It was a mixed bag at this week's main Auckland apartment auctions with just over a third overall selling under the hammer.
At Barfoot & Thompson's regular apartment auction two properties were on offer, a two bedroom unit in the fashionable Silo building on Emily Place, and a terraced house in Parnell.
The Silo apartment was spread over two levels and came with a car park, but was passed in without receiving any bids.
The Parnell terraced house was a leasehold unit with three bedrooms and an internal access garage and had recently had remediation work completed and received a new Code Compliance Certificate.
It received a single bid of $175,000 and was also passed in.
At Ray White City Apartments, six units were on offer, including the mortgagee sale of a two bedroom unit in the Celestion building on Anzac Ave, a large one bedroom unit with a large balcony and a car park overlooking Myers Park in the Oasis building on Poynton Place, and a leasehold unit in the Q Central building on City Road.
One of the units on offer, in The Quadrant building near the High Court had its auction postponed until next week and of the remaining five, four attracted multiple bids, one attracted a single bidder, and by the end of the auction three had sold under the hammer and two were passed in for sale by negotiation.
Details of the properties offered at both auctions and the prices achieved on those that sold are available on our Residential Auction Results page.
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22 Comments
These figures are of very great concern.
Does the drop off in demand mean that the appetite for cheap apartments is waning and if so what does it mean for the developers who are building 1000's of cheap new ones right now?
Or is it that buyers a waiting for the newer apartments rather than buying existing ones, even of the new prices are over twice as much - plus GST despite being "affordable" in many cases?
Are we heading for an apartment crash, such as regularly happens in Australia and other countries?.
I believe we might be.
Competently agree. Add to that a decline in overseas students conditioned to life in small rabbit hutches and there is a double wammy. Hopefully some of them have been built to have inter tenancy walls removed after acquisition at receivership sale to make something that could be half decent (real usable space) .
*Add to that a decline in overseas students conditioned to life in small rabbit hutches and there is a double wammy.*
I think all and all people in the suburbs spend a lot of time in even smaller rabbit hutches (cars). How big an apartment do you really need?
Given the same price point I'd much rather live in a smaller place with better insulation. Unfortunately people in NZ think double glazing is a kind of french desert.
That’s the present. What’s next, is they’ll be striking outside the Ray White offices. Gary Lin will be chained to the doors of Ray White Corporate in protest of the REA poverty crisis. National will pledge $10 billion if re-elected to help tackle REA Poverty, partially funded by forced acquisition and sell off of all kiwibuild and HNZ properties built under Labour.
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