Winter had well and truly taken hold in Bayleys' Auckland auction rooms this week, with just six Auckland homes up for auction, barely surpassing the five that were auctioned in Hamilton.
Of the six Auckland properties that went under the hammer, sales were achieved on two - a house in Mission Bay and another in Omaha, while homes in Ponsonby, Karaka, Meadowbank, and Greenhithe were passed in for sale by negotiation.
At the Hamilton auction Bayleys offered five residential properties and sold one, a modest house in Leamington, although a Waiuku dairy unit was also sold at the same auction (details of that sale are available on our Rural/Farm Sales page).
Bayleys' Marlborough office auctioned three properties last week and sold one - a house in Springlands, with the other two passed in for sale by negotiation.
In The Bay of Plenty, Eves Real Estate had 13 homes scheduled for auction this week and achieved sales on four, with prices ranging for $515,000 to $1.245 million.
Details of all the properties offered and the prices achieved on most of those that sold, are available on our Residential Auction Results page.
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58 Comments
People may be finally adjusting to the housing realities in NZ? With homelessness here at the highest level in the OECD - have we reached peak rental-uptake?
If there are no more people financially able to rent accommodation, perhaps the sustainability of buy-to-let property investment has also peaked?
I know net immigration is still positive but perhaps new migrants are now just pushing current tenants onto the streets, that or migrants are now finding themselves homeless? To me buy-to-let property investment is wishful thinking because those unable to buy are increasingly unable to rent.
Clearly, there's not much coming onto the market at the moment - very few tidy properties in good locations.
Vendors are generally not so keen to sell - and holding back.
Recent interest rate cuts might help buyers - and first home buyers remain particularly active....... Quiet market is a good time to look around and buy - and many are doing so.
TTP
My takeaway from this, is that there is currently almost zero demand in the housing market in Auckland. Yes, there wasn't much put to auction. That there were a total of two sales, well this indicates that the demand is even more slack than the vendor hesitance. Interesting to see where this goes for the future...
Tothepoint : here is a little refresher video for you for the meaning of a Bubble ! enjoy.https://www.youtube.com/watch?v=Hlaze7Tm8lY
Hello Boobster, It's me again...
Penthouse Apartment: 29e The Parade, St Heliers
Price guide: $4,000,000 plus http://www.boulgarisrealty.com/listings/19065075/
Buylowsellhigh, whats the spot value of your Tauranga property today? Quickly now, pin it to your fridge! Your preying 2016 will come again before your bank demands principle & interest repayments. Didn't you hear, Booms-over-Rover! Hard yards to follow for the many other Johnny cm Latelys. Those cheap property seminars have a lot to answer for don't they? I'd suspect many who ran them are now exploring other magnets for suckers like door to door vacuum cleaner selling.
You edit your comments so much I can't keep up! Thanks for removing the bit about me being bitter, that hurt my feelings.
Tauranga spot price is on my fridge already thanks, right next to Auckland's. I read this just after sticking it up - https://www.oneroof.co.nz/news/35077/?ref=nzhhome
Tauranga is full of retirees, you'd fit right in. Ever considered the move? Papamoa Beach is glorious.
Actually, I am fine with boobs. I wish I had them. In fact, i have really taken what TM2 and eco bird have been saying to heart, and I have just bought a cute little one beddie in ranui. I will use all the capital gain I am sure to make in the next 2 years for some gender reassignment surgery. And then, TM2, DHZ, eco bird and BLSH will joint me on the interest.co.nz float in the 2021 hero parade. Well, I won’t be “on” the float as such, but I will be out front wearing gold body paint with leather stirrups attached to my (new) nether regions pulling the float sweatily down the street. DGZ will construct a kissing booth made solely from pages of the property press, TM2 will proudly wear nothing but a holy penis gourd filled solely with the blessed and wealth generating soil of the Christchurch red zone. Eco bird will spray the crowd with sparks of wealth created by his angle grinder of property truth. It will be a living metaphor for the power of the property market to generate wealth. We will invite others to join our Noah’s ark of property based prosperity!!
Nice. Welcome to the club Boobster! You'll soon see that folks on this side of the fence are much happier. I like your party ideas.
But jumping the fence is going to leave a conspicuous vacancy in the doom and gloom brigade! gingerminj has been wanting to move up the ranks to become an official member, so that's a possibility. No doubt Wankiwi will want to replace you as Retired-Poopy's right hand man. And then who will become become the new sidekick? Sadly, none of the prospects have two brain cells to rub together, so that's going to be a tough position to fill.
Interesting times!
Indeed. I want to be really personal....so when you read comments from Peter Thompson of b&t about the property market and how it’s all going to be ok, I want the first thing that comes to your mind to be my genitoplasty.....I hope that doesn’t spoil it for you.
My gender reassignment now rides on the property market.....the last thing I want is a soft landing!!!
BTW, where is Ranui!? Never mind, I ams sure DGZ knows
Right on que, BLSH and alike have popped up at the height of this price froth. Predictably, once this froth is gone, they'll also vanish. Now why is that I wonder?
These are certainly interesting times. Scary times coming if your a wet behind the ears 30 year old who repeatedly outs himself as having limited financial acumen.
Hi BuyLowSellHigh,
Gingerninja is no sidekick.
She's one of the smartest contributors here and one of the best communicators, as is well recognised.
Her posts are always carefully considered and skilfully written - on a par with Greg Ninness.
And, unlike you, she spells names correctly.
You're most welcome to pack your bags and take your offensive trash-talk elsewhere.
TTP
TTP :) along with a few others, especially you, I should also stand accused of trash talking. I certainly agree with you that Gingerninja's posts are very insightful, well prepared and worthy a read.
I strongly suspect that BLSH'S name calling, is more linked to anxiety with being a late arrival to an over ripe investment strategy and his/her unpreparedness for the opposing arguments to it. I would have thought you'd have more understanding with such a plight than most here!
BLSH I really don't know why you have gone on this keyboard rampage. I was just having a giggle, and DGZ is perfectly able to take a joke. I tease him about his double grammar porn, but I often look at the properties he shares links to and some of them are very easy on the eye. It's all just a bit of light hearted fun and no need to get your knickers in a twist.
Slow news day clearly.
If you are making a gender assumption based on my use of twisted knickers, then let me assure you that twisted knickers can be a universal phenomenon.
https://www.collinsdictionary.com/dictionary/english/to-get-your-knicke…
This is a good watch, note the comments from 4 mins onwards about DTI levels and possible APRA requirements for the formulation of internal DTI limits esp. in a low interest rate environment. The regulators over there really seem to be grasping the nettle, which is more than can be said for our own RB. I hardly think we need our own royal commission to work out that there had been a fair bit of what I would call imprudent mortgage lending
Yes. Massive interest only review/clean out over the next five years. Also interesting 7.50 - there is another 200k apartments due to come on line in the next 18 months due to add fuel to the fire of declining prices. 11.52 auction clearance rates still above 50%. which is a lot better than here. Headwinds building to storm force for sure over there.
In perspective, we have a lot of interest only loans in the speculator sector, we have a big chunk of apartments also about to hit the market. Muted talk of of DTi here as well with the RB requesting it as a tool.
Aussie banking policy could never impacts little old NZ could it....
When Aucklanders orgasm they scream the names of Real Estate companies.
Now, from Japan:
A ramshackle disused commercial building not far from my place was demolished last year and replaced by seven very nice new homes. These range from two stories, two bedrooms to four stories, five bedrooms, and all constructed with quality materials and excellent workmanship. None have sold despite at least one price reduction. The reason for the lack of interest is due to the fact they are close to what around these parts passes for a busy main road, and almost all potential buyers are young couples, either with kids or planning to have them. Houses in quieter locations still sell, but it's definitely a buyer's market and has been for decades.
It was like that in Auckland until relatively recently and will be so again once the hilariously insane investment property bubble finally collapses and house mania becomes just a particularly embarrassing memory.
This just in:
“Gong also bought two Auckland properties, in Panmure and East Tamaki, in 2012 and 2015 respectively. He paid in cash; a total of $2.3m for both homes. In his ruling to grant the freezing orders, Justice Davison said he was "well satisfied" there were reasonable grounds to believe Gong had unlawfully benefited from money laundering and receiving.”
Opps!!
Can I put some spins into the headline?
- A massive 33% success rate in latest Auction
- Forget gloom and doom, 1 in 3 properties sold in latest Bayleys' auction
- Property market is hotting up, success rate has reached 33%
and for the other camp:
- Auckland is declining, 67% failure rate in latest Bayleys' auction
- A dismal result, only 33% sold
- Approximately, 2 in 3 properties remain unsold..
Something very wrong here.
New Zealand has the highest homelessness rate among the wealthy nations that make up the Organization for Economic Cooperation and Development, a Yale University study found last year, though it noted that definitions of homelessness vary by country. Social workers here say the country’s homeless — 1 percent of the population, according to a comprehensive study from a New Zealand university — increasingly include people with jobs.
https://www.nytimes.com/2018/06/22/world/australia/new-zealand-homeless…
I did a three hour walk around Auckland on Sunday and didn't see one homeless person. Later that day I went to Sylvia Park shopping mall and found it difficult to get a park. Again I didn't see any homeless people but saw a lot of people driving nice cars and shopping.
If people want to live comfortably in a modern society they will need to follow modern rules of behaviour.
Check this out- Aussies whingeing because their auction clearance rates are in the mid fifties....
https://www.google.com/amp/s/www.businessinsider.com.au/australia-prope…
To those who think they can borrow themselves to death....
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12…
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