Ray White City Apartments had a 100% success rate at their Auckland apartment auction this week, with five apartments on offer and all attracting multiple bids and selling under the hammer.
It was one of those auctions that had a bit of something for everyone, with a studio leased to the hotel in the Spencer on Byron in Takapuna selling for $300,000, a one bedroom apartment in the Zest complex on Nelson St, long an investor staple, which went for $265,000, and a one bedroom unit in the low rise Marina Park complex on Fanshawe St that fetched $498,050.
Down at Barfoot & Thompson's Thursday morning auction at their Shortland St room, the usual mix of commercial properties and apartments were on offer.
These included two CBD apartments, another on the CBD fringe and two suburban home units.
An apartment in the Chatham building overlooking Myers Park only attracted a single bid, but it was above the reserve and sold without any further bids being made. And an apartment in Eden Terrace and another on Fanshawe St were both passed when they didn't receive any bids, but the two suburban units both sold under the hammer with particularly competitive bidding for a three bedroom unit in Onehunga.
The full results of both auctions, with the prices achieved on the properties that sold and the details of those that didn't, are available on our Auctions/Sales Results page.
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28 Comments
Sales report in DGZ! Just went out for a walk around the neighborhood after dinner today and saw SOLD signs left right and centre. Here are the three that I have observed this evening (I believe the sold signs only went up in the last day or two):
44 Shore Rd - I'm guessing it went for around $2m
http://www.nzsothebysrealty.com/purchasing/property/NZE10694/44-shore-r…
178 Victoria Ave - I'm guessing around $2.5m
https://www.barfoot.co.nz/585310
640 Remuera Rd - I'm guessing around $3.5m
https://www.bayleys.co.nz/Listing/Auckland/Auckland/Remuera/1750968
CJ099 .......I am just picturing that quiet conversation 7pm on a sweaty, humid Auckland Thursday night.....
The RE agent pulls up in some new Merc, that hasn't been washed for months and is greeted at the door by an anxious middle aged couple,who bought the BS from some seminar, 2 years ago that property will ALWAYS be the way to an early retirement .....
Now realising that the capital gains have gone, these enlightened people now want out of the market, on that 3 bdm Takanini sh*tbox that was sold to them by some RE agent that is now snorkelling in Fiji ....
The RE agent cautiously but firmly suggests "Well, folks lets get this property listed and grab this capital gain before the "sheeple" wake up and realise the "true" value of your investment property .... "
The anxious owners reply with a quivering voice "Right how soon can we have it listed? "
......and there you have it people, that is what will be happening now, and the real reason why Trade Me listings are increasing so much.
Here is something in that property advertorial rag today - the NZ Herald
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=118…
Point No. 5 was particurlarly apt for for DGZ, the man 2 and all the other property bulls ....
"5. The bubble dweller
People like to be proved right, and so seek out information that supports their theories. This is called "confirmation bias". An investor will make a decision and then find information that backs it up.
The "echo chamber" has been written about a lot recently, with widespread shock at the results of the EU referendum and the American presidential election being blamed on people inhabiting "bubbles" with others who share the same views.
Anthony Rayner, a fund manager at Miton, the asset management firm, said: "Confirmation bias is becoming increasingly important as technology dominates media and as politics becomes more divisive."
Social media platforms such as Twitter and Facebook are making it harder to escape this bubble, Mr Rayner argued.
"Much of this content gives the user the illusion of being informed but, partly through the power of confirmation bias, it's largely false confidence," he said."
Proof we are not in a bubble http://www.trademe.co.nz/property/residential-property-for-sale/auction…
ONLY half a million for a crap shack with $110,000 deposit and $580 a week mortgage payments
Who could resist living in Auckland...
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