Buyers were cautious at the last major Auckland apartment auctions before this weekend's general election.
At Barfoot & Thompson's regular apartment auction it was a thin crowd of potential purchasers that turned up for the three apartments on offer, all of which were larger units ranging in size from 62-131 square metres, which meant they could have appealed more to owner-occupiers than investors.
However none of the properties received any bids and all three were passed in for sale by negotiation.
At Ray White City Apartments' auction, one of the biggest crowds we've seen for a while turned up for the five apartments on offer.
Two of the apartments were on leasehold titles, one was in a terraced house complex in Eden Terrace, and there were two CBD apartments on freehold titles.
There was extremely spirited bidding for one of the apartments and the terraced house, both of which were sold under the hammer, but there was very little interest in the other three.
One of the leasehold apartments didn't receive any bids. The other received just a single bid before they were both passed in. There was a lone bidder who raised his hand on the remaining unit and it was passed in as well.
So the overall clearance rate from both of this week's auctions was 25%.
The full results with details of all properties offered are available on our Residential Auction Results page
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter" and enter your email address.
7 Comments
What difference will 'who gets in' make? Seriously. National = what we currently have ( and the market's looking fragile!) and Labour is, well National with a different coloured tee-shirt on. So what will change?
Oh. And Aussie doesn't have an election this weekend. But I guess they are different....
"It's getting lonely at the top for sellers of the nation's properties in wealthier postcodes, with buyers' agents saying it's more of a struggle to find buyers. Rising debts, pressure from five years of turbo-charged growth and some concerns about increasing interest rates are drawing the heat from some of the nation's suburbs, they claim. Top-end house prices are usually the first to rise and first to fall. The water is getting a lot choppier"
http://www.afr.com/personal-finance/tougher-at-the-top-for-property-sel…
"and some concerns about increasing interest rates are drawing the heat from some of the nation's suburbs"
It's interesting how different it is in the US. Since long term fixed rates (for the life of the mortgage) are the norm, expecting interest rates to rise is incentive to buy asap..
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.