Auctionroom climate change

A hush, in a room where last year there was a constant buzz and the most commonly used word, “mln”, was spoken almost as an afterthought.

Today, among the intensively developed residential properties on the market, 4 sold and 4 were passed in.

A bid, an excruciatingly long pause, much agent to-ing & fro-ing. The message comes back: no increase. Just under $40,000 later, the couple who weren’t going to pay a penny more hear the hammer fall in their favour and they’ve bought a house for just over $1.8 million.

For other properties, the bidding just stops or, for many, doesn’t start at all. Often, though, a sale may be concluded within half an hour of the property being passed in. That happened 3 times while I was there today and, of 20 properties offered (I missed the last 4), 12 sold although buyers were few & far between.

At the peak last year, Barfoot & Thompson’s city auctionroom pushed up to 80 homes/day through the process, 2 sessions/day on at least 2 days/week and often 2 auctionrooms operating simultaneously.

The auctions are now spread over 4 days, the total in a day might be around 30 or even down to 20, the buzz has gone and it’s the vendors who are facing the tough questions on price. Still, in this climate a success rate of 60% is not to be sneezed at.

What’s made the difference between last year’s boom times & now? Foreign investor curbs, and the price of money has changed.

Below, the intensive offerings:

CBD

Victoria Quarter

City Oaks, 188 Hobson St, unit 610:
Features: 2-bedroom apartment
Outgoings: body corp levy $5859/year
Outcome: no bid
Agents: Frances Li & Ian Thornhill

Isthmus east

Epsom

36 Pah Rd, unit 2:
Features: cross-lease, half share in 852m², 4 bedrooms, double internal-access garage
Outcome: sold for $1.315 million
Agents: Vern Hines & Sara Knight

30A & 30B Selwyn Rd:
Features: cross-lease, half share in 902m², bungalow converted into 2 flats, one of one bedroom the other of 2 bedrooms
Outcome: no bid
Agents: Diana Buczkowski & Peter West

165 The Drive:
Features: cross-lease, half share in 814m², 4 bedrooms, sunroom, internal-access garage
Outcome: sold for $1.648 million
Agent: Robert Thompson

Isthmus west

Freemans Bay

32 Ireland St, unit 4:
Features: 2 bedrooms, double internal-access garage
Outgoings: body corp levy $3054/year plus second levy of $1123
Outcome: sold post-auction
Agents: George Damiris & Anna Lechtchinski

Mt Eden

18 Leamington Rd:
Features: cross-lease, 1/6 share in 1856m², 3 bedrooms, garage
Outcome: passed in at $1.181 million
Agents: Joanne Simpson & Repeka Lelaulu

Westmere

214A Garnet Rd:
Features: cross-lease, half share in 814m², 3 bedrooms, 2 bathrooms, double garage
Outcome: sold for $1.47 million
Agents: Felicity Scott

North-west

New Lynn

31 Nikau St, unit 2:
Features: 2-bedroom unit, deck, garage
Outgoings: body corp levy $675/year
Outcome: passed in
Agents: George Damiris & Carl Madsen

Attribution: Auction.

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