Good bidding on some apartments, not much interest in others

This two bedroom apartment sold at mortgagee auction for $477,000.

It was a mixed bag at this week's main Auckland apartment auctions with just over a third overall selling under the hammer.

At Barfoot & Thompson's regular apartment auction two properties were on offer, a two bedroom unit in the fashionable Silo building on Emily Place, and a terraced house in Parnell.

The Silo apartment was spread over two levels and came with a car park, but was passed in without receiving any bids.

The Parnell terraced house was a leasehold unit with three bedrooms and an internal access garage and had recently had remediation work completed and received a new Code Compliance Certificate.

It received a single bid of $175,000 and was also passed in.

At Ray White City Apartments, six units were on offer, including the mortgagee sale of a two bedroom unit in the Celestion building on Anzac Ave, a large one bedroom unit with a large balcony and a car park overlooking Myers Park in the Oasis building on Poynton Place, and a leasehold unit in the Q Central building on City Road.

One of the units on offer, in The Quadrant building near the High Court had its auction postponed until next week and of the remaining five, four attracted multiple bids, one attracted a single bidder, and by the end of the auction three had sold under the hammer and two were passed in for sale by negotiation.

Details of the properties offered at both auctions and the prices achieved on those that sold are available on our Residential Auction Results page.

You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter" and enter your email address.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment or click on the "Register" link below a comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current Comment policy is here.

22 Comments

19 Dovedale Place, Parnell
175,000k sounds cheap for a 3 bed, Kiwibuild should make some of them :)

they are on leased land

Hahahaha!!!

Was listed for $299k.

https://www.barfoot.co.nz/759790

Sorry - but those things are simply leasehold junk.

See what they'll pay you to take it off their hands.

Seen a few in the Celestion building for sale. Possibly people looking to get out before the new building is erected in front of them, blocking their view and sunlight.

TTP

sorry, but normality in the 30s continues as it has for the past year or so

Have a good weekend!

well, sort of.. 3/7 is actually 42%.. but on such low volumes that a single sale makes a ~15% swing. Its nothing to crow about, thats for sure.

The thickest person finds it hard to understand stats, he'll still claim it's up

up
10

These figures are of very great concern.
Does the drop off in demand mean that the appetite for cheap apartments is waning and if so what does it mean for the developers who are building 1000's of cheap new ones right now?
Or is it that buyers a waiting for the newer apartments rather than buying existing ones, even of the new prices are over twice as much - plus GST despite being "affordable" in many cases?
Are we heading for an apartment crash, such as regularly happens in Australia and other countries?.
I believe we might be.

Competently agree. Add to that a decline in overseas students conditioned to life in small rabbit hutches and there is a double wammy. Hopefully some of them have been built to have inter tenancy walls removed after acquisition at receivership sale to make something that could be half decent (real usable space) .

*Add to that a decline in overseas students conditioned to life in small rabbit hutches and there is a double wammy.*

I think all and all people in the suburbs spend a lot of time in even smaller rabbit hutches (cars). How big an apartment do you really need?

Given the same price point I'd much rather live in a smaller place with better insulation. Unfortunately people in NZ think double glazing is a kind of french desert.

Double glazing is compulsory on new stuff now. Agree its take quite some time especially down south.

Just wait for the shared equity schemes to come into themarket. Buy half an apartment now and the developer retains the other half... It's a great scheme when things are 50% over the top...not so much for the buyer... but the banks love them!

Just wait for the shared equity schemes to come into themarket. Buy half an apartment now and the developer retains the other half... It's a great scheme when things are 50% over the top...not so much for the buyer... but the banks love them!

What developer wants shared ownership, they all want to get cashed out, liquidate the development company and run to the Range Rover or Aston dealership. Check out how many companies Tony gapes has setup and exited as an example.

Easier money than a productive business model, ain't it?

Have to feel sorry for the folk left out of pocket each time though.

Nurses Striking! Teachers Striking! Buyers Striking! Whatever next?

Real Estate Agents Striking. Same thing, pay disputes.

I think you mean stressing, as are European car leasing companies.

That’s the present. What’s next, is they’ll be striking outside the Ray White offices. Gary Lin will be chained to the doors of Ray White Corporate in protest of the REA poverty crisis. National will pledge $10 billion if re-elected to help tackle REA Poverty, partially funded by forced acquisition and sell off of all kiwibuild and HNZ properties built under Labour.

Who is Gary Lin?

Mrs Lin's Son.