Bayleys Real Estate had 32 residential properties scheduled for auction in the upper North Island this week and achieved sales on 18 of them, giving an overall sales rate of 56%.
At the Auckland auctions eight of the 13 properties were sold, with prices ranging from $870,000 for a three bedroom apartment in Albany, to more than $3 million for a couple of properties in Ponsonby and Remuera.
At Bayleys' Hamilton auction a mix of six rural and urban properties were offered although a sale was achieved on just one, a three bedroom house at Leamington.
At the Rotorua auction two of the six properties were sold and in Tauranga sales were achieved on three of the five properties offered.
Also in Tauranga, Eves Real Estate had 22 properties for auction and achieved sales on seven of them, with prices ranging from $440,000 to $1.255,000.
Details and photos of all the properties offered and the prices of those that sold are available on our Residential Auction Results page.
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106 Comments
Notably, auction clearance rates for Auckland have been rising over the last few weeks.
Eight out of thirteen sales for Auckland (as reported in this news item) gives a clearance rate of 61.5%.
Further, it is not just cheapies for first home buyers that sold. A couple of properties (Ponsonby and Remuera) sold for north of $3,000,000.
TTP
38 St Vincents ave Remuera, 2017 CV $3.6m, sold 28 June, $3,15m, thats -12%. Like Sydney, some sellers are becoming more realisting on the way down. If any properties are selling either on or north of 2017 CV, they have to be something rare and exceptional.
TTP, in your opinion, do you think FHB's should commit now or wait and save? Please, spare us the weasel words, just a yes/no with some black and white supporting facts will suffice.
Some of the local sales in the last month or two. Mostly over CV but some below. Enjoy the stats everyone and please be nice to each other ^^
11 Arney Road – Sold $15,000,000 CV $11,000,000 (+36%)
https://www.bayleys.co.nz/1751545
73A Victoria Avenue – Sold $7,130,000 CV $7,200,000 (-1%)
https://www.uprealestate.co.nz/UPR14483
40 Orakei Road – Sold $5,400,000 CV $4,500,000 (+20%)
https://nz.raywhite.com/auckland-city/remuera/1881627/
15 Ridings Road – Sold $5,475,000 CV $4,150,000 (+32%)
https://www.uprealestate.co.nz/UPR14497
35 Maui Grove – Sold $4,418,000 CV $3,900,000 (+13%)
https://www.bayleys.co.nz/1751505
14C Ventnor Road – Sold $4,200,000 CV $2,700,000 (+56%)
http://www.remuerarealestateregister.co.nz/catalog/product/1214
20A Dilworth Avenue – Sold $4,168,000 CV $3,800,000 (+10%)
https://www.barfoot.co.nz/756160
23 Ridings Road – Sold $4,150,000 CV $3,025,000 (+37%)
http://www.remuerarealestateregister.co.nz/catalog/product/1220
82 Arney Road – Sold $4,000,000 CV $3,450,000 (+16%)
https://homes.co.nz/app/address/auckland/remuera/82-arney-road/XoWjJ
145 Shore Road – Sold $3,880,000 CV $4,150,000 (-7%)
https://drawphotography.co.nz/tour/11299151
278 Victoria Avenue – Sold $3,800,000 CV $3,800,000 (+0%)
https://www.barfoot.co.nz/754316
27 Orakei Road – Sold $3,600,000 CV $3,550,000 (+1%)
https://www.oneroof.co.nz/27-orakei-road-auckland-1060961
50 Bell Road – Sold $3,270,000 CV $2,950,000 (+11%)
https://www.barfoot.co.nz/755361
26 Warrington Road – Sold $3,270,000 CV $1,600,000 (+100%)
http://rwepsom.co.nz/properties/sold-residential/auckland-city/remuera-…
38 St Vincent Avenue – Sold $3,150,000 CV $3,600,000 (-12%)
https://www.bayleys.co.nz/1751517
16 Warrington Road – Sold $3,095,000 CV $3,000,000 (+3%)
https://rwremuera.co.nz/auckland/remuera/16-warrington-road-16040160/
40A Combes Road – Sold $3,020,000 CV $3,000,000 (+1%)
https://www.barfoot.co.nz/600258
17 Belmont Terrace – Sold $2,950,000 CV $2,350,000 (+26%)
https://rwremuera.co.nz/auckland/remuera/17-belmont-terrace-18213252/
113 Orakei Road – Sold $2,915,000 CV $2,925,000 (-0%)
https://nz.raywhite.com/auckland-city/remuera/1854700/
11 Lochiel Road – Sold $2,850,000 CV $3,075,000 (-7%)
https://nz.raywhite.com/auckland-city/remuera/1881583/
17 Spencer Street – Sold $2,665,000 CV $2,050,000 (+30%)
https://rwremuera.co.nz/auckland/remuera/17-spencer-street-10689097/
38A Mahoe Avenue – Sold $2,420,000 CV $2,525,000 (-4%)
http://rwepsom.co.nz/properties/sold-residential/auckland-city/remuera-…
29 Corinth Street – Sold $2,306,000 CV $1,875,000 (+23%)
http://rwepsom.co.nz/properties/sold-residential/auckland-city/remuera-…
10 Standen Avenue – Sold $2,186,000 CV $2,375,000 (-8%)
https://rwremuera.co.nz/auckland/remuera/10-standen-avenue-18915950/
35A Upland Road – Sold $2,150,000 CV $2,825,000 (-24%)
https://www.barfoot.co.nz/756189
1/261 Remuera Road – Sold $2,100,000 CV $1,700,000 (+24%)
https://rwremuera.co.nz/auckland/remuera/1261-remuera-road-18894796/
11 Middleton Road – Sold $1,950,000 CV $1,800,000 (+8%)
https://www.uprealestate.co.nz/UPR14395
105 Bell Road – Sold v$1,950,000 CV $2,225,000 (-12%)
https://www.barfoot.co.nz/751794
9 Shore Road – Sold $1,925,000 CV $2,000,000 (-4%)
https://www.barfoot.co.nz/754560
60 Portland Road – Sold $1,875,500 CV $2,275,000 (-18%)
https://www.barfoot.co.nz/755868
64 Spencer Street – Sold $1,670,000 CV $1,850,000 (-10%)
https://www.barfoot.co.nz/752284
5/23 Waiatarua Road – Sold $1,660,000 CV $1,450,000 (+14%)
https://www.barfoot.co.nz/751465
85 Lucerne Road – Sold $1,640,000 CV $1,475,000 (+11%)
https://rwremuera.co.nz/auckland/remuera/85-lucerne-road-9058192/
3/259 Victoria Avenue – Sold $1,605,000 CV $1,380,000 (+16%)
https://rwremuera.co.nz/auckland/remuera/3259-victoria-avenue-11038174/
17 Rotomahana Terrace – Sold $1,600,000 CV $1,575,000 (+2%)
https://www.barfoot.co.nz/754062
30B Winhall Rise – Sold $1,508,000 CV $1,525,000 (-1%)
https://www.barfoot.co.nz/753277
81 Clonbern Road – Sold $1,503,000 CV $1,750,000 (-14%)
http://rwmissionbay.co.nz/properties/sold-residential/auckland-city/rem…
1 Mainston Road – Sold $1,350,000 CV $1,180,000 (+14%)
https://www.barfoot.co.nz/584556
3B/524 Remuera Road – Sold $1,350,000 CV $1,160,000 (+16%)
https://nz.raywhite.com/auckland-city/remuera/1878611/
1 Raukura Lane – Sold $1,325,000 CV $1,340,000 (-1%)
https://www.bayleys.co.nz/1751404
I'm not prepared to go any further down beyond this level.
Make merry while the foreign buyers are on a feeding frenzy
https://i.stuff.co.nz/business/property/105097221/buyers-surge-into-the…
Thanks very much DGZ, for that large volume of timely information.
Clearly, plenty of Auckland properties are selling above CV.
Retired-Poppy writes (above) that to sell above CV a property has to be "something rare and exceptional".
That remark does NOT stand up to scrutiny.
TTP
TTP, why won't you answer my question? Its because you know full well it could soon tank - thats why. It would seem it's YOU that fails scrutiny as this sites self proclaimed property oracle.
After it all drops you will next say "given the recent gains up to 2016, small percentage declines of 10% or more is to be expected and nothing to cry over. I always said that prices would oscillate within a small band"
Much like what you said in Feb 2017.
Hi H-O,
Clinical depression is a serious illness - with tragic consequences for some sufferers, their families and friends.
I loathe people like you who are willing to use depression as a stratagem for mocking others.
Mental health is a serious issue in this country - and most other countries.
Please have a think about what you've written - and consider making an apology.
TTP
TTP, It's a little precious for you to claim moral high ground now. I genuinely doubt you would find anyone here that genuinely mocks depression sufferers. Creating a shallow distraction/sideshow to avoid my simple question above, doesn't cut it. In recent times both you and I threw some pretty ugly insults at each other too. I've since moved on and on reflection admit freely it achieves nothing.
Haha seriously you think Kiwibuild will solve crises. What about three 30k foreign workers who will move here with their families to build this. Where we putting them. The CoL idiots will just make it worse. The Nats were useless in this space and I don't expect any better from this mob.
Rex Pat, yes and realestate.co.nz said that in the next twelve months they expect that with the current glut of buyers, Auckland faces a "serious" shortage of sellers. Such words are easily said when Auckland's already declared as being deep in a buyers market from several reputable quarters - ha-ha :)
https://www.realestate.co.nz/blog/news/nz-property-report-may-2018
Oh and remember there are many foreign based buyers scooping up properties sight unseen in Hamilton too. Only in Hamilton and through Lodge Reality who are just run off their feet!
Seriously now, all this BS hype is nothing short of a travesty conjured up IN QUIETER TIMES!
RP, you’ll have noted over the year or so you’ve been on this site that I mostly post property sales data (when I’m not bagging the COL). I’m not a buyer or a seller. I have no agenda except to provide a counterpoint to the endless misinformation put forward by those that want their apocalyptic views respected. We’ve had any number of factors put forward that were supposed to knock the property owners off their undeserved pedastal and yet the market chugs along. Your view may yet be correct, but the jury is out a year after you joined.
Hamilton?! Hamilton you say. I'm not sure about the hype that foreign buyers are active, Brian King from Harcourts says that he hasn't noticed any change. However it's not a buyers' market here, the facts are that sales numbers are lifting month by month and there are fewer houses for sale so there is now less choice for an increasing number of buyers. Doesn't sound like a falling market or one about to drop into a precipice to me. This situation is not limited to just Hamilton. I reckon serious fhb will see what's happening and take note
Yvil, right about what exactly? Look at the bigger picture. Auckland is bigger than just DGZ. Houses with wow-factor sell for more, those without sell for less? There's many vendors not accepting Auckland's now in a buyers market territory. They risk being left surrounded with lowball offers further down the line. This is whats unfolding in Sydney too.
Thanks DGZ, that's great information. You're a legend. Why do these guys keep saying foreign buyers. Do they not want to accept that we have lots of local people buying over $3m dollar properties. Anything half decent in double grammar zone starts minimum at $2m. Having been to lots of auctions in the last 6 months, it was all locals buying, mostly no phone bidders.
All good brother. I'm not sure why you even commenting on an NZ site. Miss home? Or you just feeling sorry for us. Life is really good in NZ. Kids are growing up safe and in a reasonably friendly society. Weather is mild and I don't have to worry about my kids getting shot in school. We have very small problems on global scale. You'll understand when you have a family bro. All the best
I think you have to remember that CV is a pretty basic valuation based almost entirely off land area and building area. The condition of the house is almost completely ignored. 12% either way for a single property is meaningless, it may just be indicative of the condition of the property.
Hi H-O,
Greg's article today (30th June) doesn't mention where the buyers came from.
But it does indicate that there is some confidence in the Auckland housing market........ Who would pay $3,000,000 + for a property without feeling confident?
The actual evidence contrasts with a number of people here who have been telling stories that the Auckland market is dead - with "zero demand" for houses etc etc etc.
TTP
Ttp for your reference
https://i.stuff.co.nz/business/property/105097221/buyers-surge-into-the…
Not unexpected with ban imminent. Time will tell wether the bulls or bears were right and as they say...patience is a virtue. The trick is to have a quid both ways I guess (multiple properties with low/nil debt position)
Im still in the bear camp as there have been a lot of artifical drivers in NZ in the last 10 year, mainly cheap credit itrespective of wether it was wielded by domestic or foreign hands.
Yes – I’ve been following it and noted it’s decline – I guess that’s the easy bit.
But what does that decline mean – what is it or the market telling us.
I struggle to believe it’s because higher prices are but months away – I really do.
Rental listings aren’t taking off any more – so withheld properties aren’t going there?
Seriously TTP, go for it– what do you think these numbers are now telling us – it’s got me somewhat beat.
As the 'so called' foreign buyer ban won't include Australian Residents/Citizens who, according to most recent data from Statistics NZ, are the second biggest group of buyers after the Chinese ( buying about a third of all properties sold to overseas buyers in the first quarter 2018), I wouldn't hold your breath for that much reduction in sales after enactment. An Australasian population of around 30 million provides plenty enough investors to keep the investor market going strong. We are not talking big of sales to buyers from other countries. The latest utterances from Minister Parker about the effect of this much delayed and changed draft legislation on this is matter seem to me to be largely ' spin '.
Stuart Mason, why would Australians be keen buying overpriced NZ real estate while theirs gets cheaper by the day? Australia's banks now have to own the fallout of the AU$500b of liar loans. Its very much early days how the fallout will affect the lending behavior of NZ banks with Australian owners. This is just one of many "bogeys" on the horizon.
I get that way about colour and color. It does not change the current meaning and often it is the usage which defines it, not the history. E.g. gay, ejaculation, etc, significantly changed from the past historic use. Slang & jargon are other areas where not only are spellings significantly changed but there is a lot of new word creation. Once it has moved across enough people & been accepted to hold a certain meaning all that rests is the definition to be recognised formally and formal recognition in this day and age moves a lot faster. You might as well be arguing with the clouds, (which in fact you literally would be online).
Hi TTP,
Another 31 days and we will know if July 18 median in Auckland ( which is the leading indicator) was higher or lower from the bottom in July last year.
At that point we will know where the trend is going and how steep the changes would possibly be either way in the next 6-12 months.
Usually, the market starts rising from July to Oct/Nov almost every year, so we shall see
Eco Bird, I suggest you two part company as you've got a fundamentally flawed marriage going on here. Ten years of cheap and easily got credit now behind us and you dream that any downside is only 6-12 months in duration! If only July was as significant enough an indicator to predict the medium/longer term direction of this fundamentally cooked market! Even TTP has previously suggested a -10% or more correction is to be expected given the recent runup in prices. Back to the drawing board for you and your many "business partners"
There is no model ... we are not in a math class ... and I really do not run training courses .. Nor I am here to prove a view point to a stranger at the other end of the Bar in a tavern.... you can conclude whatever you like.
The results will be an indicator of where the market will probably be heading in the near future and at what speed according to MY understanding and My own risk profile .. and everyone is different.
These are observations, not absolute science, by which I personally make / base business decisions on ( among other facts and factors).
So, it is my reading of the tea leaves with my market experience ... and accordingly , I put MY money where my mouth is, Not yours or any one else's !!
so don't really care if you or others dismiss it or rubbish it to feel good... :)
You're free to disagree and not to read my posts and entitled to your own perceptions of course ...
done.
Although my comment might have seemed like I was having a crack, I wasn't intending to. It comes from seeing commentators who constantly acknowledge market upside risk but never acknowledge other possible outcomes - and of course there are others who do the opposite.
No one knows the future.
One thing though - this is a public forum - so anytime any of us comment we're talking to a whole bunch of strangers at the bar. But hey who knows, maybe interest.co.nz will have a pub meet up night one day :D
Hi TTP - This below followed your earlier observation - I'd really be interested in what you think.
There's no agenda, no pass or fail - what do you think the number means?
Yes – I’ve been following it and noted it’s decline – I guess that’s the easy bit.
But what does that decline mean – what is it or the market telling us.
I struggle to believe it’s because higher prices are but months away – I really do.
Rental listings aren’t taking off any more – so withheld properties aren’t going there?
Seriously TTP, go for it– what do you think these numbers are now telling us – it’s got me somewhat beat.
OK TTP – perhaps it’s all too hard.
I’ll take a punt – is it because sellers are hiding under a rock of sorts – are they buying into rumours and vague premonitions of a weakened market – and await a redeeming spring selling bonanza.
But that makes no sense to me whatsoever – in my mind the underlying pillars of this somewhat bubblicious market are under various levels of strain – an avalanche of listings in spring is not going to be pretty.
And I would think a lot of potential sellers would be savvy enough to understand that.
So what gives with this mad Mexican standoff – if that’s in fact what it is?
I know anecdotes aren't popular around here, but I know of multiple properties that failed to sell (or at least achieve the early 2017 bubble price the vendor anticipated) and were withdrawn from the market. This is the "waiting for the market to pick up" group. The underlying need to sell was still there (i.e. owner occupier moving, boomers planning to move to Tauranga, etc).
It's normal to see listings low in winter and I suspect there will be a decent bounce in Spring. If sentiment changes in the "waiting for the market to pick up" group and lots of them list, it could on like Donkey Kong. Hard to know if that will happen.
I would think anecdotes are fine – in fact they should be encouraged – this isn’t a court of law.
It’s a forum – a collective of opinions – absurd, brilliant or otherwise.
No one knows the future – we’re just throwing stuff up in the air – some better than others, but once again – that’s just opinion.
And for what it’s worth – I tend to agree with your sentiments regarding the market and things Spring time.
To quote TTP :
"The most respected economists don't stoop to anecdote.......
Their domain is analysis - good, rigorous analysis."
Never heard back from him - so some food for thought in the meantime - economics can actually be considered a behavioural science - try putting that under "good, rigorous analysis".
Hi custard,
Economics is a social science.
There's plenty of good, rigorous analysis that goes on in the social sciences (including the behavioural sciences).
Only a fool - and a very naive one at that - would argue otherwise.
Have you ever tried getting an economics (or psychology) paper published in a scholarly (peer-reviewed) journal? If the analysis is not rigorous/scientific you don't stand a chance.
TTP
Are you confusing yourself between economics and an economist who stated a point about observed house prices. . Because he is absolutely right about what's happening on the ground vs the stats being reported on. . Exactly similar to asb's article about foreign buyer ban having a much bigger impact than other commentators / national government views
Hi TTP – Excellent!
Economics could be considered both a behavioural and social science.
Forgive me – my comment was a little tongue in cheek.
My point is that economics to some, possibly many, is that it’s only some sort of dry as toast exercise with a lot of graphs, acronyms and bewildering numbers.
I found economics fascinating, and as a finale, throw this out –“economics is fundamentally the study of human behaviour”.
You may well disagree.
Interesting.
"More than one million home owners with property valued upwards of $1 trillion are planning to downsize over the next five years as retiring Baby Boomers opt for more cash.
The flood of properties in a falling property market is likely to add to growing over-supply as demand begins to slow, rates rise and borrowing conditions tighten. Most are expected to be sold over the next three years.
There are lessons to be learned from many downsizers who face nightmarish financial and regulatory headaches as they attempt to sub-divide and others who are finding it tougher to sell their family homes at the price they expected.
"There is a growing air of panic," says Martin North, principal of Digital Finance Analytics, an independent financial analyst, who estimates more than 1.2 million properties are being readied for sale."
https://www.afr.com/brand/special_reports/private_banking/winners-and-l…
My Goodness, why are we worried about what the aussie boomers are doing ? and why should we worry about Australia at large?
One million boomers among 30 M people, some are or will soon be well paid upper class themselves ...
We have some similarities but we are not identical, we are lucky enough not to have most of their problems here - so picking anecdotal examples does not help and does not mean that we will have the same here.
Our boomers are selling the $1M+ properties like hot cake and these are purchased by our new middle class who are people with good jobs, high wages, or doing well in business.
We can see that in the boom of the retirement village business lead by
Raymen, Summerset, Metlifecare, and others who hosts the majority of these boomers at all levels when they downsize...
Why do we have to shiver everytime we hear about a problem elsewhere, I wonder ?
My Goodness very well said Eco Bird. It's hard not to notice the boom of the retirement village...this one is near completion. https://vervemagazine.co.nz/introducing-rawhiti-estate/
Herald Homes and OneRoof apologise for insensitive articles.
https://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=12…
HO my friend, apparently the ad was for Lot 11 Moturoa Island, Kerikeri. Herald Homes had "One Fact" that says "71% of people in Kerikeri are European"
https://www.bayleys.co.nz/1685328
A fact which funnily enough is not representative of the working, renting & visiting local population. It is a fact in the sense it states nothing proven and could be less useful than a tree survey (because at least the trees don't move between neighbouring areas).
A more important statistic would be household income and net worth of local residents. Also the ethnic makeup of the remaining 29%. For example if that 29% were almost all Congolese it would have a dramatically different personality to 29% Japanese. Am I wrong? You would notice it immediately upon arrival. People are different and have different ways of doing things, different tastes etc.
Strangely 71% European is pretty much the average for NZ so it is hardly controversial. It reveals the location to be typically NZ which some buyers may be looking for.
I would bet that it was European women that complained about this published statistic. Minority folk probably didn't bat an eyelid and found the information useful.
Every Wikipedia page about a country or state has ethnic statistics.
I thought diversity was our strength so surely we are allowed to quantify it.
Insensitivity is the least of the Herald's worries. It's become a second rate newspaper over the last 20 years, Simon Wilson is about the only writer there who writes with any degree of nuance and depth.
It's borderline tabloid now, filled with rantings from the dumb right (Hosking) and the slightly less dumb right (Roughan). Dross
This is hilarious.
The Herald, Hosking, Newstalk ZB mob love deriding Labour's so called xenophobia, but the exposure I have unfortunately occasionally had to these parties over the years is that they display some thinly veiled bigotry. I find it really ironic when they take the high moral ground around xenophobia.
This listing had Executive Peace of Mind in DGZ - do you think it is a form of insensitivity to the interest.co.nz readers? https://www.bayleys.co.nz/1751519
Note - it was sold in June 2018 for $3,100,000 just a tad over the CV of $3,075,000.
Thank you TTP. You enjoy the rest of your weekend too. Remember to vote for Team Chris in tonight's DWTS. I am keeping an eye on this auction next Wed. Will report back as soon as I can ok. Cheers.
https://rwremuera.co.nz/auckland/remuera/9a-komaru-street-19168707/
There you go custard:
I will stick out my neck further from my prediction of around 3 months ago and say:
- Emerging markets will collapse in early 2019
- The US will start a recession in Q3 of 2019
- NZ's GDP growth will near 0% from Q3 2019 (which is catastrophic for the government as it means no money to fund its many ambitious projects)
- I have one more prediction for NZ in 2019 which I will keep to myself for my own business interests.
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