There was good interest from buyers at all three of the main Auckland apartment auctions this week, although results were a bit mixed.
Things started on a high note at the City Sales auction on Wednesday, where two properties were offered, a studio on Symonds Street which was definite investor fare, and a 60 square metre, two bedroom unit on Federal Street, which could have appealed to investors or owner-occupiers.
Both properties attracted competitive bidding and both were sold under the hammer.
At Barfoot & Thompson's apartment auction on Thursday just one property was offered, a 50 square metre one bedroom plus study unit in the Victoria Residences building in Victoria Street.
There was competitive bidding on the unit from several potential buyers. But the highest bid of $671,000 wasn't enough to get it across the line and it was passed in for sale by negotiation.
At Ray White City Apartments' auction later on Thursday five properties were on the block, ranging from traditional investor fare such as a three bedroom unit in the Volt building on the corner of Mayoral Drive and Queen Street, to units that would also have appealed to owner-occupiers.
Four of the units attracted competitive bidding, with two of those selling under the hammer and there was no bidding on the fifth.
So of the eight properties offered at this week's main apartment auctions, four were sold under the hammer and there was serious bidding on another three, suggesting a good possibility that deals would be struck on those in post auction negotiations.
The details of all the properties offered and the prices achieved on those that sold are available on our Residential Auction Results page.
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91 Comments
Didn't you hear RP ??,
Guarantees are made obsolete now ... the World is going to cancel all Guarantees in life including death and taxes ...
the only one left will be for the 20% deposit on a 30 year mortgage which will now be Guaranteed to have CG by the taxpayer ...Happy?
Lol. no wonder you put your money in TD .. you are a lazy spoiled guarantee seeker sleeping under a bus and want everyone to be like you and join you .... lol
Here's a headline for you ttp: Trump puts 25% tariff on Chinese goods
https://www.bbc.com/news/business-44498484
See if you can figure out what impact that will have on our property market
LOL, a 50% clearance rate has TTP thinking Christmas has come early!!!
News Alert TTP!!!!! 50% is still a poor clearance rate, albeit better than 30%.
And next week there will be clearance rates back in the 20s and 30s and you will have to once again have to contain your excitement.
However we should give you your day in the sun to celebrate this extroidinary event that 4 out of 8 apartments were sold at auction this week...
Enjoy it while you can
50% is now an early spring is it polisher? You have absolutely no concept of risk it seems though not surprising as that is not part of getting your Real Estate Certificate.
In other news https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12…
Haterz gon hate
(until they get RSI from their rage-fueled keyboard mashing tantrums and have to take the weekend off to watch re-runs of The Block *but not the ones where the capital gainz disappeared obvs* and reassure themselves that they are a real man, with a property portfolio and that NZ is the best, more important place in the whole world).
Chessmaster's morning mantra "I am a beautiful, successful man and I deserve to be loved".
A bit puzzled at the level of enthusiasm from the inner city investment players.
Over the last 2 weeks I have been told separately by a couple of people that should know – international student numbers are down.
I would imagine that’s the sort of fodder that goes into a fair number of these chicken coops.
Wake up sheeple !! ....Auckland's housing issue with it's high prices is a MONETARY issue ! ....these prices are upheld by foriegn money coming INTO the country (laundered or otherwise, it doesn't matter) and the circulation therof....it is NOT a race thing in any shape or form !!! The more money in any housing market, the higher the prices ....not rocket science !
The sad part is the dichotomy of the greedy "baby boomers" who already own property vs. the "millenials" who do not yet own property - so you have the BB's not giving a *** as the just sit and smugly watch the values go up - while the millenials struggle to get a deposit together,their mortgage payments takes one complete salary to pay....while the BB's tell them all to buy a "shoebox" apartment or live 55km from the city !
The issue here is the MONEY coming into (or going out - has any BB investor ever factored that ?) the country - and who controls the money, controls the market.
LOL Auckland CBD. I worked there a few years back, and even my short walks from the office to the bus stop were horrendous. Pan-handlers, ranting crack-heads, homeless people shuffling around next to maseratis... and that was like a 200m metre stroll in broad-daylight.
Zero police presence (not that it would matter given how ineffectual our police were anyway), and Kiwis are fleeing the area in droves. Anyone can see the trajectory Auckland CBD is taking - straight down.
The cbd is an absolute dump. Unless you work in it I can’t think of a reason to go there. I went to Melbourne recently and was a bit concerned I was staying in the cbd on William st, I thought it would be another cbd dump. But it was actually lively and safe and with lots of great bars and restaurants, really funky. I think our cbd is just uniquely bad.
Bobster,
I spend time in Melbourne every year and spend part of the time staying in William St. just across from Flagstaff Gardens. It's a world class city,but with a population of almost 5m, it's hard to compare it directly with Auckland.
Having said that,there was a leading article in the Age last week which complained about the problems of a rapidly growing population and inadequate infrastructure;roads and public transport,to service it. Sounds familiar?
Yeah it was quite impressively liveable. Even though we are smaller, that’s no excuse for why our cbd is the way it is. A complete dump. The Wynyard quarter and the waterfront has potential for a vibe that is kinda copenhagenesque, but the rest of the core cbd area is just a crying shame. Yuk.
It's a world class city,but with a population of almost 5m, it's hard to compare it directly with Auckland.
This is a thread about property prices. Which means Melbourne and Auckland can absolutely be compared directly, because they're around the same price.
Which begs the question - why Auckland over Melbourne?
As you know “The Man” knows everything about the Chch housing market and many other things.
What I suggest is that all the property bears that talk the doom and gloom about prices everyday because they can’t afford to buy a home.
It is a bit depressing I would agree, so why don’t all of you get together and hatch a plan to amalgamate what cash you have got and buy a large home that you can all share.
This way you will be able to continually talk about how unfair the world is!
Go on, maybe Nic Johnson or Zak Brando, Could arrange it or even the very knowledgeable Retired Poppy or Gordon, as he has got plenty.
Of course I have sympathy fror those in Auckland that can’t afford to buy there.
If I was 20 and on average pay I wouldn’t be buying now in Auckland unless the property was under its true market value with upside.
What I would do would be move to Chch where you can buy affordable property and have a lifestyle, and that is what many are now doing.
Middle aged but feel in my twenties but wisdom of an older man.
Come from a working class family and got to where we are financially from working hard and investing g well.
Nic, its been easy for Speculandlords to borrow, buy and present themselves in the guise of highly intelligent investors. As easy credit turns tail, so will they. Legislation is now their enemy, the bank is their Landlord and time is their quicksand. Hardly smart investing these days.
Its already happening in poor old Christchurch Nic. Sliding away values wise surely but steadily. You would be a fool to buy there currently. It has nothing going for it hence its small population. Anyone who listens to an old bugger like The Boy would be making a mistake. He is typical of some many arrogant uneducated boomers in New Zealand who think they are clever because they were able to buy a few old dungers when they were a lot cheaper and they have happened to go up over time as inflation increased their value, just like gasoline and cigarettes, power and food. Nothing clever in that. Just born in a certain era. Fluked it. I am one of them but at least I admit it.
If I was 20 and on average pay I wouldn’t be buying now in Auckland unless the property was under its true market value with upside.
If you were earning average pay at any age it's highly unlikely you could buy anywhere in the country. Not only are all the provincial centers booming, the satellite towns of the provincial centres of booming. It's nuts out there.
Come from a working class family and got to where we are financially from working hard and investing g well.
Also from being born in an amazing time in history, right? I'm not saying you didn't work hard. But can you admit the road to the white picket fence was much easier for your generation, then it is for millenials?
TM2 .. AKA George Gregan has returned .. let me use some of your foolish words from the past...
'It'll be four more years boys, four more years' at the very least before we get to anywhere near the bottom of this correction. I still think 50% reduction will see us getting off lightly, but we'll see how silly people are as they hold on the burning log until it burns them.
So the banks were increasing multiples of lending to compete with foreign buyers (who they thought were cash, but were actually ripping off Chinese banks) and all the while the banks were getting ripped off by their own staff.... Anyone who didn't see the foolishness of it all - that'd be you THE MAN2 would have to have been a very simple soul I think! I tell you what there are a lot of people in the 50's and 60's who don't realise it yet but will be skint by this time next year. I would try not to laugh but the lesson was so simply given by the UK banks just 10 years ago. Lending without covenant on value and on multiples beyond 4.5 times household income will always lead to a correction at some point.. Because of the cost of living in Australasia though there is no leeway the minute things tighten - everyone gets squeezed....you can already see it.
Nic, you are away with the fairies!
You are commenting and haven’t got a clue.
You would be better off putting your time into trying to improve your own financial situation because no one will be better off by reading your postings
Got any more houses that sold for less than what they paid for them today Nic??????
Not today TMS but I know of lots where the mortgage value is greater than a possible sale price... it's funny isn't it how some places are already struggling and the credit tap is only just being tightened.. Christchurch could be fun over the next ten years... large supply, lots of new builds, lots of leverage..... The Sunderland of the Southern hemisphere..... (TM2 because you won't get that on your own - Sunderland average prices are still around 75-80% of where they were in 2006 - thanks to Northern Rock lending 6 times interest only mortgages to everyone) Sad thing for Sunderland is that their prices having come back a bit over the last few years to get to 80% off peak, have recently started falling again.... Christchurch - The Sunderland of the South! And before you say that couldn't happen here.. It can, they're called Aunty Westpac and Uncle ANZ and they have been similarly generous to the sheeples.
This guy is going to be buying up large in Auckland over the next few weeks....
https://www.zerohedge.com/news/2018-06-14/russian-hedge-fund-manager-di…
http://www.scoop.co.nz/stories/AK1806/S00247/auckland-housing-supply-co…
Another 4500 + new apartments coming up for next year. This clearance rate of 4 a week needs to increase 2000%. Hope they are largely pre-sold!
I see that houses that have CV more than 1.5 m are taking a big haircut. I've received a couple of calls from agents for houses with higher CVs (more than 1.5 m) are willing sell at least 20% below their CV. I think property investors should jump at these opportunities because market will go up in few months and they will make big.
Remember this guys? The Arney Cres house with a CV of $11,000,000 I posted last week? It has been sold within a week!! It was definitely a joke when I said it is lived in by a Chinese student and a cute pussy cat ^^LOLdgz^^
https://www.bayleys.co.nz/1751545
The power of Shanghai Lil ^^LOLdgz^^
https://www.youtube.com/watch?v=2CtjQt6GZRo
Quick look at Trade Me.
Auckland “for sale” numbers static – not a good time to sell?
Auckland “for rent” – numbers up up and away – instead of selling, a good time to rent your property out, but at a price that works?
Take away capital gain, then yield is left to make property work – but take away yield – now what?
Simply holding on becomes tiring very quickly.
And here it begins. See this is exactly what happened in the UK around 2010 when the property market crashed. People who couldn't sell their homes and had to relocate, we're left with no other option than renting them out. That saturated the rental market which cause rents to plummet, soon after that so did the house prices.
Sold signs out in the last few days - does anyone know how much??
43 Orakei Rd - 2017 CV $2,950,000
https://rwremuera.co.nz/auckland/remuera/43-orakei-road-18551948/
7/59 Victoria Ave CV $1,160,000
https://www.uprealestate.co.nz/UPR14509
Do you think this headline sounds desperate?
"Vendor says 'SELL NOW' ... disregard all previous pricing"
http://www.remuerarealestateregister.co.nz/catalog/product/1218
I really believe that the foreign buyers are no longer around so the ban will make no difference in the current flat market. If you see Asian/Shanghai faces at the open homes or auctions they're likely to be new residents who have legitimate reasons to settle down in Auckland. IMHO the COLs are introducing the ban to save face as this was their election promise. How sad is that!
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