Bayleys Real Estate had 32 residential properties marketed for sale by auction in Auckland/Waikato/Bay of Plenty last week and achieved sales on 11 of them, giving an overall sales rate of 34%.
At the Auckland auctions 18 properties were offered and seven were sold, ranging in prices from $832,000 for a three bedroom house in Glen Eden to $5.06 million for a four bedroom house in Kohimarama.
Sales down the line included a three bedroom house on a 7.5 hectare lifestyle block at Cambridge that went for $2.57 million, a three bedroom brick house in Matamata that fetched $486,000 and a beach front house at Mt Maunganui that sold for $2.7 million.
Also in Tauranga Eves Real Estate auctioned 15 properties last week and achieved sales on seven of them, at prices ranging from $450,000 to $1.16 million.
At the top of the South Island Bayleys auctioned five Marlborough properties and sold two.
Details of the individual properties and the prices achieved on those that sold are available on our Residential Auckland Results page.
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76 Comments
The washing machine has stopped, the laundry's on the line but those that joined in may still get rinsed and put out to dry!. The fallacy of buying a product without an honest price, with lies and subterfuge behind every word is surely at an end. Time to put a price on it, buyers have now lost trust in the market and its makers!
Actually St Heliers. 130% of 2017 CV is impressive but there are some special aspects. 1. Much of Kohi waterfront property has Pohutukawa trees blocking views, this doesn't. It has new apartments in front of it and a bare bones rebuild next to it so it will have new quality neighbours. Way out of my price range, I'd rather walk to the beach and have the extra $2,500,000 in my bank.
The 2017RV is 840k and the TradeMe Property Insights middle estimate was 790k. Sounds like a very successful sale. No sales history so the seller could have owned it for a while.
We need a much better example than this to declare it the harbinger of the coming real estate market apocalypse.
What’s it like to live in NZ’s most expensive suburb? Bobster will abuse me for sharing this...
It’s interesting that every suburb has its own special vibe ^^LOLz^^
https://www.oneroof.co.nz/news/35003/?ref=nzhhome
Oneroof? really DGZ, you're just plumbing new lows now. The following will help treat your addiction. We're always here to help; https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11…
Interesting video re the perspective of a buyers agent on current Sydney market. Sounds like where we will be shortly
Particularly note comments at 28 mins about what MN considers to be a misassessment by banks of the credit risk of outer vs inner (“leafy”) suburbs. He thinks the leafy suburbs are where the greater part of mortgage debt is concentrated and therefore this is where the credit risk is greater. Compare that to here where 40% of mortgage credit is held by 8% of the borrowers (I think those those numbers are right?) ie the greater part of that mortgage credit risk is concentrated on borrowers based in the wealthier suburbs. No doubt much of that credit represents investments in outer suburbs.
Hi tothepoint,
Do you have to keep cutting and pasting the same comment continually?
It would be good if you could come up with something new or informative rather than the same ol' cyclical oscillation of trending up-swinging, sustained plateauing robustness.
MTP
Imagine going into a supermarket & most of the groceries don't have a price tag!!
Well, that's what the real estate market is.
In that respect, used car salesmen are better than RE agents because almost every car for sale in the yard has a price stuck on to the windscreen. At least they are honest & upfront!!
I know some of you don't like the truths that I state here......
But it was me who was right...... and you who were wrong.
In these circumstances, repeating things can help the one-eyed and those who are not too bright....... gradually the message sinks in for them.
TTP
.......still waiting for your fact based response to my question above. Seize the chance to share some insight:) Is this a housing market where FHB's who commit today one that renders them slaves to underwater mortgages? All this after committing a hard saved 20% deposit?
Most first home buyers view housing as a consumer product - they consume it buy LIVING in it ..
Think of it in terms of chocolate, lol. I wanted a chocolate bar a few weeks ago, so I went to the Mobil service station down the road and brought one! I could have waited and driven a little further to the supermarket and got perhaps a 40% discount, but I didn't want to wait.
When push came to shove, I could afford the chocolate bar and didn't care if I paid more. If FHB's are concerned about prices falling and having negative/zero equity - that's a good indication they can't afford to buy. Housing has gone down in the past and it will again - the inverse is true of interest rates.
Hi R-P,
My gut instinct tells me very clearly that (Auckland) house prices will climb much further in the medium/long term.......
And by then you (and your naive mates) will be cursing the fact that you didn't buy now - while the market is relatively subdued.
When the next upswing occurs, my message to you will simply be, "Don't blame me."
TTP
Sounds like there are still desperate people willing to pay top dollar for shacks. Personally I don't see the appeal of New Zealand, lots of countries now offer a way better quality of life. I understand everyone has different circumstances, yet I'm surprise there isn't a bigger exodus out of NZ. Perhaps the stats just haven't been released/collected?
Really, where are these mythical unicorns you could be living in? These comment threads are the bastion of the bitter and resentful, a cornucopia of the would of, could of, should of brigade. Those who got ahead through property investment do so by getting off their bums and taking some risk, not taking that holiday or buying that car. As for non-resident investors, they at least paid a fair market price. Now just imagine having it taken away from you (along with your language) and having to fight for compensation....
I think the best and brightest are constantly leaving nz. But that is a very small number as New Zealand tend to not make smart people. Just look at our politicians from all parties and you can guess the IQ of what the voting public is in general. So a lot of kiwis do get trapped in nz because out in the open competitive world a lot of kiwis just don't stand a chance.
More then one way to skin a cat, where NZ and property is not the be all and end all. But property does impact all NZ, especially at these unaffordable levels, something a bit more productive like the people below would be better.
https://en.wikipedia.org/wiki/Victoria_Ransom
https://en.wikipedia.org/wiki/Derek_Handley
http://www.howdidshegetthere.com/claudia-batten/
https://en.wikipedia.org/wiki/Rod_Drury
While I don't disagree with your final point.
Swings and roundabouts Zack. You will, over time I suspect, find that your perceptions, tastes and circumstances change such that what you may once have considered not to your liking becomes more appealing. In my later forties now, lived in three continents and oddly came back here to settle. However I am very well aware of what is on offer elsewhere and yes, some of it breaks my heart that I dont have it anymore however on balance NZ fits my current life and to be fair everywhere has its problems once the gloss of a new place starts to fade. But the reality is, to a large degree it doesn’t matter where you are, what matters is you and what you are prepared to do to make the world your own.
Your Question: "Really, where are these mythical unicorns you could be living in?"
My Answer: What a stupid Question!
Malaysia, Germany, Mexico, Vietnam, Colombia, Peru, Norway, Netherlands, Nicaragua, Cambodia, Morocco, Latvia, Armenia, Australia, Estonia, Spain - even Poland is cheaper to live than NZ, etc, etc ... should I start listing all the traditionally better Western countries .. ?
You need to wake up boy!
People should move around more. I say go for it. Estonia is full of beautiful young ladies too.
Also, what about Bluff? You can buy a house there for around 100k and still enjoy the benefits of NZ's welfare state.
Yeah, Bluff could diffidently be a goer for many people. It all depends on people's situations. New Zealand doesn't work for everybody. It differently use to be a good place to grow up and many retirees enjoy, "the benefits of NZ's welfare state" which is funny, because it's true.
A lot of single Millennials like myself aren't interested in having our earning suppressed by the government subsiding employers through working-for-families OR our rents raised by the government subsiding tenants/landlords via accommodation supplements. The list really goes on and on .. but at the end of the day, people will vote with their feet, NZ will become more hollowed out.
To be honest, if you are young, there are plenty of better places to be. This is from someone who spent 15 years in London, Hong Kong and Singapore. Whether you come back or not depends I think on how strong your sense of turangawaewae is. If you do come back, there are some compromises to make. This is not the land of big salaries. And the things things that used to make Auckland special (living space, a home with outdoor living) don’t exist for a lot of people. Whether that’s permanent or not, don’t know.
Maybe they'll be able to teach Millennial Zach how to spell "definitely" when he is overseas in all those non-English speaking countries which are better than NZ. Or is cheaper the only yardstick? Think he definitely needs to get out and see the world like most of us. The brain drain was much more noticeable back in the late 90s and early 00s, why aren't the Millennials leaving? We couldn't afford to travel then either but working hard and saving for 2 years was enough to go and see the world and earn some coin.
Zack Brando, sorry can't help myself. I had stopped blogging but can't stay out of this one. Why don't you f off to one of those countries then. I can't believe how much people hate their own country and Auckland on this website. No pride. I bet you've never been to one of those countries. They will have their own set of problems. But please f off to one of those, you're not needed in NZ. Take bobster and saving for Aust with you.
Been all the the world, there is no place like NZ and I love Auckland.
Oh dear....bit grumpy tonight....what happened?!
London’s great but expensive, not an old persons town unless you are wealthy
Hong Kong is (was) very exciting, the New York of Asia. Really vibrant.
Singapore I liked the most, really organised and “go ahead”, very competent and focused. The Zurich of Asia.
Auckland...well, it’s not even the best city in NZ. Meh.
Why am I not needed? Just so I know what to write on my departure card? I think “not needed” is a departure category... maybe I’m wrong
Not grumpy, just amazed at how people sing praises of other countries and bag their own. Fundamental difference between us and Aussies, you say anything bad about them and the Aussies will f U up. They are a very proud nation and have no tolerance for f wit poms and others who don't think they are the greatest. Where do U live bobster, racist Christchurch or what's left of it?
HO your mum is busy so I'm here blogging. I'm Still relatively young mate and bodyfat of under 15% so very long to go. When you have money you use personal trainers, good food and life is generally awesome. You don't blame the country you live in or foreigners for things. Don't worry you'll never know what I mean :-)
I couldn't imagine living anywhere other than New Zealand. And most people I know feel the same way.
Wellington and Auckland are my two favourite cities.
If I wanted a good lifestyle with lower living costs, I'd head for Palmerston North. Palmy captivates me more each time I visit there. (Have never come away feeling disappointed.)
TTP
Like others – have lived in a few other spots over the globe.
Regardless of the attractions and benefits of other places and countries there is one thing that they can’t replicate.
Having being born here, grown up here and having extended family here – nowhere else is truly “home”.
And thankfully, even with some of the nuisance issues we currently face, NZ isn’t a bad place to call “home”.
NZ is a fabulous place to raise kids. Unfortunately, the jobs and opportunities are located in places where the housing is unaffordable. Forcing many to have hours of commuting a day, which then detracts from it being a good place to raise kids as your time with them is reduced. Or else, it forces these families into rental accommodation, where the house price inflation has gone up faster than they can save, even after giving up avocado and flat whites. And of course, now it requires two adults working full time to even begin to be able to afford a house where the work and opportunities are, that means the kids lose out on time with both parents. Not to mention that not being able to buy a home impacts stress levels and sense of belonging and security, so will have much wider ramifications for the future generations of NZ.
But who cares right? 8% of NZ population are a success and get to boast about their body fat percentage and how amazing they are?
It's actually cheaper for me to fly to Perth and rent a property there, than move to another rental here - true story, that's including the airfare too, as Perth has no letting fees and cheaper, yet higher quality, furnished housing. There are also realistic job opportunities for me in Perth - which is really exciting. The NZD/AUD cross-rate (money transfers) isn't too bad either, possibly narrowing more.
There shouldn't be anything wrong with wanting to make a better life for yourself, especially here, with such unrealistic earnings compared to the cost of living [when you're a worker].
I reckon Perth would be a good bet too. It is a very European city with mostly English, Irish, Scottish, Italian and South African immigrants and relatively low crime. This should be appealing to a number of people and will eventually become an immigrant magnet for all nationalities when they find out about it.
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