There was plenty on offer at the main Auckland apartment auctions this week but not much was sold under the hammer

There was plenty on offer at the main Auckland apartment auctions this week but not much was sold under the hammer
A two bedroom unit in the Volt building sold for $340,000.

Things were unexpectedly quiet at this week's main Auckland apartment auctions, with plenty on offer but not much selling under the hammer.

City Sales had four units on offer and they were a real mixed bag, ranging from a studio unit in Emily Place in the CBD, to a work/live, mixed use unit on Symonds Street, which is on three levels with commercial space on the ground floor and a two bedroom apartment above it. 

A fairly average crowd of potential buyers attended, but bidding was a bit on the tepid side, with two of the units attracting multiple bids, one attracting a single bid and the other receiving no bids.

By the end of the auction only the mixed use unit on Symonds St had sold under the hammer and the other three were passed in.

Things were also a quieter than normal at Ray White City Apartments' auction where a fairly thin crowd turned out for the nine units on offer.

There was a good range offered, that included, CBD shoeboxes popular with investors, a leasehold unit at the bottom end of Parnell, and a Grafton unit with potential remediation issues.

But bidding was slow with only two of the nine units receiving multiple bids, three of them receiving just a single bid (other than vendor bids made by the auctioneer) and four of them receiving no bids.

By the end of the auction only one of the properties sold under the hammer and the other eight were all passed in for sale by negotiation.

That result took most of those who attended by surprise.

Perhaps it was because people had headed away early in the week for an extended long weekend break, while others were cautiously waiting to see how the restrictions on overseas buyers, which come into effect on Monday, will affect the market. Possibly some were spooked by recent sharemarket volatility, or maybe everyone was just glued to their screens watching the Jami Lee Ross show unfold.

But whether this week's poor result was a one-off or the start of a bigger change in the market, we will have to wait and see.

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

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Riding a Dead Horse - Advice for Investors in Property
The tribal wisdom of the Dakota Indians, passed on from generation to generation, says that when you discover that you are riding a dead horse, the best strategy is to dismount.

In modern economics, however, a whole range of far more advanced strategies are often employed, such as:

1. Buying a stronger whip. (Borrow even more money)

2. Changing riders. (Try and find some Chinese buyers to flog it onto)

3. Threatening the horse with termination.

4. Appointing a committee to study the horse. (Get the REINZ to try and massage some numbers)

5. Visiting other sites to see how others ride dead horses. (Let's see how they did it in the US. Right let's lower interest rates as low as they can go)

6. Lowering the standards so that dead horses can be included. (8 times interest only mortgages, encourage people to withdraw 'false' equity from the family home to 'invest')

7. Re-classifying the dead horse as “living, impaired”. (It's just a flat market after all, sure nothing is selling it must be flat)

8. Hiring outside contractors to ride the dead horse. (The agents will give us a fair view I'm sure)

9. Harnessing several dead horses together to increase the speed. (Let's go and buy in the regions instead (that's already happenened, sorry Palmy you've been over-cooked)

10. Attempting to mount multiple dead horses in hopes that one of them will spring to life. (Let's buy another one in Dunedin, that's sure to go up)

11. Providing additional funding and/or training to increase the dead horse’s performance. (Banks lowering their interest rates to try desperately to attract new buyers)

12. Doing a productivity study to see if lighter riders would improve the dead horse’s performance. (First time buyers, lighter means less experienced, let's start advertising FOMO to them with lots of bank advertising)

13. Declaring that as the dead horse does not have to be fed, it is less costly, carries lower overhead, and therefore contributes substantially more to the bottom line of the economy than do some other horses. (Let's add some negative gearing to help them out and have no capital gains on speculation)

14. Re-writing the expected performance requirements for all horses. (Negative returns are fine, that's what investment property is about, it's the capital gains in the future that you're after - sure that may be 2030 but that $5K gain will be worth it)

15. Promoting the dead horse to a supervisory position. (Don't worry John Key will oversee all this from his lofty seat at ANZ).

16. Raffle of said horse, sell 100 tickets at $10.00. Pocket $1,000. When winner claims prize and complains the horse is dead then refund the $10.00.

Cowboy wants to buy an Indian's horse "Oh, him no look good", said the Indian
Cowboy looks at the horse, can't see anything out of place, "No, I want to buy him, he looks about the right size for me".
"Oh, no, him no look good, I tell you".
"$50. I really like him".
The old Indian can't resist the offer and lets the cowboy take the horse.
A week later, the cowboy,furious, comes back with the horse "This horse is blind, why didn't you tell me".
" I told you," said the Indian, "I said him no look good".

That's a very interesting story of yours, you must be a creative artist, or just a con-artist. The horse is alive and well. Instead of having four legs and wings it still has its four legs and well fed from govt coffers to enhance performance.

'well fed from govt coffers to enhance performance.'

Was it the NZ government coffers that you are referring to or the Chinese government coffers Houseworks?

nz govt payments for AS which helps keep the property market reasonably strong. The AS now funds nearly 150,000 households

.perfect, Thanks.....

That's what this govt wants nic, despite what they say or imply. Any sudden change to affordability, based on falling house prices, is likely to dramatically and negatively affect the economy.


Auckland had a good run while it lasted. We're coming back to reality now - and people need to adapt.

Haven't heard from couple of property bulls recently, wonder if they have realised the inevitable

Crying into their mortgage statements.

Says the guy paying higher interest rates than the rest of us to his private mortgage lender!

Some of those bulls have a head on their shoulders and seem adaptable. I enjoy talking with them.

Flat(ish) until 2021/22, when prices will start to pick up.


'INVESTMENT RISKS: All investments, including real estate, is speculative in nature and involves substantial risk of loss. ... All investors are advised to fully understand all risks associated with any kind of investing they choose to do. Hypothetical or simulated performance is not indicative of future results'

In simple terms - don't look backwards to assess the route that is ahead of you.

Don't worry BLSL. There will be plenty of people wandering blindly around the forest with you.

Now it's time for some golf.

Looking backwards is a crucial component in how we look forwards. One of the three pillars of the scientific method is the use of empirical evidence, (things that have actually happened). For example it can be generally observed that lowering your interest rate will cause your currency to fall. Another pillar is to then logically seek to explain what you see, but this is only in the context of what can be observed. The last pillar is to be skeptical of what has been established in the past, and perhaps that is closest to what you actually mean.
Your simple terms explanation is misleading to say the least. Take quick sand for example. If you access the path ahead based only on what lies ahead and do not take head of the past, you will sometimes find that what looks safe has historically already been identified as dangerous.


The statement is merely a standard disclosure for financial products - it is used by all financial advisors in the UK. I agree, history is a wonderful way of understanding the future, it's just that sometimes it's best to learn from the history of others (markets/countries) rather than your own history (individual/home country).

The myopic or singular view on one particular investment vehicle is where people usually become unstuck and shall we say that it is the last piglet to the tit that usually gets the smallest serving.

The standard disclaimer is actually:

"Past performance is not indicative of future results." which is true but is not able to be summarized as:
"don't look backwards to assess the route that is ahead of you." which is a ridiculous statement.

Never the less your underlying but well hidden point is correct.

Can I borrow your crystal ball?

Just buy a family house and invest in ETFs. Property is for financially illiterate boomers.

Yeah thats exactly right, how about this ETF?
'NZ Property ETF Fund'
No wait a second... Dang. I think I has done it wrong.
Maybe you mean index stock funds. But even so, saying property is for the financially illiterate is hilarious because the statement is itself financially illiterate.

Mortgages, rubbish yields (both capital gains and rental), maintenance, dealing with tenants, vacancies. It's a part time job for just one property, let alone multiple.


'Things were unexpectedly quiet at this week's main Auckland apartment auctions, with plenty on offer but not much selling under the hammer.'

Is the the future news in NZ for sometime unless foreign buyer was a myth.

National too is getting exposed slowly and steadily (Why they were in denial and silent mode on foreign buyer and the reason for them supporting is well established)

18 KB apartments in Mt. Albert

"Contracts have also been signed to build another 3367 KiwiBuild homes, but the locations of most of these are yet to be announced, according to the Government."

masive pipeline of construction coming thru..

Looking at the plans, it's better to stump up a few extra $ and buy the non-kiwibuild apartments in the same block. Extra $30k and you get a better located apartment and free of the KB restrictions

Edit, after looking at it further, still not interested. Just shy of half a million dollars for a shoebox 40m2 single bedroom apartment, with a parking space for a scooter in Avondale.

Lovely view of Pak N Save's car park,+Mount+Albert,+Auckland+1025/@-36.8946462,174.7040324,46a,35y,30.89h,72.28t/data=!3m1!1e3!4m5!3m4!1s0x6d0d46c46d4aa78d:0xef735e3ca2d864d9!8m2!3d-36.8941436!4d174.7047193


I just inherited a million dollars and was disappointment I could not buy into Awkland market before the Asiatic Invasion of the past few years.

Can anyone sell me a simple abode for a million dollars now please. In cash.

I have a suitcase ready and waiting.

The only thing I need is Permanent Residency...It will be in the National Interest to replace funny munny, with real money. ..before my time runs out.

I need a place to stay, whilst I learn the language of today, so I can speak clearly if elected to my preferred abode nearer my National Party Seat, if elected. ...did I just repeat myself...i meant when. I already bought the seat.

It is a foregone conclusion as I am a new National Candidate, if I read the Daily Paper and 'The Leader" right.

The ink is nearly dry, so please hurry to list your property with me, so I can make a quick decision and you may be able to make a quick buck, depending on when you bought your property.

I saw Trademe had lost its sense of humour.

I hope does not lose it too.

Please remember it is Friday.

Please remember if you cannot laugh while all around you are losing their seats, their kids cannot afford to beat the Hou-sing System...and please note I am recording your response for future XI-society Membership. One step at a time.....(Please note this may not be in the NZ National Interest).

PS...I will not be visiting any Consulate, whilst overseas, as I hear Turkey is already stuffed....ready for Christmas. Tis a sick World...and getting sicker.

PPS. Trump is correct....he has a finger in every pie. but does not believe for one moment that...that...that you should not swallow...what he says. ...what is one one teeny wheeny lie, in the big SCHEME of things.

It is Polly-ticks.

No percentages? I'll do it for you. 11%

Lowest clearance rate I've seen since following this site

Apparently there's meant to be a rush to buy before the ban...... I'm not so sure

Bye FB. There's no love lost. There is still hope for you in new developments of 20 or more. Hope you don't screw up FHBs in that segment. Better option is to look at some other country where you might get better value for your ill earned money

the FONGO is about to set it shortly

Will be interesting to see next week Auction result

I can’t understand what people see in shoebox apartments.......

Definitely wouldn’t own one or rent one.


That's what people see in them.

I picked up the property press a couple of days ago, and noticed the mortgagee sale section. That's the first time I've noticed this for a long time. Sign if the times perhaps.

At of Friday last week

On, there are 32 mortgagee sales listed in New Zealand.
1) 9 are in Auckland
2) 10 are in Kawerau…/categoryattributesearchresults.…...

FYI, According to, Kawerau had the large increase in residential house values in the country since Jan 2014 to September 2018 with a capital gain of 90.3%

High end property prices down. Hope doublegrammar isn't hit too hard