The residential property market is now firmly in winter mode, with Bayleys Real Estate offering just 21 properties at their upper North Island auctions last week and achieving sales on eight of them, giving an overall sales clearance rate of 38%.
At the Auckland auctions prices ranged from $640,000 for a two bedroom home unit in Bucklands Beach, to $1.52 million for a two bedroom penthouse apartment with sweeping views on the Freemans Bay ridge.
At the Rotorua auction only two residential properties were offered, with a four bedroom house at Owhata selling for $680,000.
At the same auction two retail premises on a single corner site fetched $340,000 (full details are available on our Commercial Property Sales page).
At Bayleys' Tauranga auction three properties were offered, with a spacious four bedroom house at Oropi selling for $1.325 million.
Also in Tauranga, Eves Real Estate auctioned 16 properties last week and achieved sales on five of them, with prices starting at $470,000 for a three bedroom house at Gate Pa, while the top price was $1.56 million for a two bedroom house on a large section at Mt Maunganui.
Details of individual properties offered and the prices achieved on those that sold are available on our Residential Auction Results page.
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57 Comments
So you are going to ignore the sale of the Arney Cres property with a CV of $11,000,000 a couple of days ago?
https://www.bayleys.co.nz/1751545
I still believe that DGZ is a recently divorced middle aged dude with a mullet, driving around the grammar zones people watching in his clapped out 80’s hondamatic. He’ll own one of those properties one day, his boss will recognise his hard work by handing over the keys to the business.
Hi DGZ,
Nzdan is not just "disappointed" that houses are still fetching premium prices in grammar zone........ He's mortified and reeling in agony/embarrassment.
DGZ - keep up with your worthy reporting of notable house sales in Auckland. It adds much objectivity to this site and is greatly appreciated by astute readers.
TTP
TTP's early spring delivered Rotorua a median $385,000, down 9.4 per cent on April's median price of $425,000! I cracked up when I read a REA take on it "April was an anomaly, we're up from last May and the one before that so it's all trending in the right direction"
Now that it's topping out, the window dressers are getting busy with words.
Some people can be a little bit selective. From the same news source?
https://www.oneroof.co.nz/news/tauranga-house-prices-reach-record-media…
The auction clearance rates reported by Greg over the 2-3 weeks have been significantly higher than through April and May.
This observation has whipped the DGM into a frenzy - especially since the DGM were forecasting a crash to have occurred well by now. Oh dear.......
The Auckland housing market has demonstrated a level of fortitude that the DGM never dared contemplate.......
And, notably, the status quo comes after price increases comfortably above 90% during 2006-2016.
Personally, I anticipate some downward movement in prices of poorer located (and less desirable) properties over the next few months - but in preferred localities prices will likely fluctuate within a quite narrow band.
There will continue to be some nice pickings for first home buyers who, by all accounts, have become more active in the market over recent months - and for good reason.
TTP
TTP, The trouble is, this is still a suckers market and you're in denial there's a DGM living inside of you. Its high time you finally acknowledged 2017 commentator recommendations for FHB's to wait, were factually correct. Prices are certainly cheaper now but it's still very much early days.
Good to be back on terra firma, but my back ache is terrible. A month away I see I have not missed too much. Interesting to note housing issues in the northern hemisphere are very similar here. I noted with interest that in mainstreet USA they are back to a standard of mortgage laxity that made me head for the toilet. You gotta love them banks. Pretty clear over there interest rates are hiking up the hill and low income earners will struggle. Affordability at the lower end of the spectrum is nothing new and health care and inability to save seem the common complaint. To be fair if you changed the accents it was like I’d never left here.
Saw somebody post about the incipient trade war between US and China - imagine that may well have implications for us. It'll be interesting to see how sensitive our situation will be knowing that our trading future and investment climate is now both directly and indirectly tied to the public and corporate stewardship of the middle kingdom. I suspect we won't be seeking to get too out of step and accordingly, as I already understand it, we will continue to defer to rather piecemeal and largely ineffective measures to counter the apparent manifest ills of new New Zealand.
Depending on your view it can be quite a disconcerting exercise trawling through the last 30 odd years of NZ history in an effort to establish whether we can, without any hint of sarcasm, still hold claim to the investitures of sovereign nationhood. But then who really can?
4 bidders fought it out at the on-site auction yesterday at 96A Upland Rd DGZ
2017 CV $1,825,000
Sold $2,245,000 (23% above CV)
https://rwremuera.co.nz/auckland/remuera/96a-upland-road-19042265/
Sold for 890K in 2004. About a 1.3 million of capital gain. More than most people accumulate in net wealth in their entire lifetimes. Could have been purchased back then by a youngish doctor lawyer scientist or engineer but not now. Just under 7% y/y capital gain for 14 years. Same story for vast swathes of Auckland. Nothing fu*$ed up about all that! Wonder why educated young people aren’t having kids anymore? Don’t worry about it, just keep celebrating rising property prices.
I'm glad that you've managed to draw some sense out of this. Hence I continue to report on what's happening, what I know, what I see, where I live; despite being abused and attacked personally by some idiots on this website. The numbers mean different things for different people. The public deserve to know the truth that's all what I am saying.
LOLdgz, again trying to ignite a race row. If my taxi driver happens to own two negative geared rentals, takes several return trips to his homeland while being in debt up to his eyeballs, also happens to be of Indian origin then explain to readers why it's you that keeps regurgitating this as an issue? Its you that seems to have a problem with it.
Like you, my taxi driver happens to financially short sighted. In his case, he cannot see a threat to his livelihood standing two feet in front of him. In his case, its Uber AND ring fencing.
I’m not doubting the facts you’re presenting, it’s the way you’re conducting yourself on here like an autistic screecher. Certainly not the demeanour one would expect from someone who truly owns any property in a grammar zone, unless you have wealthy inbred parents that gave you your property and mental capacity/birth defect.
It's a service homes.co.nz offer if you 'claim' your property. Core logic are supplying even more regular data to home loan providers like ANZ. Like DGZ, I find it helpful to have all of the info out there to counteract the misinformation pedalled by the DGM. What I'd really like to see is someone post their actual selling/buying experience rather than the peanut gallery putting a slant on what others are doing.
I still believe that DGZ is a recently divorced middle aged dude with a mullet, driving around the grammar zones people watching in his clapped out 80’s hondamatic. He’ll own one of those properties one day, his boss will recognise his hard work by handing over the keys to the business.
Why do you feel the need to dig into my personal information and if I am a divorced middle-aged dude with a mullet? This is not ok.
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