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Latest auction results: Barfoot's apartment auction a fizzer but keen bidding at Ray White City Apartments' and Bayleys' first auctions of the year

Property
Latest auction results: Barfoot's apartment auction a fizzer but keen bidding at Ray White City Apartments' and Bayleys' first auctions of the year

Auckland's apartment market got off to a quiet start to the year when no one turned up to Barfoot & Thompson's apartment auction at the firm's head office building in Auckland's CBD this week.

Two apartments were on offer, both situated in the same building in Dockside Lane just off Quay St in the CBD.

Both were one bedroom apartments and one also had a car park.

Both were on leasehold titles.

But with no potential buyers in the room and none on the phones, the auction did not proceed.

At Ray White City Apartments' first auction for the year just one apartment was on offer, a 56 square metre, two bedroom/two bathroom unit on a leasehold title with a car park in The Landings building near the historic former Central Railway Station off Beach Rd.

There was strong bidding for this unit from several hopeful buyers before it was eventually sold under the hammer for $141,700.

The Landings has suffered from weather tightness and other structural issues which have now been remediated and according to QV.co.nz the vendors had paid $300,000  for the unit in 2005.

They would also have faced substantial costs as their share of the weather tightness repairs.

There was also strong bidding for the only property offered at Bayleys first auction of the year at their Viaduct Harbour rooms.

The two level, four bedroom house in the holiday hot spot of Hahei on the Coromandel was sold under the hammer for $1.816 million.

It will probably be another couple of weeks before the auctions get back into full swing.

Full details of the latest auctions are available on our Auctions/Sales Results page.

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22 Comments

They took a haircut on that apartment. I'm pretty sure they must have been going broke after paying for the remediation work.

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Leasehold is poison.
Never ever buy leasehold.

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I agree...big time..... Never ever buy leasehold...

Everything i've learnt about Land values and Real Estate prices...... began after buying our first house...which was leasehold... back in 1993.... ekkkkkkkkkkk

After the lease renewal ... I was shocked into learning about the economics of Land values..

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I think both you and Maxi the Taxi told and taught me that last century when I was releasing one to the market on a clients behalf - great advice about leasehold that I have shared many times over and those that listened were saved along the way....

So I don't think this is an indicator about the market, just that people wouldn't be so stupid to buy leasehold properties these days - or weather tightness issue related properties.

Imagine being stuck with both, munted and exorbitant future land rent hikes. tuck fhat for a joke....

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And there are equally dangerous variants on that theme especially in the apartment market. Parties with a vested interest who have the power to set ground rentals and body corporate fees and similar can wipe out your equity at the stroke of a pen. So you should probably add never buy apartments also unless you are very very careful and know what you are doing.

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Re: Barfoots; "With no potential buyers in the room and none on the phones, the auction did not proceed".
You never know chaps you might get some escapee Americans buyers turning up next time.

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ted told his 70000 followers to not show up

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Me thinks the market could be tanking, time to wait for it to bottom out to more realistic price levels. :)

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February is when the 70,000 buyers wake up.

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Auckland listings rising quickly Ted. Sellers appear awake.

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Like last year in January the buyers were fast asleep then suddenly in February they awoke hungry for food and shelter for their families.

Suddenly Auckland changed from a sleepy Bear market to a Bull market on steroids!

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Ted it's not like LAST YEAR! I've already explained this to you several times. Foreign Buyers were temporarily locked out of the NZ property market from Oct 2015 to Jan 2016 whilst they had to register for IRD numbers.

That's what caused the Auckland market to drop by -8% over that time period. In Feb 2016 they just carried on spending. Now they're locked out again due to their own Government's Capital Flight restrictions and that they've been actively discouraged to buy Foreign Property.

Now do you get it!

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Is that normal for this time of year?

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As a salesperson February and March can be stressful as thousands of buyers suddenly hit the open homes and you have to employ an extra PA to deal with the huge workload.

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Why do they hit the market then?
Are you a real estate agent?

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Yes, he is.
.

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I agree mostly but never say never. leasehold can be okay if there is an option to freehold. but if it is not there you wonder why people buy leasehold. In fact, I sometimes wonder how they are even legal. Heavily favour the landowner.

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We need Trump as our new Prime Minister of NZ so We can be great again!

Build a wall around all the negative people and make them pay for it.

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Zero commission January will soon turn into zero commission February for you Ted. You will have even more time to idle away posting on interest.co.nz. It will be like watching paint dry, endless sunny days and no buyers with more than 50k. Have you thought about selling cars instead?

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Not unusual for a leasehold property

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Crowdfunding for WALL around #Alternativefacts & Ted Stanton
Trump is a disaster & Fascist Bannon deliberately creating kayos Clown Trumpo dutifully obliging as long as he is told his hands are BIG and his crowds are Biggest this golden-shower fool is happy
The reverberations from this fool will be catastrophic

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