Winter ended on a high note in Bayleys' Auckland auction rooms with sales achieved on two thirds of the properties that went under the hammer.
However the number of properties being auctioned remained at their winter lows, with Bayleys auctioning 15 Auckland residential properties last week.
But there must have been at least a hint of spring in the air with sales achieved on 10 of them and the remainder passed in for sale by negotiation.
A highlight was two, three bedroom family homes located across the road from each other in a cul de sac in Mt Wellington that were offered for sale separately.
One was a 1940s bungalow (pictured) that sold for $400,000 and the other a more modern house that went for $435,000.
The prices would have been affected by the fact that high voltage power lines and the motorway were both just a few metres from the properties.
The most expensive sale at Bayleys' Auckland auctions was a modern three bedroom/three bathroom home in Parnell which fetched $3.85 million.
In Tauranga Bayleys achieved a 50% clearance rate last week, auctioning six homes and selling three.
Also in Tauranga, Eves Real Estate auctioned 14 properties last week and achieved sales on six.
Details including a photograph and description of the individual properties offered and the prices achieved on those that sold are available on our Residential Auction Results page.
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19 Comments
Looking at the picture it makes me think of a Shopping channel advertisement... This three bedroom house at Mt Wellington in Auckland sold for $400k!... but wait! there is more! Over and above your mortgage you will be forking out an additional sum to deal with plumbing and drainage issues, maybe even a re-wire to bring it all up to code. PLUS!! The windows and doors have gaping holes for great ventilation all year round!
Probably just a QV glitch but:
454 Panama Road, Mt Wellington. Vendor bought in March 2018 for $826,539 (CV $560K) and has now sold for $400k. They have also just sold 452 Panama Road for $435k (CV $610K) which they bought in 2003 for $160k. Both are freehold sites.
456 Panama Road was also sold in March 2018 for $1.1 Million ($530k CV) according to QV/Homes.co.nz.
Google maps satellite view might show the reason.. what are shown as the approx boundary lines on the maps view appears to be part of the carpark for the specialist dementia care unit next door.. I suspect boundaries might no longer be the same.
And having the power pylon literally right outside the door of 456.. no idea how that was ever going to be worth 1.1million.
Feels like we're in the bear rally stage of the credit cycle.
It's interesting that the higher auction clearance rates for Auckland (which first became evident in May) have been sustained through winter.
At first, I thought it might be a momentary spike in the data - but it appears there is more buyer interest now than earlier in 2018.
TTP
My impression is all the high clearance rate auctions have involved small numbers, thus we've not had much to go on in terms of making calls of things being icy cold or very warm.
This is another one. 10 houses sold, and a number of them quite desirable houses. Doesn't tell us much as a sample mix.
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