Archive | Ellerslie

3 suburban commercials sell but Vic Park Market premises all passed in

2 light industrial properties and an Ellerslie office building were sold at yields ranging from 5% (Airport Oaks) up to 6.9% (Ellerslie) at Colliers’ auction today.

They were followed by the Victoria Park Market (pictured above) management office, which was sold, and 4 restaurant & hospitality premises at the market, none of which received a bid (apart from one vendor bid on the first restaurant).

The market properties were all taken to auction by Drake City Ltd (Shahin Behrooz Kermani).

CBD

Victoria Quarter – 5 premises in the Victoria Park Market

Management office:
Features: 40.25m²
Rent: $15,750 + gst, reviews 2 years to cpi + 2% or market, whichever is higher
Outcome: sold for $292,500 at a 5.4% yield
Agents: Gareth Fraser & Simon Felton

Indian Village, units 4A, 5A, 6 & 7, Drake St:
Features: 207m², original 10-year lease runs until 28 February 2023, 2 5-year rights of renewal
Rent: $134,745/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Simon Felton & Tony Allsop

The White Rabbit, unit 73, Drake St:
Features: 490m², rooftop deck, original 10-year lease runs until 30 April 2022, 2 5-year rights of renewal
Rent: $212,341/year net + gst, reviews to market
Outcome: no bid
Agents: Gareth Fraser, Adam White & Tony Allsop

The Oakroom, unit 74, Drake St:
Features: 224m², original 12-year lease runs until 31 October 2023, 6-year right of renewal
Rent: $100,794/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Adam White & Simon Felton

Hansik Restaurant, unit 75, Drake St:
Features: 303m², original 5-year lease runs until end of 2019, 2 5-year rights of renewal
Rent: $100,000/year net + gst, reviews structured
Outcome: passed in after vendor bid at $1 million
Agents: Gareth Fraser, Tony Allsop & Adam White

Isthmus east

2 Kalmia St, Ellerslie.

Ellerslie

2 Kalmia St:
Features: 2032m² mixed-use site, net lettable area 1477m² in 4-level air-conditioned building, multiple tenants, dual road access, 45 parking spaces
Rent: $373,992.13/year net + gst
Outcome: sold for $5.4 million at a 6.9% yield
Agents: Gareth Fraser, Simon Child & Greg Goldfinch

South

Airport Oaks

46 Andrew Baxter Drive:
Features: 2940m² light industrial site, tenant Aquafit NZ Ltd, net lettable area 1816m² – offices & amenities 253m² at $200/m², warehouse 1031m² at $112/m², canopy 532m² at $60/m²
Rent: $197,992/year net + gst, new 5-year lease, 12-month bank bond
Outcome: sold for $3.9 million at a 5.08% yield
Agents: Brad Johnston & Paul Jarvie

East Tamaki

9 Bostock Place:
Features: 7099m² site, 3526m² floor area, longstanding tenant, potential to split building, large yard, dual road access
Rent: $392,532/year net + gst, 6-year lease
Outcome: withdrawn from auction
Agents: Paul Higgins & Greg Goldfinch

90 Lady Ruby Drive:
Features: 849m² light industrial site, gross lettable area 724m² – office 180m² at $210/m², workshop 38m² at $125/m², mezzanine above workshop 38m² at $60/m², warehouse 505m² at $125/m², canopy 31m² at $55/m², 100% seismic rating, tenant Tex Onsite Ltd
Rent: $109,802/year net + gst, new 5-year lease
Outcome: sold for $1.93 million at a 5.7% yield
Agents: Paul Jarvie & Jolyon Thomson

Attribution: Auction.

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3 auction sessions, 4 sales

12 homes were auctioned for 4 sales at Barfoot & Thompson’s city office this week, short of an active audience each time.

On Wednesday: 8 homes, 3 sold at auction. 2 units on cross-leases, 6 standalone houses.

This morning: One CityLife apartment, a 29-minute auction with little bidding and resulting in sale at a price the vendor had been offered over 3 months ago. It was also the same price as an identical unit 6 storeys up the building was sold for at auction last September. After stalling at $415,000, it was declared on the market and sold after a quick series of $500 raises.

This afternoon: 2 cross-leased suburban units & a house, one of the units sold.

My focus

I report on the general residential auctions primarily from an intensification perspective – apartments as an investment sector, which they largely still are, but last year I added details of cross-leases to these reports because the cross-lease seems both a way of intensifying land coverage and raising land prices while making it harder to extend more intensive uses such as apartment blocks.

Looking at yesterday’s selection of 8 properties, you will see 2 suburban units, one in a single-storey block, the other 2 storeys, effectively “sausage blocks” but on cross-leases.

2 of the houses are on very small sections – 300m² & 344m², and another sits on 475m², all heading towards the modern section of 2-300m², which limits both storage & building expansion.

2 were in the range of the traditional quarter or fifth of an acre (1012 or 809m²), which are often regarded these days as development prospects and priced on that basis. And those land prices vary widely, at yesterday’s auction from about $700/m² up to $4800/m² (ignoring the value of improvements), the differences depending on the suburb they’re in.

Little of that has the young owner-occupier as the next buyer, which means suburban infill will continue as it’s been happening for the last 30 years. If the courts confirm the unitary plan provision of the ability to intensify over a wide swathe of Auckland suburbia, more intensive infill will speed up, competing at times with larger development proposals.

CBD

Queen St

CityLife, 171 Queen St, unit 1310:
Features: 48m², fully furnished one-bedroom apartment
Outgoings: body corp levy $5922/year
Outcome: sold for $420,000
Agents: Livia Li & Alan Guo

Isthmus east

Ellerslie

9 Arron St:
Features: 300m² section, 3-bedroom bungalow, basement storage, garage
Outcome: passed in at $1.1 million
Agents: Di Lynds & Leonie Stabler

16 Lonsdale St, unit 1:
Features: cross-lease, 1/6 share in 1992m², 2 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $925,000
Agents: Debbie-Lee Wallace

Epsom

149A The Drive:
Features: 344m² section, 4-bedroom house, office, covered deck, garage
Outcome: sold for $1.65 million
Agents: George Fong & Laura McAuley

Onehunga

181A Arthur St, unit 1:
Features: cross-lease, 1/5 share in 1844m², renovated ex-state house duplex, 2 bedrooms, deck
Outcome: no bid
Agents: Elvira Abdrazakova

Isthmus west

Hillsborough

40 Aldersgate Rd:
Features: 690m² section, 5 bedrooms, 4 bathrooms, study, patio, double carport, pool, overlooking Manukau Harbour
Outcome: no bid
Agent: Helen Lam

Mt Eden

5 Atanga Avenue:
Features: 531m² section, 3-bedroom house, study, internal-access garage
Outcome: passed in at $2.125 million
Agents: Frank Excell & Ketiesha Elliott

91 Valley Rd, unit 2:
Features: cross-lease, 1/5 of 999m², 2-bedroom unit, garage
Outcome: no bid
Agents: Frank Excell & Ketiesha Elliott

Mt Roskill

20 Gilletta Rd:
Features: 475m² section, 3-bedroom bungalow, deck
Outcome: sold for $875,50
Agents: Kevin He & Gail Beaton

New Windsor

160 Methuen Rd:
Features: 911m² section, 3-bedroom house
Outcome: no bid
Agent: Kelly Zhang

Sandringham

255 Balmoral Rd, unit 6:
Features: cross-lease, 1/6 of 911m², 2-bedroom unit, garage
Outcome: sold for $702,000
Agents: Leonie Stabler & Di Lynds

North-west

New Lynn

6 Cutler St:
Features: 1115m² section, 4-bedroom house, basement garage, storage
Outcome: passed in at $800,000
Agent: Jennifer Peary

Attribution: Auctions.

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3 homes sell, 3 get no bid

7 properties were offered yesterday at Barfoot & Thompson’s first residential auction of the year, 4 of them cross-leased and one in a body corporate. 3 sold, 3 attracted no bid and one was passed in after bidding. The agency has 2 apartments on offer at its first regular apartments auction this morning. Yesterday’s results:

Isthmus east

Ellerslie

102 Michaels Avenue, unit 1:
Features: cross-lease, 1/5 share in 1308m², 2-bedroom unit, offstreet parking
Outcome: sold for $700,000
Agents: Leonie Stabler & Di Lynds

Epsom

123 Owens Rd, unit 1:
Features: cross-lease, 1/24 share in 5721m², 999-year lease on 2-bedroom unit, courtyard, carport
Outcome: passed in at $690,000
Agents: Doug Lum & Sue Saywell

Isthmus west

Avondale

28 Wingate St:
Features: 3-bedroom bungalow on 610m², deck, carport
Outcome: sold for $807,000
Agents: Travers Smyth & Ryan Harding

Blockhouse Bay

152A Taylor St:
Features: cross-lease, 1/3 share in 1087m², 3-bedroom house, deck, courtyard, internal garage + double garage
Outcome: no bid
Agents: Ricky Yap & Alice Chen

Mt Eden

6 Penrhyn Rd, unit 2:
Features: cross-lease, 1/6 share in 2161m², 3 bedrooms, 2 bathrooms, deck, pool, internal-access garage
Outcome: sold for $1.32 million
Agents: Frank Excell & Keteisha Elliott

Mt Roskill

9 Anita Avenue:
Features: 4-bedroom house on 789m², double internal-access garage
Outcome: no bid
Agents: Repeka Lelaulu

Three Kings

Providence on Eden, 21 Hunters Park Drive, unit 57:
Features: m², 3-bedroom house, 2 bathrooms, courtyards, double internal-access garage
Outgoings: body corp levy $6595/year
Outcome: no bid, back on market at $745,000
Agents: Frank Excell & Keteisha Elliott

Attribution: Auction.

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Sockburn sale & Ellerslie lease for Knight Frank

Knight Frank agents have sold a Sockburn industrial property in Christchurch and leased in office in the Stanway business park at Ellerslie in Auckland over the summer.

Sale

South Island – Canterbury

Christchurch, Sockburn

42 Parkhouse Rd:
Features: 4927m² site zoned business 5/heavy industrial, 2356m² building
Outcome: sold for $3.65 million + gst
Agent: Sam Stone

Lease

Isthmus east

Ellerslie 

646 Great South Rd, tower 2, ground floor, unit 2:
Features: 201.9m² office space
Rent: $54,820 + gst
Agent: Damon Wyllie

Attribution: Agency release.

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The $1 million property, and the intensive auction results

The $1 million property – the average value in Auckland – moves around. It used to be in suburbs like Remuera, but that’s $2 million territory now, even in some cases for a cross-lease with negligible land.

Yesterday, at Barfoot & Thompson’s large city residential auction, the $1 million property was in the western isthmus suburb of Avondale, between the back fence of the racecourse and the suburb’s business area on Great North Rd, and it wasn’t ultra-flash. An old kauri villa on a 632m² section, 3 bedrooms, a carport, “a do-up” according to the agent’s promotion, and it sold under the hammer for exactly $1 million.

In these auction columns I note properties which are development prospects, but the house on Elm St isn’t one of those. Nor are most of the properties listed below, largely because 19 of the 31 are cross-leased – the intensification already done, resetting the land price as a consequence and presenting a barrier to real intensification that would be more than filling in backyards with a second dwelling.

Barfoot & Thompson ran 2 residential auctions in 2 rooms at its city office yesterday – back to the heyday of listings, but not of sales. All up, the 4 auctions put 70 homes before buyers, with another 6 sold prior.

27 were sold under the hammer for a 39% clearance rate, or 43% counting the sold priors, and 17 of the auctionroom sales were of intensive properties – apartments, suburban units or on cross-leased land (another couple were development prospects). From an intensive list of 31 properties (the list below), that’s a clearance rate of 55% (I’ve added one since yesterday, reducing the clearance rate from 57%). Results from the intensive offering:

CBD

Learning Quarter

Oxford, 13 Mount St, unit 5K & parking unit 1Q:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $4234/year
Outcome: no bid, back on market at $590,000
Agent: Duncan Wu

Quay Park

QuBA, 2 Tapora St, unit 425:
Features: leasehold, expiring 31 July 2046, one bedroom, secure parking space
Income assessment: $490/week current
Outcome: no bid, back on market at $290,000
Agents: Jill Jackson & Emma John

Isthmus east

Ellerslie

126 Marua Rd, unit 4:
Features: cross-lease, 1/6 share in 1398m², 2-bedroom unit, carport
Outcome: sold for $650,000
Agent: Steve Hood

Epsom

38 Epsom Avenue, unit 2B:
Features: 2-bedroom unit, covered parking
Outgoings: body corp levy $3201/year
Outcome: no bid
Agent: Ricky Yap

22 Pah Rd, unit 5:
Features: cross-lease, 1/5 share in 1290m², 2-bedroom unit, study, basement, garage
Outcome: sold for $805,000
Agent: Dee Brennan

10 Penrhyn Rd:
Features: cross-lease, half share in 1271m², 4 bedrooms, double internal-access garage
Outcome: sold for $1.975 million
Agents: Diana Buczkowski & Peter West

11 Woodhall Rd, unit 2:
Features: cross-lease, 1/6 share in 1474m², 2-level 2-bedroom townhouse, study, garage
Outcome: sold for $1.205 million
Agent: Dee Brennan

Glendowie

321 Riddell Rd:
Features: cross-lease, 1/6 share in 2036m², 3 bedrooms + sleepout, double garage
Outcome: passed in
Agents: Grant & Moira Marshall

Greenlane

24 & 26 Garland Rd:
Features: 2 homes on 1705m², one of one bedroom + study and the other of 3 bedrooms
Outcome: passed in
Agents: John Zhang & Louissa Bao

11 Tawera Rd, unit 9:
Features: cross-lease, 1/21 share in 2756m², 2-bedroom unit
Outcome: no bid
Agents: Danny Upton & James Yu

Meadowbank

25A Fancourt St:
Features: cross-lease, half share in 860m², 3 bedrooms,
Outcome: no bid
Agent: Neno Radinovich

Mission Bay

Bay Terraces, 47 Tamaki Drive, unit 4:
Features: 123m², 2-bedroom apartment, 2 bathrooms, deck, 2 secure parking spaces
Outgoings: body corp levy $12,028/year
Outcome: passed in, back on market at $2.2 million
Agents: Amanda Zhou & Yuyu Cao

Mt Wellington

24 Bailey Rd, unit 1:
Features: cross-lease, 1/6 share in 1501m², 2 bedrooms, carport
Outcome: sold for $550,000
Agent: Karin de Leeuw

Onehunga

93J Mays Rd:
Features: 80m², 2 levels, 2-bedroom terrace, 2 parking spaces
Outgoings: body corp levy $579/year, + special levy of $53,685, estimated to be 40% of total funding for remediation, recently reclad
Outcome: sold for $573,000
Agents: Sue Ma & Hattie Huo

Remuera

1 Mainston Rd:
Features: cross-lease, 1/6 share in 1948m², 3 bedrooms, 2 bathrooms, study, 2 parking spaces
Outcome: no bid
Agent: Steve Hood

34B Monteith Crescent, unit C:
Features: 4 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: body corp levy $3133/year
Outcome: no bid
Agents: Lily Zhang & Jacquie Jia

10A Muir Rd:
Features: cross-lease, half share in 814m², 3 bedrooms, double garage
Outcome: sold for $1.02 million
Agents: Julie Fitzpatrick & Kathy Bower

St Heliers

17 Ashwell St, units 1, 2 & 3:
Features: cross-lease, 3 1/3 shares in 657m², 3 units, total 5 bedrooms, 3 parking spaces
Outcome: sold for $2.36 million
Agents: Thomas & Helen Weber

26A McArthur Avenue:
Features: 317m² + 1/5 share in 578m², 313m² 5 bedroom terrace, 3 bathrooms, 2 parking spaces
Outcome: sold for $1.5 million
Agent: Andy Dye

41 Sylvia Rd, unit 2:
Features: cross-lease, quarter share in 1199m², 4 bedrooms
Outcome: no bid
Agent: Kelly Midwood

St Johns

2 Strong St, unit 3:
Features: cross-lease, 1/3 share in 619m², 2-bedroom apartment, carport
Outcome: sold for $626,000
Agent: Helen McVicar

Isthmus west

Kingsland

4F Don Croot St:
Features: 60m², one-bedroom unit, storage shed, offstreet parking
Outcome: sold for $627,000
Agents: Matt O’Brien & Anah Jordan

Mt Eden

45 Edenvale Crescent:
Features: villa in 3 flats, 2 of one bedroom & one of 2 bedrooms,
Outcome: sold for $1.545 million
Agent: Kathy Bower

Mt Roskill

61A Boyce Avenue, unit 2:
Features: cross-lease, half share in 928m², 3-bedroom duplex, 2 parking spaces
Outcome: no bid
Agents: David Chen & Joey Zhuang

1193A Dominion Rd:
Features: cross-lease, half share in 809m², 3 bedrooms, garage
Outcome: passed in
Agent: Kelly Zhang

78 Haycock Avenue, unit 2:
Features: cross-lease, half share in 685m², 2-bedroom unit, garage
Outcome: sold for $655,000
Agents: William & Simon MacLean

639 & 2/641 Richardson Rd (listed as Avenue):
Features: one 716m² section fee simple and the other on cross-lease, half share in 867m², 2 3-bedroom homes
Outcome: no bid together or separately
Agent: Sunny Yang

Pt Chevalier

5 Kanuka St:
Features: cross-lease, half share in 710m², 3 bedrooms, 2 bathrooms, sleepout, carport
Outcome: passed in
Agents: Andrew Gallagher & Matt O’Rourke

Waterview

6A Alverston St:
Features: cross-lease, half share in 1060m², 4 bedrooms, double internal-access garage
Outcome: sold for $1.216 million
Agents: Stephen Shin & Barry He

North-west

Henderson

15 Universal Drive:
Features: 2 homes on 1158m², one of 3 bedrooms, the other of 2 bedrooms
Outcome: no bid
Agents: George Fong & Maggie Xue

South

Pakuranga

1 Greenhill Crescent, unit 1:
Features: cross-lease, half share in 1060m², 3 bedrooms, garage
Outcome: sold for $934,000
Agents: Dong & Lucca Liu

Attribution: Auctions.

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Intense bidding followed by no bids

Intense bidding for the first 3 properties on Ray White City Apartments’ auction list yesterday was followed by 2 which received no bid, weak bidding on the next 2 and no bid again on the last.

The contrast is a mark of the times, as the question “Where’s the market going?” is on the lips of regular participants in this market. Some auctions demonstrate the general slowdown, sometimes vendors have been able to secure a sale by dropping their reserve, and sometimes buyers are just not interested in a cash deal on the spot.

CBD

Learning Quarter

Queens Residence, 8 Airedale St, unit 1507:
Features: 50m², 2-room flexi-apartment, 5m² balcony
Outgoings: rates $1924/year including gst; body corp levy $2670/year
Income assessment: $500/week fixed until February
Outcome: no bid
Agent: Steve King

Tetra House, 85 Wakefield St, unit 606:
Features: 45m², fully furnished 2 bedrooms
Outgoings: rates $3563/year including gst; body corp levy $4539/year
Income assessment: $500-530/week furnished; the apartment is under a Waldorf hotel management lease
Outcome: sold for $365,000
Agents: Damian Piggin & Daniel Horrobin

Waterloo Towers, 20 Waterloo Quadrant, unit 8:
Features: 158m², occupies entire floor, 2 bedrooms, 3 parking spaces
Outgoings: rates $2332/year including gst; body corp levy $11,568/year
Income assessment: $650-700/week unfurnished, parking $50/space/week with apartment, $60-80/space/week individually rented
Outcome: sold for $650,000
Agents: Damian Piggin & Daniel Horrobin

Victoria Quarter

Aura, 53 Cook St, unit 1315:
Features: 49m², 2 bedrooms, secure covered parking space
Outgoings: rates $1341/year including gst; body corp levy not given
Income assessment: $500/week current
Outcome: passed in at $410,000
Agents: Ryan Bridgman & Mitch Agnew

Wiltshire, 89 Victoria St West, unit 2C:
Features: 55m², one bedroom, low body corp levy owing to large LED billboard on western wall
Outgoings: rates $1430/year including gst; body corp levy $2208/year
Income assessment: $480-530/week furnished
Outcome: no bid
Agent: Ron Yang

Isthmus east

Ellerslie

Ellerslie Court, 3A Harrison Rd, unit 6:
Features: 43m², one bedroom, secure parking space
Outgoings: rates $1080/year including gst; body corp levy $2976/year
Income assessment: $325/week
Outcome: no bid
Agent: Keisha Gutierrez

Isthmus west

Grey Lynn

Pulse, 80 Richmond Rd, unit 3S:
Features: 58m², one bedroom, secure parking space, building recently reclad
Outgoings: rates $801/year including gst; body corp levy $3689/year
Income assessment: $500-550/week furnished
Outcome: passed in with vendor indicator bid of $400,000
Agents: Iza Kimura & Ron Yang

Ponsonby

One on Ophir, 1 Ophir St, unit 1A:
Features: 70m², 3 bedrooms, 2 bathrooms, 8m² deck, secure covered parking space
Outgoings: rates $1486/year including gst; body corp levy $4135/year
Income assessment: $650/week furnished
Outcome: sold for $583,900
Agent: Dominic Worthington

Attribution: Auction.

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11 intensive residential properties sell at Barfoot auctions

31 intensive properties were auctioned at Barfoot & Thompson’s city office over Tuesday-Wednesday, excluding the Thursday commercial & apartments-only session (see separate report), and 11 of them have been sold.

7 were sold under the hammer, one prior and 3 post-auction.

The 31 properties on offer included one cbd apartment, 20 on cross-leases and 6 offering development prospects.

The results from those sessions are listed below in their geographic areas and then by suburb.

At the Thursday commercial & apartments auction, 2 of the 4 apartments on offer were sold under the hammer, another listed for that auction session was sold earlier, and a commercial site with residential development consent was passed in but expected to sell under the multi-offer process today.

The agency returned to simultaneous auctions in 2 rooms for the Wednesday sessions, a rarity as the market has slowed, and put a total 96 properties up for sale, including standalone suburban homes (excluding the Thursday apartments session), and sold 34 under the hammer & 5 post-auction. Another 9 were sold prior. 30 didn’t attract a bid, but some of those were sold shortly after the auction.

The constant question is: “What’s happening to the market?” There isn’t one answer. Apartments differ from suburban properties, cross-leasing doesn’t seem to worry too many, vendors are learning to take less of the windfall that was available until a few months ago and snipping their reserves under pressure.

CBD

Uptown

City Lights, 16 Liverpool St, unit 2D:
Features: 90m², 2-bedroom apartment, conservatory, balcony, parking space
Outgoings: body corp levy $5335/year
Outcome: withdrawn from auction, back on market at $660,000
Agents: Michele Ballinger & Jean-Marc D’Anglejan

Isthmus east

Ellerslie

172A Main Highway, unit 2:
Features: cross-lease, 1/4 share in 1158m², 2-bedroom unit, courtyard, carport
Outcome: sold for $680,000
Agents: Anna Stephens-Brown & Susan Palmer

25 Wilkinson Rd, unit 1:
Features: cross-lease, 2-bedroom unit, carport
Outcome: passed in
Agents: Michael & Tatyana Ataman

Epsom

59 Empire Rd:
Features: cross-lease, half share in 1244m², 4 bedrooms & one-bedroom granny flat
Outcome: no bid
Agents: Diana Buczkowski & Peter West

155 Gillies Avenue, unit 2:
Features: cross-lease, 1/6 share in 1055m², 2 bedrooms, balcony
Outcome: sold for $903,000
Agents: George Fong & Laura McAuley

511A Manukau Rd:
Features: freestanding 3-level 4-bedroom townhouse, 3 bathrooms, double internal-access garage
Outcome: passed in
Agents: Nicole Hou & Joy Chen

24 Wilding Avenue:
Features: 1075m², 3 bedrooms, double garage & workshop, zoned mixed housing urban under unitary plan
Outcome: sold prior for $3.98 million
Agents: Frances Li & Ian Thornhill

Meadowbank

59 & 63 Ripon Crescent:
Features: 2 large houses on total 2542m² (1416m² & 1126m²), zoned residential 6a (375m²/site) but zoned mixed housing suburban under the proposed unitary plan, promoted for development
Outcome: no bid for the 2 properties as a package, or singly
Agents: Brett Innes & Amy Wilson-Chan

Mt Wellington

63A Commisariat Rd:
Features: cross-lease, half share in 862m², 3 bedrooms, carport
Outcome: no bid
Agents: Lars Kuo & Lillian Wen

192 Penrose Rd:
Features: 1396m² site zoned mixed housing suburban under unitary plan, 2 houses
Outcome: no bid
Agent: Joan Xu

Panmure

10 Dunn Rd:
Features: 1038m² corner site, 2 houses, resource consent granted for 6 terrace houses, second option under unitary plan terrace housing & apartment buildings zoning allows for buildings overs 3 storeys, subject to council approval
Outcome: no bid
Agents: Neno & Silvana Radinovich

44 Pilkington Rd, unit 9:
Features: cross-lease, 1/10 share in 2067m², 2-bedroom unit, basement storage
Outcome: passed in
Agents: Lillian Bai & Craig Smith

Remuera

68 Remuera Rd, unit 11:
Features: 3-bedroom terrace, 2 bathrooms, garage, reclad in 2011 & new code compliance certificate issued
Outgoings: body corp levy $4052/year
Outcome: no bid
Agents: Frances Li & Ian Thornhill

26 Rotomahana Terrace:
Features: cross-lease, 1/3 share in 1014m², 3 bedrooms, patio, deck, garage
Outcome: passed in, back on market at $1.35 million
Agents Kelly Zhang

Royal Oak

52 Turama Rd, unit 2:
Features: cross-lease, 1/3 share in 1396m², 3 bedrooms, double garage
Outcome: sold for $1.45 million
Agents: Rod Philson & Manas Nanda

St Heliers

22B Sylvia Rd:
Features: 3-bedroom townhouse, 2 bathrooms, study, double internal-access garage
Outcome: sold for $1.31 million
Agents: Teresa Weiss

Isthmus west

Blockhouse Bay

21B Exminister St:
Features: cross-lease, half share in 680m², 2-bedroom unit, garage & workshop
Outcome: passed in, sold post-auction
Agents: William & Simon MacLean

Mt Albert

58 Taylors Rd, unit 3:
Features: cross-lease, 1/5 share in 1598m², 2-bedroom unit, carport
Outcome: passed in
Agent: Mervin Lutchman

Mt Eden

4A Dexter Avenue, unit 2:
Features: cross-lease, quarter share in 804m², 2-bedroom unit, garage
Outcome: passed in, sold post-auction
Agents: James Yu & Angel Li

28 Watling St, unit 2:
Features: cross-lease, half share in 809m², 3-bedroom townhouse
Outcome: sold for $1.2 million
Agents: Leonie Stabler & Di Lynds

Sandringham

7 Kingsway Avenue, unit 8:
Features: cross-lease, 1/8 share in 804m², 3 bedrooms, study, balcony, double carport
Outcome: passed in
Agents: Allen & Hannah Wang

4 Patterson St, unit 3:
Features: cross-lease, 1/5 share in 1214m², 2-bedroom unit, carport
Outcome: passed in, sold post-auction
Agents: Gavin Han & Maggie Chen

Waterview

9B Alvertson Rd:
Features: cross-lease, 1/4 share in 1010m², 2 bedrooms, carport
Outcome: passed in
Agent: Kris Jamieson

51A Fir St:
Features: cross-lease, half share in 1027m², 3 bedrooms, carport, storage shed, offstreet parking
Outcome: sold for $766,000
Agents: Jim Murray

Westmere

7 Kotare Avenue, unit 2:
Features: cross-lease, 1/3 share in 1169m², 2-bedroom waterfront apartment, deck, carport
Outcome: sold for $1.71 million
Agent: André Boddé

North-east

Schnapper Rock

12 Schnapper Rock Rd, unit 3:
Features: 166m², 3 bedrooms, 2 bathrooms, balcony, internal-access garage, carport
Outgoings: body corp levy $673/year
Income assessment: $650/week current
Outcome: passed in, back on market at $799,000
Agents: Zheng Yang

North-west

Henderson

3 & 5 Waitaki St:
Features: 1582m², 2 4-bedroom houses, concept plans drawn up for subdivision under unitary plan mixed housing urban zoning
Outcome: passed in
Agents: Ann Lepper & James Gai

Kelston

27A St Leonards Rd:
Features: cross-lease, half share in 1052m², 4 bedrooms, deck, double garage
Outcome: no bid, back on market at $839,000
Agents: Sylvia Lu

New Lynn

2A Mason St:
Features: cross-lease, 1/3 share in 1639m², 3 bedrooms, 3 bathrooms, garage
Outcome: no bid
Agent: Anna Copeland

Ranui

323 & 325 Swanson Rd:
Features: 1214m² (2 607m² sections), 2 houses, concept plans drawn up for 19 lowrise apartments with 70m² retail on ground floor under mixed housing urban zoning
Outcome: passed in, back on market at $2.18 million
Agents: Ren Tang & Jacky Xu

South

Manurewa

39 Rimu Rd:
Features: cross-lease, half share in 809m², 2 bedrooms, verandah, carport, storage
Outcome: passed in
Agents: Stacey Tonner

Earlier story today:
Updated: Narrow development site passed in, 2 apartments sold

Attribution: Auctions.

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Auction clearance falls as no-bids rise

Auction results have been mixed in the apartment & residential markets in recent weeks, as Barfoot & Thompson’s auction sessions at its city office demonstrated this week.

In 3 sessions on Wednesday-Thursday, the agency offered 59 homes, with another 10 listings sold pre-auction. Including the presales, the 28 sales represented a 41% clearance.

In the apartments auction yesterday (link below to separate story), 2 of the 8 listed sold under the hammer and another 2 prior, for a 50% clearance.

At the 3 residential sessions, 17 of the properties offered were what I classify as intensive, including 13 cross-leases. The others were 2 suburban units not on cross-lease, an apartment & a townhouse

Of the 17, 5 were sold and 12 were passed in, including 7 which received no bid.

The process has slowed right down as vendors adjust to something approaching normal, where bidding no longer starts at an assumed million and no longer carries on skyward. As well as more completions than would be the case if the hesitancy resulted in quick passing in, I understand there’s also been a transfer of sales from the auction room to post-auction negotiation.

There’s also a big reduction in stock being taken to auction, the number of Chinese investors has fallen away and those who do turn up have been sitting on their hands as much as anybody else.

Below, the intensive market results:

Isthmus east

Ellerslie

20 Laud Avenue:
Features: cross-lease, half share in 997m², 2 bedrooms, deck, garden, double carport
Outcome: sold for $885,000
Agents: Di Martens

Epsom

42 Cornwall Park Avenue:
Features: cross-lease, half share in 1013m², 3 bedrooms, garage
Outcome: passed in
Agent: Ling Zhu

11 Tuperiri Rd, unit 3:
Features: cross-lease, half share in 971m², m², 4 bedrooms, 2 bathrooms, courtyard, double internal-access garage
Outcome: passed in
Agents: Leon Bao

Kohimarama

19A John Rymer Place:
Features: cross-lease, half share in 824m², 4 bedrooms, double internal-access garage
Outcome: no bid
Agent: Kelly Midwood

17A Rawhiritoa Rd:
Features: cross-lease, half share in 700m², 3 bedrooms, double internal-access garage
Outcome: no bid
Agents: Russell Birkinshaw & Serrine Chen

1 Taranaki Rd, unit 3:
Features: cross-lease, 1/3 share in 728m², 2-bedroom unit, garden, carport
Outcome: sold for $1.015 million
Agent: Teresa Weiss

Mt Wellington

113 Panama Rd, unit 6:
Features: cross-lease, 1/7 in 1982m², 2-bedroom unit, courtyard, internal-access garage
Outcome: passed in
Agents: Sally Giles

Otahuhu

4 Albert St:
Features: cross-lease, 1/5 in 1223m², 3 bedrooms, offstreet parking
Outcome: passed in, back on the market at $598,000
Agents: Michael Zhang & Kelly Fan

Panmure

66 Pilkington Rd, unit 3:
Features: 3-bedroom unit, deck, garden, rumpus/storage, offstreet parking
Outgoings: body corp levy nil
Outcome: no bid
Agents: Margaret Johnston & Phyllis Brooks

Remuera

32 Lochiel Rd, unit 2:
Features: cross-lease, quarter share in 1332m², 2 bedrooms, courtyard, garden
Outcome: sold for $1.25 million
Agent: Sara-Jayne Kingston

Isthmus west

Mt Albert

9 Richardson Rd, unit 5:
Features: cross-lease, 1/3 share in 2047m², 4 bedrooms, internal-access garage
Outcome: sold for $917,000
Agents: Christine & Mark Wooding

Mt Roskill

21A Graham Bell Avenue:
Features: cross-lease, half share in 809m², 3 bedrooms, deck, double internal-access garage
Outcome: passed in
Agents: Daisy Hu & Yogesh Suri

16B Penney Avenue, unit 2:
Features: cross-lease, 1/3 share in 1077m², 120m² 2-bedroom unit, conservatory, garage
Outcome: no bid
Agent: Dermot Kelly

Ponsonby

22 Prosford St, unit 1:
Features: one-bedroom apartment, patio, storage
Outgoings: body corp levy $5166/year
Outcome: sold for $731,000
Agent: André Boddé

Pt Chevalier

12 Walmer Rd:
Features: cross-lease, half share in 695m², 3 bedrooms, carport, storage
Outcome: no bid
Agents: Matt O’Rourke & Ryan Harding

Three Kings

531 Mt Albert Rd, unit 2:
Features: 2-bedroom unit, storage, internal-access garage
Outgoings: body corp levy $792/year
Outcome: passed in
Agent: Zaki Murumkar

North-west

New Lynn

14 Ambrico Place, unit 5:
Features: 110m², 3-bedroom townhouse, 2 bathrooms, internal-access garage
Outgoings: body corp levy $2199/year
Outcome: no bid
Agents: Aken Yuan & Michelle Zhou

Apartments story today: Converted warehouse sells post-auction

Attribution: Auctions.

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Auction market in doldrums

Judging by the biggest auction series by Auckland’s biggest residential agency, Barfoot & Thompson – the mid-week auctions at its Shortland St rooms – this aspect of the housing market is well & truly in the doldrums.

In the last 2 days, Barfoots had 63 residential properties listed for auction at its city office and sold 25 of them, including 6 sold before their scheduled auction date. That’s a 40% clearance rate, or 33% excluding the sold priors.

At the Thursday morning session for apartments & commercial properties, one of the 5 apartments and one of the 2 commercial properties were sold.

One question outsiders can’t answer is how much vendors are prepared to come down to get a sale in the auctionroom. My understanding is that most vendors have discounted below their set reserve where there’s been evidence of buyer interest, but on many properties buyers haven’t made any offer, even if only to test the vendor’s resolve.

Compared to daily auction lists of up to 80 properties a couple of months ago and in the second half of last year, recent auction lists have been more than halved and Barfoots has cut the simultaneous auction in an adjoining room from the schedule.

It’s not just the auction list that’s been cut. Bidder numbers are also well down, and the propensity of Chinese investors to relentlessly bid higher appears over. They’ve joined locals in sitting on their hands, either from concern about the direction of the market or because government, Reserve Bank & commercial bank rule changes have forced them out of the market.

Outside the dedicated Thursday morning apartments auction, Barfoots auctioned 21 intensive residential properties over 2 days – a mix of apartments, suburban units & townhouses and cross-leased homes. 10 were sold under the hammer and 4 attracted no bid.

The auction outcomes reported below are from those 2 Wednesday sessions and the Thursday afternoon auction. The Thursday morning apartments & commercial auction results are in a separate story (link below).

Image above: The garden apartment at Remuera Mews (outlined).

CBD

Uptown

Westmount, 23 Upper Queen St, unit 1C:
Features: 2-bedroom apartment, balcony, secure parking space, lockup storage
Outgoings: body corp levy $5853/year
Outcome: no bid
Agent: Vincent Fong

Isthmus east

Ellerslie

1 Malabar Drive, unit 1:
Features: cross-lease, half share in 900m², 3 bedrooms, deck, internal-access garage
Outcome: sold at pre-auction offer of $1.4 million
Agent: Wendy Sadd

Meadowbank

54A Rutherford Terrace:
Features: 4 bedrooms, deck, offstreet parking
Outgoings:
body corp levy $1072/year (insurance premium only)
Outcome:
sold for $1.23 million
Agents:
Paula Kane & Silvia Poletti

130 St Johns Rd, unit 3:
Features: cross-lease, 1/3 share in 845m², 2-bedroom unit, garage
Outcome: sold for $905,000
Agent: Andy Dye

Parnell

3 Staffa St, unit 3:
Features: cross-lease, 1/3 share in 1026m², 3 bedrooms, double garage
Outcome: sold for $1.6 million
Agents: Bobby McMillan & Silvia Poletti

Remuera

Remuera Mews, 31 Green Lane East, unit 11 (pictured):
Features: 124m², 2-bedroom apartment, 2 bathrooms, gardens, garage
Outgoings: body corp levy $6400/year
Outcome: sold for $1.05 million
Agent: Susan Palmer

Royal Oak

38L Korma Rd:
Features: 2-level 2-bedroom unit, patio, carport
Outcome: passed in at $580,000
Agents: Rod Philson & Manas Nanda

St Heliers

42 Tarawera Terrace, unit 4:
Features: 4 bedrooms, office, carport
Outgoings: body corp levy $2898/year
Outcome: passed in at $1.02 million
Agent: Karin Cooper

Isthmus west

Avondale

5A Holly St:
Features: cross-lease, quarter share in 2023m², 3 bedrooms, carport
Outcome: sold for $855,000
Agent: Felicity Scott

Blockhouse Bay

145D Taylor St:
Features: 288m² fee simple + cross-lease, 1/3 share in 736m², 4 bedrooms, balconies, double garage
Outcome: passed in at $1.085 million
Agent: Kevin He

Hillsborough

61 & 63 Hillsborough Rd:
Features: 2 houses on 1618m² section
Income assessment: one rented at $650/week, the other at $540/week
Outcome: no bid
Agents: Mal MacElvanna & May To

Mt Eden

57 Woodside Rd:
Features: cross-lease, half share in 1006m², 3 bedrooms, deck, double garage
Outcome: passed in at $1.8 million
Agents: Frank Excell & Ketiesha Elliott

Mt Roskill

54 & 58 Albrecht Avenue:
Features: 2255m², 4 houses, 14 bedrooms
Outcome: no bid
Agents: Paul Hodgman & Helen Lam

6 Gerrard St:
Features: cross-lease, half share in 963m², 3 bedrooms, carport
Outcome: sold for $960,000
Agent: Margaret Chen

98 Melrose Rd, unit 3:
Features: cross-lease, quarter share in 1378m², 2 bedrooms
Outcome: sold for $650,000
Agents: Stephen Shin & Richard Han

St Marys Bay

117 Shelly Beach Rd, unit 5:
Features: 4 bedrooms, 2 parking spaces
Outgoings: body corp levy $7592/year
Outcome: passed in at $1.5 million
Agents: Carl & Rosanne Madsen

Western Springs

25 Don Croot St, unit 5:
Features: 2-bedroom unit, carport
Outgoings: body corp levy $2860/year
Outcome: passed in
Agent: Susan Murdock

North-west

Henderson

50 Te Kanawa Crescent, unit 3:
Features: cross-lease, quarter share in 1322m², 2-bedroom unit, carport
Outcome: no bid
Agent: Gavin Han

New Lynn

24 Arawa St, unit 2:
Features: cross-lease, 1/7 share in 1482m², 2-bedroom unit, offstreet parking
Outcome: no bid
Agents: Aken Yuan & Harry Wang

12 Caspian Close:
Features: cottage on 267m² section, 3 bedrooms,
Outcome: sold at pre-auction offer of $730,000
Agents: Kevin Miao & Di Weng

48 & 50 Delta Avenue:
Features: 1522m², 2 bungalows on 2 titles, each of 3 bedrooms, garage
Outcome: sold for $3.045 million
Agent: Holly He

Related story today:
Silo apartment & St Johns industrial unit sell

Attribution: Auctions.

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Cross-leases attract interest, mixed reaction to sections

Trade has changed in the busiest residential auctionroom in Auckland, at Barfoot & Thompson in Shortland St. Volume is down, buyers are mostly cagier than they were a few months ago, there’s vendor resistance to cutting the reserve. Of the 45 properties on offer at 3 auction sessions in the last 2 days, 25 sold under the hammer – a 55% clearance rate.

The agency sold 7 of the 9 properties auctioned at the morning session on Wednesday, including 3 of the 4 cross-leased homes.

In the afternoon I noted 14 intensive properties – or land destined to become more intensively used. 8 of them sold, including one Te Atatu property (pictured) priced at $1136/m², but land in New Windsor was passed in at similar price levels. All up in that session, 16 of the 31 properties auctioned were sold.

At Barfoots’ apartments auction this morning, 2 of the 5 units sold under the hammer (covered in separate story – click here).

CBD

Learning Quarter

Emily, 22 Emily Place, unit 5A:
Features: 2-bedroom apartment, study
Outgoings: body corp levy $8524/year
Outcome: no bid
Agents: Aken Yuan & Tony Jiang

Victoria Quarter

Harvard, 147 Hobson St, unit 5N:
Features: fully furnished 2-bedroom apartment, parking space
Outgoings: body corp levy $5054/year
Outcome: no bid
Agent: Simon Cai

Isthmus east

Ellerslie

222 Main Highway:
Features: cross-lease, half share in 936m², 3 bedrooms, garage
Outcome: sold for $935,000
Agent: Matt O’Brien

Glendowie

70C Riddell Rd:
Features: cross-lease, 1/8th share in 4036m², 3 bedrooms, garden
Outcome: sold for $1.35 million
Agents: Romelle Smith & Alan Vessey

Meadowbank

239 St Johns Rd, unit 2:
Features: cross-lease, one-third share in 1416m², 3-bedroom unit, storage, garage
Outcome: passed in at $950,000
Agent: Neno Radinovich

Mt Wellington

267A Mt Wellington Highway:
Features: cross-lease, one-third share in 1184m², 4 bedrooms
Outcome: sold “as is” for $680,000
Agent: Zane Munif

Onehunga

53 Mays Rd, unit 4:
Features: cross-lease, 1/13th share in 5096m², 3 bedrooms
Outcome: sold for $860,000
Agent: Leonie Stabler

St Heliers

8 Bay Rd, unit 4:
Features: cross-lease, quarter share in 1467m², 174m² 2-level 3-bedroom unit, terrace, garden, internal-access garage
Outcome: sold for $945,000
Agent: Paula Kane

Isthmus west

Freemans Bay

53 Collingwood St, unit 10:
Features: 2 bedrooms, offstreet parking
Outgoings: body corp levy $2310/year
Outcome: sold for $893,500
Agents: Ryan Harding & Matt O’Rourke

Mt Albert

9 Harbutt Avenue:
Features: cross-lease, half share in 766m², 3 bedrooms, deck, offstreet parking
Outcome: sold for $1.25 million
Agent: Cheryl Martin

45A Morningside Drive:
Features: cross-lease, half share in 697m², 2 bedrooms, offstreet parking
Outcome: sold for $920,000
Agent: Matt O’Brien

692 New North Rd, unit 3:
Features: one-bedroom unit, offstreet parking
Outgoings: body corp levy $875/year
Outcome: passed in at $505,000
Agent: Tanzi Rose

Mt Eden

4G Dunbar Rd:
Features: 2 bedrooms
Outgoings: body corp levy $1417/year
Outcome: sold for $635,000
Agent: Julia Zhu

New Windsor

33 New Windsor Rd:
Features: 2906m² section, 4-bedroom house, consent awaited for subdivision into 5 lots
Outcome: passed in at $3.2 million
Agents: Cici Wang & Helen Lin

23 Peter Buck Rd, lot 2:
Features: section
Outcome: passed in at $722,000
Agent: Daisy Hu

North-west

Henderson

130 Bruce McLaren Rd, unit 1:
Features: cross-lease, half share in 1070m², 2 bedrooms, deck, carport
Outcome: sold for $515,000
Agent: Lilian Rolston

New Lynn

84 Portage Rd, unit 4:
Features: 80m², 2-bedroom unit, carport
Outgoings: body corp levy $1232/year
Outcome: no bid
Agents: Clara Wu & Shirley Zhong

Te Atatu South

2 & 4 Sherwood Avenue:
Features: 1624m² in 2 titles, each of 812m², 3-bedroom house on one, other section vacant
Outcome: sold for $1.845 million
Agents: Aken Yuan & Michelle Zhou

Attribution: Auctions.

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