075/

by gingerninja | 25th Jun 18, 7:22pm 1529911346

#afternoonpropertyhotness
#doublegrammartumescence
#swipingrightsohardi'vesprainedmyfinger

by Bobster | 25th Jun 18, 1:21pm 1529889715

That guide price is just so swollen.....there oughta be a law against it....

#sadpropertypornaddict

by Houses Overpriced | 25th Jun 18, 1:25pm 1529889950

Dgz, it's bobster, you may want to think before misspelling, it will just come back to bite you

Your mate

by BuyLowSellHigh | 25th Jun 18, 1:37pm 1529890625

Good stuff DGZ.

Its the three stooges of doom and gloom - Boobster, Retired-Poopy & Wankiwi. And as always, close behind is their incompetent but faithful sidekick - gingerminj.

by Retired-Poppy | 25th Jun 18, 2:37pm 1529894240

Buylowsellhigh, whats the spot value of your Tauranga property today? Quickly now, pin it to your fridge! Your preying 2016 will come again before your bank demands principle & interest repayments. Didn't you hear, Booms-over-Rover! Hard yards to follow for the many other Johnny cm Latelys. Those cheap property seminars have a lot to answer for don't they? I'd suspect many who ran them are now exploring other magnets for suckers like door to door vacuum cleaner selling.

by BuyLowSellHigh | 25th Jun 18, 2:35pm 1529894120

You edit your comments so much I can't keep up! Thanks for removing the bit about me being bitter, that hurt my feelings.

Tauranga spot price is on my fridge already thanks, right next to Auckland's. I read this just after sticking it up - https://www.oneroof.co.nz/news/35077/?ref=nzhhome

Tauranga is full of retirees, you'd fit right in. Ever considered the move? Papamoa Beach is glorious.

by Retired-Poppy | 25th Jun 18, 2:41pm 1529894501

Yeah, even though I think you are quite bitter, the last thing you need is to be repeatedly reminded of it. It's not a nice badge to own.

by Bobster | 25th Jun 18, 2:43pm 1529894594

Actually, I am fine with boobs. I wish I had them. In fact, i have really taken what TM2 and eco bird have been saying to heart, and I have just bought a cute little one beddie in ranui. I will use all the capital gain I am sure to make in the next 2 years for some gender reassignment surgery. And then, TM2, DHZ, eco bird and BLSH will joint me on the interest.co.nz float in the 2021 hero parade. Well, I won’t be “on” the float as such, but I will be out front wearing gold body paint with leather stirrups attached to my (new) nether regions pulling the float sweatily down the street. DGZ will construct a kissing booth made solely from pages of the property press, TM2 will proudly wear nothing but a holy penis gourd filled solely with the blessed and wealth generating soil of the Christchurch red zone. Eco bird will spray the crowd with sparks of wealth created by his angle grinder of property truth. It will be a living metaphor for the power of the property market to generate wealth. We will invite others to join our Noah’s ark of property based prosperity!!

by Zombie ponzi | 25th Jun 18, 2:39pm 1529894375

LOL.

The only issue is that above mentioned mates will be picking up pennies in front of the float...until *BOMP* one of them goes under the wheels. Float proudly sponsored by [insert big bank name]!

by Bobster | 25th Jun 18, 2:41pm 1529894518

Actually, I think it would be more poetic if TTP lured in the young by throwing fake money into the air in front of his pink mobility scooter until...BOMP

by BuyLowSellHigh | 25th Jun 18, 2:50pm 1529895054

Nice. Welcome to the club Boobster! You'll soon see that folks on this side of the fence are much happier. I like your party ideas.

But jumping the fence is going to leave a conspicuous vacancy in the doom and gloom brigade! gingerminj has been wanting to move up the ranks to become an official member, so that's a possibility. No doubt Wankiwi will want to replace you as Retired-Poopy's right hand man. And then who will become become the new sidekick? Sadly, none of the prospects have two brain cells to rub together, so that's going to be a tough position to fill.

Interesting times!

by Bobster | 25th Jun 18, 3:00pm 1529895659

Indeed. I want to be really personal....so when you read comments from Peter Thompson of b&t about the property market and how it’s all going to be ok, I want the first thing that comes to your mind to be my genitoplasty.....I hope that doesn’t spoil it for you.

My gender reassignment now rides on the property market.....the last thing I want is a soft landing!!!

BTW, where is Ranui!? Never mind, I ams sure DGZ knows

by Double-GZ | 25th Jun 18, 7:15pm 1529910953

Yes I'm pretty sure Ranui is somewhere near Whanganui. It's an educated guess as both end with 'nui' LOL^^

by Nzdan | 26th Jun 18, 6:13am 1529950439

Ranuiomata is over the hill from Wellington.

by Retired-Poppy | 25th Jun 18, 3:10pm 1529896214

Right on que, BLSH and alike have popped up at the height of this price froth. Predictably, once this froth is gone, they'll also vanish. Now why is that I wonder?

These are certainly interesting times. Scary times coming if your a wet behind the ears 30 year old who repeatedly outs himself as having limited financial acumen.

by PocketAces | 25th Jun 18, 4:32pm 1529901152

"Actually, I am fine with boobs. I wish I had them", yeah, but then you would be "Mobster"

by THE MAN 2 | 25th Jun 18, 6:15pm 1529907336

Boo steer, leave me out of your transgender ideology.
The Man is straight and always will be!
Whatever you want to be Boobster is your choice today but I am not in any gay parade!

by tothepoint - d… | 25th Jun 18, 4:19pm 1529900362

Hi BuyLowSellHigh,

Gingerninja is no sidekick.

She's one of the smartest contributors here and one of the best communicators, as is well recognised.

Her posts are always carefully considered and skilfully written - on a par with Greg Ninness.

And, unlike you, she spells names correctly.

You're most welcome to pack your bags and take your offensive trash-talk elsewhere.

TTP

by Houses Overpriced | 25th Jun 18, 4:29pm 1529900968

Ouch

by Retired-Poppy | 25th Jun 18, 5:05pm 1529903149

TTP :) along with a few others, especially you, I should also stand accused of trash talking. I certainly agree with you that Gingerninja's posts are very insightful, well prepared and worthy a read.

I strongly suspect that BLSH'S name calling, is more linked to anxiety with being a late arrival to an over ripe investment strategy and his/her unpreparedness for the opposing arguments to it. I would have thought you'd have more understanding with such a plight than most here!

by BuyLowSellHigh | 25th Jun 18, 5:12pm 1529903560

Sounds like your’re the biggest snowflake in here! Your virtue signalling is cringeworthy.

by gingerninja | 25th Jun 18, 8:40pm 1529916008

BLSH I really don't know why you have gone on this keyboard rampage. I was just having a giggle, and DGZ is perfectly able to take a joke. I tease him about his double grammar porn, but I often look at the properties he shares links to and some of them are very easy on the eye. It's all just a bit of light hearted fun and no need to get your knickers in a twist.

Slow news day clearly.

by Houses Overpriced | 25th Jun 18, 9:06pm 1529917614

What makes you think blsh is a female

by gingerninja | 26th Jun 18, 7:45am 1529955958

If you are making a gender assumption based on my use of twisted knickers, then let me assure you that twisted knickers can be a universal phenomenon.

https://www.collinsdictionary.com/dictionary/english/to-get-your-knicke…

by BacktoPerth | 26th Jun 18, 1:09am 1529932142

Nice insult Double Penz!!

by Bobster | 25th Jun 18, 1:58pm 1529891905

This is a good watch, note the comments from 4 mins onwards about DTI levels and possible APRA requirements for the formulation of internal DTI limits esp. in a low interest rate environment. The regulators over there really seem to be grasping the nettle, which is more than can be said for our own RB. I hardly think we need our own royal commission to work out that there had been a fair bit of what I would call imprudent mortgage lending

https://youtu.be/twi74v7dhNE

by Averageman | 25th Jun 18, 2:25pm 1529893541

Yes. Massive interest only review/clean out over the next five years. Also interesting 7.50 - there is another 200k apartments due to come on line in the next 18 months due to add fuel to the fire of declining prices. 11.52 auction clearance rates still above 50%. which is a lot better than here. Headwinds building to storm force for sure over there.

In perspective, we have a lot of interest only loans in the speculator sector, we have a big chunk of apartments also about to hit the market. Muted talk of of DTi here as well with the RB requesting it as a tool.

Aussie banking policy could never impacts little old NZ could it....

by Houses Overpriced | 25th Jun 18, 2:24pm 1529893494

Remember the good old saying " when the us sneezes,the world catches a cold ". The same relationship exists between aus and nz

by Malarkey | 25th Jun 18, 3:23pm 1529896986

When Aucklanders orgasm they scream the names of Real Estate companies.

Now, from Japan:

A ramshackle disused commercial building not far from my place was demolished last year and replaced by seven very nice new homes. These range from two stories, two bedrooms to four stories, five bedrooms, and all constructed with quality materials and excellent workmanship. None have sold despite at least one price reduction. The reason for the lack of interest is due to the fact they are close to what around these parts passes for a busy main road, and almost all potential buyers are young couples, either with kids or planning to have them. Houses in quieter locations still sell, but it's definitely a buyer's market and has been for decades.

It was like that in Auckland until relatively recently and will be so again once the hilariously insane investment property bubble finally collapses and house mania becomes just a particularly embarrassing memory.

by Fritz | 25th Jun 18, 9:24pm 1529918649

That first bit is hilarious Malarkey!

by Fritz | 25th Jun 18, 9:27pm 1529918820

Where are you in Japan? I was in Nagoya for a couple of years 1996-1998

by Malarkey | 26th Jun 18, 11:43am 1529970214

Between Nagoya and Tokyo.

by Mrs The Point | 25th Jun 18, 9:27pm 1529918879

Any link? I'd like to have a property porn perv at them?

by custard | 25th Jun 18, 4:05pm 1529899534

This just in:

“Gong also bought two Auckland properties, in Panmure and East Tamaki, in 2012 and 2015 respectively. He paid in cash; a total of $2.3m for both homes. In his ruling to grant the freezing orders, Justice Davison said he was "well satisfied" there were reasonable grounds to believe Gong had unlawfully benefited from money laundering and receiving.”

Opps!!

by custard | 25th Jun 18, 8:59pm 1529917144

I’ll put a positive spin on it and suggest he was simply eager to display “confidence” in the Auckland property market.

So all good then - and after all – isn’t that what it’s all about.

by Chairman Moa | 25th Jun 18, 5:04pm 1529903079

Can I put some spins into the headline?

- A massive 33% success rate in latest Auction
- Forget gloom and doom, 1 in 3 properties sold in latest Bayleys' auction
- Property market is hotting up, success rate has reached 33%

and for the other camp:
- Auckland is declining, 67% failure rate in latest Bayleys' auction
- A dismal result, only 33% sold
- Approximately, 2 in 3 properties remain unsold..

by custard | 25th Jun 18, 5:04pm 1529903065

OK, It's a bit of a struggle to be honest - but I'll go out on a limb and assume the first take is intended to be positive.

by Houses Overpriced | 25th Jun 18, 6:06pm 1529906798

Lol. Yeah I'm struggling too . It's a day of chaos. . Hahaha. .

Take it easy everyone. . I think we should be so glad to be in this lovely country :)

by CN | 26th Jun 18, 12:53am 1529931222

Something very wrong here.

New Zealand has the highest homelessness rate among the wealthy nations that make up the Organization for Economic Cooperation and Development, a Yale University study found last year, though it noted that definitions of homelessness vary by country. Social workers here say the country’s homeless — 1 percent of the population, according to a comprehensive study from a New Zealand university — increasingly include people with jobs.

https://www.nytimes.com/2018/06/22/world/australia/new-zealand-homeless…

by Zachary Smith | 26th Jun 18, 6:46am 1529952380

I did a three hour walk around Auckland on Sunday and didn't see one homeless person. Later that day I went to Sylvia Park shopping mall and found it difficult to get a park. Again I didn't see any homeless people but saw a lot of people driving nice cars and shopping.
If people want to live comfortably in a modern society they will need to follow modern rules of behaviour.

by BacktoPerth | 26th Jun 18, 1:16am 1529932599

Check this out- Aussies whingeing because their auction clearance rates are in the mid fifties....
https://www.google.com/amp/s/www.businessinsider.com.au/australia-prope…

by Houses Overpriced | 26th Jun 18, 7:21am 1529954490

To those who think they can borrow themselves to death....

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12…