City Sales sold six of the seven apartments offered at their latest auction under the hammer, with just one passed in for sale by negotiation.
Among the sales was a 177 square metre three bedroom apartment with thee bathrooms near Sky City which sold for $1.01 million.
Unusually a 75 square metre apartment in popular Grey Lynn attracted no bids and was the only property that didn't sell on the day.
On the commercial property front Colliers has recently completed transactions on five commercial properties, ranging from a large warehouse/office at Silverdale that sold at auction for $3.125 million providing a yield of 4.7%, to a vacant retail/office unit at dairy flat which went for $495,000.
See below for the full results from both Colliers and City Sales:
Results of Auckland apartment auction at City Sales, 6 April:
- 10B/50 Eden Crescent. Darlinghurst building. An 86 square metre, two bedroom/two bathroom unit with a car park and three balconies. Vacant. Sold for $725,000. The agents were Habeeb Urrahman and Steve Kirk.
- 318/70 Nelson St. Zest building. A 36 square metre, two bedroom unit with a balcony. Vacant. Sold for $275,000. The agents were Lucy Piatov and Chris Bell.
- 4B/92 Nelson St. Regatta Court building. A 42 square metre, one bedroom unit, with a balcony and car park. Vacant. Sold for $401,000. The agent was Tony Kelly.
- 14D/117 Victoria St West. The Peaks building. A 117 square metre, three bedroom/three bathroom, furnished penthouse with a large balcony. Vacant. Sold for $1.01 million. The agents were Iona Rodrigues and Jacob Hayward.
- 3C/31 Scanlan St. The Mezzanine building. A 75 square metre, two bedroom plus study unit with two bathrooms and a double (tandem) car park. Vacant. When there were no bids on the property the auctioneer made a vendor bid of $680,000 and when there were no further bids it was passed in. The agents were Lucy Piatov and Chris Bell.
- 111/421 Queen St. Kiwi on Queen building. A 41 square metre, one bedroom unit with no balcony or car park. Leased to Housing NZ and returning $1260 net a month. Sold for $212,500. The agent was Maggie Sun.
- 622/149 Nelson St. Ascent building. A 53 square metre, two bedroom unit with a car park. Vacant. Sold for $390,000. The agents were Lucy Piatov and Chris Bell.
Recent commercial property sales by Colliers international:
Sold at auction:
Other recent sales by Colliers International:
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164-174 Khyber pass Rd, Grafton, Auckland. A 668 square metre, refurbished, two level office/warehouse. Sold for $4.8 million providing a yield of 5.4%. The agents were Kris Ongley, Jono Lynch and Shoneet Chand.
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30 Victoria Rd, Devonport. An 851 square metre, three level, mixed use building. Sold for $3.8 million providing a yield of 4.7%. The agents were Matt Prentice, Euan Stratton and Shoneet Chand.
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38B William Pickering Drive, Albany. A 212 square metre retail showroom/industrial unit. Sold for $735,000 providing a yield of 5.44%. The agents were Janet Marshall and Mike Ryan.
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B4/210 Dairy Flat. A 90 square metre, vacant unit in a retail/office complex. Sold for $495,000. The agents were Janet Marshall and Ellie Martin.
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15 Comments
Amended to 50%. The properties sold prior are included in my numbers above.
2 sold prior - that is not a lot considering 17 Lots in total for Bays/Central Area.
Auctions success (under hammer) mid last year for B&T were around 75%. Was the market hotter then? Of course it was. So under hammer success does tell something useful to the market - if nothing else it indicates the urgency of buyers.
...and BTW - the market at $1.8M+ appears to be a lot slower.
Go buy some apartments then if you interpret the market and future outlook is great.
Forget about macroeconomics, negative rates around the world, QE by many central banks, and even the Fed reducing it's positive outlook.
Just follow other Kiwis and buy, buy, buy, what could possibly go wrong!
Yes Machiavelli - forget the property cycle - it wont ever happen again.
And also the billionaires I've listed below who say a massive global recession is coming don't know jack shit compared to the commentators on this site:
• Ray Dalio
• George Soros
• Jim Rogers
• Stanley Druckenmiller
• Carl Icahn
So buy up everyone as the investors above are probably idiots who just made their money by luck.
That's right Triple. Altogether now "This time it's different!".
I thought Auckland had peaked about a year ago. I was wrong. I don't think there will be any severe downturns in prices in the next couple of years.
In no particular order;
The regions are steaming ahead.
Immigration is booming.
The rest of the world has a lot of terrible issues with war, terrorism and refugees.
NZ is a paradise.
We're all obsessed with property and don't understand / like other investments.
Money is cheap.
There's a genuine shortage of houses.
The NZ economy is pretty stable, despite dairy prices.
The RBNZ measures mean most people have sensible buffers / LVR's.
Many investors I know are at 30-40% or more equity.
There's a mass of built up equity sitting around in people's houses.
One day prices will decline. But not today or tomorrow.
You can almost pick the bears. They sound bitter and negative. The bulls are generally upbeat and positive.
I'm sure the billionaires can afford better crystal balls than I can Triple. Poor, little unsuccessful (by financial comparison to your billionaire friends) me can only go off what I see around me. Reporting the present is surely an easier task than predicting the future.
Why are they my "billionaire friends"? What they've publicly said is fact, don't blame me if you disagree with their opinions. And you are the one who sounds bitter.
And yes they can afford better advice (crystal balls) than you or I will ever be able to obtain, hence I respect their opinion.
But as I said before, by all means keep buying property. It doesn't bother me at all. In fact, quite the opposite, I enjoy watching people pay crazy sums for crappy properties at auctions.
Nice little back and forward debate here Triple. I agree there will be a recession in the future. I agree house prices will decline at some point in the future. I don't think there is anyone who is genuinely disputing this.
My issue is that if you (i.e. Bears) want to make this your central argument you really need to place a bet on the timing of the recession or property market downturn. Just saying "property is overvalued. Prices will decline" is meaningless. We all agree! The question is when.
Now you are talking some sense. However I believe there are many delusional investors who think prices will never decrease regardless of overseas events. These people are brainwashed idiots who believe media friendly economists. I mean seriously WTF is dumb enough to believe the comments of a bank employed economist?
Re: Downturn - First I think we need a global shock. The obvious choice here is if equities sh#t themselves, which they will in time. Can the Fed and their bedtime stories keep the kids happy until the US elections? Personally I doubt it but if they can then, the markets wont last long following. So I would expect an equities correction within a year and most likely within 6 months. Negativity will expand globally from this event (or similar). But the exact timing of impact on NZ property values depends partly on whether the media want to fess up about the global economic mess, or keep their banking buddies happy and the borrowing party going a little longer.
The global numbers are the numbers - and they are f#ck'd - end of story.
Personally I'm not a property bear 'long term'. I still hold commercial property although it is unencumbered so I'll hopefully be well placed to take advantage of a correction.
Those billionaires might have macro considerations such as their purchasing into a tiny market like NZ will itself distort the market and mean that they will never be able to liquidate without causing a crash.
Also not all micro markets will follow the macro market trends.
So you think if there is a global recession NZ and Auckland property wont be adversely affected?
hmmm... I'm not so sure about that.
You may find the world is so interconnected through finance, trade and tourism that if there is a global recession, like those billionaires have suggested (and BTW they are arguably some of the best business minds on the planet), then most countries, including NZ, will likely be negatively affected.
A recession is definitely coming, the only question is when and how big will it be.
I think current property buyers/investors in Auckland are extremely confident their properties wont be adversely affected by "any global events", yet most have zero knowledge on macroeconomics.
I personally think that's a risky attitude. However I do enjoy watching them at auctions pay stupid money for ordinary properties.
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