Prices started at $400,000 for a three bedroom family home in Mt Wellington at Bayleys' Auckland auctions

Prices started at $400,000 for a three bedroom family home in Mt Wellington at Bayleys' Auckland auctions
This three bedroom house at Mt Wellington in Auckland sold for $400,000

Winter ended on a high note in Bayleys' Auckland auction rooms with sales achieved on two thirds of the properties that went under the hammer.

However the number of properties being auctioned remained at their winter lows, with Bayleys auctioning 15 Auckland residential properties last week.

But there must have been at least a hint of spring in the air with sales achieved on 10 of them and the remainder passed in for sale by negotiation.

A highlight was two, three bedroom family homes located across the road from each other in a cul de sac in Mt Wellington that were offered for sale separately.

One was a 1940s bungalow (pictured) that sold for $400,000 and the other a more modern house that went for $435,000.

The prices would have been affected by the fact that high voltage power lines and the motorway were both just a few metres from the properties.

The most expensive sale at Bayleys' Auckland auctions was a modern three bedroom/three bathroom home in Parnell which fetched $3.85 million.

In Tauranga Bayleys achieved a 50% clearance rate last week, auctioning six homes and selling three.

Also in Tauranga, Eves Real Estate auctioned 14 properties last week and achieved sales on six. 

Details including a photograph and description of the individual properties offered and the prices achieved on those that sold are available on our Residential Auction Results page.

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Looking at the picture it makes me think of a Shopping channel advertisement... This three bedroom house at Mt Wellington in Auckland sold for $400k!... but wait! there is more! Over and above your mortgage you will be forking out an additional sum to deal with plumbing and drainage issues, maybe even a re-wire to bring it all up to code. PLUS!! The windows and doors have gaping holes for great ventilation all year round!

If the section is big enough I would suspect that house is bulldozer food shortly.

If you live close enough to the HV lines flouro tubes illuminate themselves via the electrical induction feild!

Nose dive doom and gloom.

Probably just a QV glitch but:
454 Panama Road, Mt Wellington. Vendor bought in March 2018 for $826,539 (CV $560K) and has now sold for $400k. They have also just sold 452 Panama Road for $435k (CV $610K) which they bought in 2003 for $160k. Both are freehold sites.

456 Panama Road was also sold in March 2018 for $1.1 Million ($530k CV) according to QV/Homes.co.nz.

Let's hope it's a QV glitch Nzdan or 'Auckland Sheds' are quickly losing their 'characterful' appeal.

I can't wait for next month when we can expect to hear a bit more from the Reserve Bank about their hush-hush investigations into our lending institutions.

Are you sure its not 458 Panama Road that sold for 400K, pictured above? Don't think 454 Panama Road has been sold since March 2018 for $826,539. I think the Bayleys listing has the wrong address - they have put 454 instead of 458.

Yeah you're right, the listing photo vs Google Maps you can see the colour of the roof. Although Google Maps has it as 456 and 458 is somewhere on the driveway.

Google maps satellite view might show the reason.. what are shown as the approx boundary lines on the maps view appears to be part of the carpark for the specialist dementia care unit next door.. I suspect boundaries might no longer be the same.

And having the power pylon literally right outside the door of 456.. no idea how that was ever going to be worth 1.1million.

Years ago I was advised to "Never buy next to a School or a Church", and I guess one could add "Dementia Care Unit" to that....
But $826,539 ? What is that? A Chinese "Lucky" Number or something?

.

Feels like we're in the bear rally stage of the credit cycle.

... or in a cycle stage of bears rallying?

Or a bear cargo-bike cycle rally?

Any votes for beers and cycling?

Beercycle.co.nz ?

It's interesting that the higher auction clearance rates for Auckland (which first became evident in May) have been sustained through winter.

At first, I thought it might be a momentary spike in the data - but it appears there is more buyer interest now than earlier in 2018.

TTP

More buyer interest.. or agents/sellers being more selective of what they are sending to auction? What are the auction volumes doing?

My impression is all the high clearance rate auctions have involved small numbers, thus we've not had much to go on in terms of making calls of things being icy cold or very warm.

This is another one. 10 houses sold, and a number of them quite desirable houses. Doesn't tell us much as a sample mix.