Archive | Avondale

Warehouse, 2 cross-leases & a multi-unit property sell

A Mt Wellington warehouse, 2 residential cross-leases and property with 4 units on the one title were sold at Barfoot & Thompson auctions over the last 2 days.

Units in City Gardens & the Celestion were passed in, one in Tower Hill was sold prior and one in the Metropolis was withdrawn from auction.

Commercial

Isthmus east

Mt Wellington

48 Elizabeth Knox Place:
Features: 1937m² section, 811m² warehouse with about 500m² of mezzanine storage, 67m² ground-floor amenities & office, 42m² mezzanine amenities
Outcome: sold for $2.15 million
Agent: Mike Jensen

Apartments

CBD

Albert St

City Gardens, 76 Albert St, unit 23A:
Features: 59m², 2-bedroom corner apartment
Outgoings: body corp levy $4518/year; special remediation levies have been paid in full and the unit has an indicative settlement share of $133,889 to cover further costs; current ballpark estimates of remediation are about $22 million including gst
Outcome: passed in, back on the market at $449,000
Agents: Livia Li & Alan Guo

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1010:
Features: one bedroom
Outgoings: body corp levy $4072/year
Outcome: withdrawn from auction
Agent: Paul Neshausen

Learning Quarter

Celestion, 19 Anzac Avenue, unit 302:
Features: 56m², air-conditioned 2-bedroom apartment, 11m² balcony
Outgoings: body corp levy $4284/year
Outcome: passed in
Agent: Jason Buckwell

Tower Hill, 1 Emily Place, unit 10C:
Features: 2 bedrooms, parking space, storage locker
Outcome: sold prior
Agent: Aaron Cook

Isthmus east

Grafton

31 Boston Rd:
Features: 151m² 4-bedroom apartment, mezzanine lounge, private courtyard; 112m² 2-bedroom apartment, balcony; 87m² 3-room office space; 158m² warehouse, 7 offstreet parking spaces; total 530m²
Outcome: auction postponed until Thursday 9 March at 10am
Agents: Ross & Joss Goodall

Mission Bay

63 Selwyn Avenue, unit 5:
Features: cross-lease, 1/6 share in 1038m², 2-bedroom unit, carport
Outcome: sold for $696,500
Agents: Jane & David Wang

Mt Wellington

36A Harding Avenue:
Features: 1149m² section, 4 one-bedroom units on one title, 4 carports
Income assessment: $66,560/year appraisal in present condition
Outcome: on the market at $1.21 million, sold for $1.76 million
Agent: Rain Diao

Onehunga

95N Mays Rd:
Features: 80m² 2-bedroom terrace, patio, 2 parking spaces
Outgoings: body corp levy $561/year, but $66,792 in special remediation levies was raised last year, estimated to be 60% of remediation costs; the body corporate has a claim before the Weathertight Home Resolution Service
Outcome: passed in, back on market at $598,000
Agents: Su Ma & Hattie Huo

Parnell

15 Augustus Terrace, unit 2C:
Features: one bedroom, parking space, storage unit
Outcome: no bid, back on market at $495,000
Agents: Jill Jackson & Emma John

25 Cheshire St, unit A3:
Features: one-bedroom apartment, balcony, tandem parking
Outgoings: body corp levy $4296/year
Outcome: no bid
Agents: Michael & Tatyana Ataman

Isthmus west

Avondale

6 Elm St:
Features: 1012m² section, 3-bedroom villa & adjoining 12-bedroom extension, 2 bathrooms, 3 living areas, 6 offstreet parking spaces
Outcome: no bid, back on market at $1.999 million
Agent: Jason Li

Grey Lynn

34 Prime Rd:
Features: cross-lease, half share in 617m², 5-bedroom bungalow, 2 bathrooms, 2 parking spaces
Outcome: auction brought forward after $1.52 million offer was acceptable, sold under the hammer for $1.647 million
Agents: Repeka Lelaulu

South

Pakuranga

25 Pandora Place:
Features: 726m² section, 2 one-bedroom units & one 2-bedroom unit, garage, 2 carports, 3 other parking spaces
Outcome: passed in
Agent: Rain Diao

Attribution: Auction.

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Avondale sale & 5 Shore leases

Bayleys agents on the Shore have completed one warehouse unit sale in Avondale and 5 leases in Milford, Rosedale & the Wairau Valley.

The Apollo Drive retail unit at Rosedale is in a development (pictured) completed by Kea Property Development Group Ltd in December. It’s anchored by a childcare centre and has 13 retail units totalling 941m² of the 5218m² site. 2 other retail units were sold a month ago.

Sale:

Isthmus west

Avondale

16 Timothy Place, unit B:
Features: 287m² unit – 206m² warehouse, 81m² office
Rent: $46,956/year net + gst
Outcome: sold in February for $855,000 + gst at a 5.49% yield, $2979/m²
Agent: Ranjan Unka

Leases:

North-east

Milford

162 Kitchener Rd, level 1:
Features: 133.4m² office, parking space included
Rent: leased in February for #33,094.99/year net + gst, premises rental $248/m²
Agents: Paul Prouse & Ryan Dannhauser

Rosedale

56 Apollo Drive, unit 6:
Features: 95m² retail unit, shared parking
Rent: leased in February for $52,250/year net + gst, premises rental $550/m²
Agents: Laurie Burt & Eddie Zhong

14 John Glenn Avenue, unit B:
Features: 199m² retail unit, shared parking
Rent: leased in February for $85,000/year net + gst, premises rental $420/m²
Agent: James Yu

36 William Pickering Drive, unit 2:
Features: 103m² office, 5 parking spaces
Rent: leased in February for $27,860/year net + gst, parking $20/space/week, net excluding parking $22,660, premises rental $220/m²
Agent: Ryan Dannhauser

Wairau Valley

68 Hillside Rd, unit C:
Features: 344.68m² industrial unit – warehouse 266.43m², mezzanine 78.25m², 5 parking spaces included
Rent: leased in February for $35,000/year net + gst, premises rental $101.54/m²
Agent: Trevor Duffin

Earlier story:
5 February 2017: 2 new Apollo Drive units among January sales

Attribution: Agency release.

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2 Rosebank Rd properties among sales

2 Rosebank Rd properties have been bought by the one investor on yields of 6.3% & just under 7%.

They’re among 5 sales & one lease in the latest transactions in West Auckland by Bayleys agents.

Sales

Isthmus west

Avondale

527A Rosebank Rd:
Features: 1428m2 2-level office building in 3 strata titles, 48 parking spaces, in the Harbourside Business Park; 4 tenants on 3- to 5-year lease terms to 2017 & 2018
Rent: $278,000/year net + gst
Outcome: sold for $4 million at a 6.95% yield
Agent: Alan Haydock & Damien Bullick 

527B Rosebank Rd:
Features: 444m2 top floor office in 2 unit titles; NZ head office of Cadpro Systems, in occupation since 2003 with current lease running until late until November 2021, 2 3-year rights of renewal
Rent: $110,450/year net + gst
Outcome: sold for $1.75 million at 6.31% yield to buyer of No 527A
Agent: Alan Haydock & Damien Bullick

North-west

Glen Eden

83 West Coast Rd, unit A:
Features: 110m2 retail unit leased to Dominos Pizza NZ for 5 years from October 2014, one 5-year right of renewal
Rent: $39,543/year net + gst
Outcome: sold for $580,000 at a 6.8% yield
Agent: Owen Ding

Henderson

16 Catherine St:
Features: 781m2  site with town centre zoning, 780m2 2-level office building in need of renovation, 12 parking spaces
Outcome: sold vacant for $1.86 million
Agent: Grant Miller

21 Catherine St:
Features: 450m2 retail unit occupied by an Aussie Butcher outlet on new 6-year lease, 2 4-year rights of renewal
Outcome: sold for $2 million at a 5.5% yield
Agents: Ed Donald & Tony Chaudhary

Lease

Isthmus west

Avondale

15 Fremlin Place:
Features: 569m2 of warehouse, 275m2 office on 1148m2 site, leased for 6 years from 16 January, one 4-year right of renewal & 2-yearly rent reviews to market
Rent: $110,000/year net + gst
Agents: Mike Adams & Laurie Bell

Attribution: Agency release.

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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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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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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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9 suburban units, cross-leases & development sites sell

5 units & a cross-leased bungalow were sold under the hammer and another 3 post-auction from the 16 intensive residential properties auctioned at Barfoot & Thompson’s city office last Wednesday & Thursday (the apartments session on Thursday morning is in a separate story).

They included 4 cross-leased units on Brixton Rd, Mt Eden (pictured), which were all sold separately. One of the properties sold post-auction was a development site in Pt England with 2 homes on separate titles.

Isthmus east

Greenlane

27 Puriri Avenue, unit 4:
Features: cross-lease, quarter share in 1027m², 2 bedrooms, carport
Outcome: passed in, sold post-auction
Agents: Vern Hines & Sara Knight

Onehunga

131 Grey St, unit 3:
Features: 2-bedroom unit, internal-access garage
Outcome: sold for $803,000
Agent: Kevin Liu

One Tree Hill

119 Paihia Rd:
Features: cross-lease, half share in 781m², 3 bedrooms, parking
Outcome: passed in
Agent: Kelly Zhang

Otahuhu

15 Monterey Avenue, unit 1:
Features: 67m², 2-bedroom unit, tandem parking
Income assessment: $440/week current, fixed until January
Outcome: no bid
Agent: Neno Radinovich

15 Monterey Avenue, unit 2:
Features: 67m² 2-bedroom unit with 25m² sleepout, deck, tandem parking
Income assessment: was rented for $650/week
Outcome: passed in
Agent: Neno Radinovich

Point England

59 & 61 Torino St:
Features: 2 3-bedroom homes on separate titles, 1813m² section
Outcome: passed in, sold post-auction
Agent: Sam Bowen

Isthmus west

Avondale

8 Plane St, unit 2:
Features: cross-lease, 1/17 share in 6762m², 4 bedrooms, 2 bathrooms, deck, double internal-access garage
Outcome: passed in, back on market at $889,000
Agent: Kevin He

Kingsland

65H Third Avenue:
Features: cross-lease, quarter share in 1131m², 3 bedrooms, deck, carport
Outcome: no bid, back on market at $979,000
Agents: Ross Goodall & Nanette Graham

Mt Albert

1 Beagle Avenue:
Features: cross-lease, half share in 809m², 3-bedroom bungalow, offstreet parking
Outcome: sold post-auction
Agents: Christine Wooding & Joanne Yu

Mt Eden

32 Brixton Rd (pictured):
4 cross-leased units offered separately – all having a 1/5 share in 809m², one bedroom, renovated, with fenced garden & parking space:
Unit 5: sold for $547,500
Unit 4: sold for $540,000
Unit 3: sold for $543,500
Unit 2: sold for $544,000
Agent: Robyn Preece

North-west

New Lynn

14 Ambrico Place, unit 23:
Features: 3-bedroom townhouse, deck, internal-access garage
Outgoings: body corp levy $2276/year
Outcome: passed in
Agents: Aden Xu & Annie Hao

3169 Great North Rd:
Features: cross-lease, half share in 1012m², 3-bedroom bungalow
Outcome: sold for $805,000
Agent: Anna Lechtchinski

South

Pakuranga

304 Pakuranga Rd, unit 1:
Features: cross-lease, half share in 1022m², 3 bedrooms, deck, rumpus, garage
Outcome: no bid, back on market at $699,000
Agents: Neil Dayal & Tanzi Rose

Attribution: Auctions.

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Residential market at a crossroads

You could see a residential property market at a crossroads yesterday.

In 2 sessions at Barfoot & Thompson’s city auctionroom, 30 properties were offered – well under half the 80 or so put through in a day in the peak of the market late last year and a few times this year.

Chinese investors have been less imposing visitors to Auckland’s auctionrooms recently, but crowded the room for the main afternoon session yesterday. Still, they weren’t snapping everything up without caring too much about the price.

13 properties were sold under the hammer, of which 7 contained apartments, suburban units or cross-leased homes.

Another 2 offering apartment development propositions were passed in without a bid being made – the one in Avondale pictured above and the property at the bottom of this page where concept designs have been drawn up.

You will see more like them popping up as opportunists start to scour the region in search of sites that can be intensified under the new unitary plan rules, in a similar way to the surge of cross-leases created about 30 years ago.

They’re in a different market from the standalone homes most sought by the foreign investors, and they also differ from the cross-leases, which produced ground-level crowding but little height.

One of the development options offered yesterday is in Avondale, a suburb destined for considerable change. It’s a dormitory suburb that’s close to both the central city and the shops at New Lynn, and already has many sites earmarked for apartments.

And there you see the crossroads: a downmarket suburb given new attention as the investor focus on the expensive spots in the east wavers, while some attention remains on areas in the west of the isthmus that have seen prices rise sharply this year, prompted mostly by development opportunities.

The other factor in the changing residential market is the effect of Reserve Bank constraints on investment, limiting the ability of traders to turn over properties, and also possibly limiting the level of initial investment in apartment projects that makes construction possible.

Isthmus east

Epsom

43B Cornwall Park Avenue:
Features: cross-lease, half share in 1078m², 4 bedrooms, 2 bathrooms, patio, double internal-access garage
Outcome: sold for $2.55 million
Agents: Diana Bucowski & Peter West

34 Empire Rd, unit 1:
Features: cross-lease, half share in 827m², 4 bedrooms, 3 bathrooms, sunroom, office, double garage
Outcome: sold for $1.69 million
Agents: George Fong & Laura McAuley

52 Manukau Rd:
Features: cross-lease, quarter share in 650m², 3-bedroom unit, carport
Outcome: no bid
Agents: Kelly Zhang & Mark Tung

Mt Wellington

9 Mountain Rd, unit 17:
Features: 75m², 2-bedroom unit, carport
Outgoings: body corp levy $1555/year
Outcome: passed in
Agent: Tanzi Rose

Isthmus west

Avondale

13, 18A & 18B Ahiriri Avenue (pictured above):
Features: fee simply 674m² & 2 cross-leased half shares in 1044m², 3 homes on total 1718m² in 3 titles – 2 3-bedroom bungalows, 2-bedroom home, zoned under the proposed unitary plan for terraced housing & apartments
Outcome: no bid when offered together; no bid on No 13 when offered alone, other 2 then withdrawn
Agents: Bella Stefano & Sheba Soundhar

Grey Lynn

676 Great North Rd:
Features: cross-lease, half share in 776m², 3-bedroom ex-state bungalow, basement 4-car garage, storage
Outcome: passed in
Agents: Matt O’Rourke & Ryan Harding

Mt Albert

13A Lorraine Avenue:
Features: cross-lease, half share in 855m², 198m² home on 2 levels, 5 bedrooms, 2 bathrooms, deck, double garage
Outcome: sold for $722,000
Agent: Kelly Zhang

Mt Eden

7 Ellerton Rd, unit 2:
Features: cross-lease, quarter share in 937m², 2-bedroom unit, deck, carport
Outcome: no bid
Agents: Vern Hines & Sara Knight

39 Shackleton Rd, unit 3:
Features: cross-lease, quarter share in 1223m², 2-bedroom unit, 2 bathrooms, deck, tandem garage
Outcome: passed in
Agent: Robyn Preece

Sandringham

27 Lancing Rd, unit 1:
Features: cross-lease, quarter share in 825m², refurbished 2-bedroom unit, carport
Outcome: sold for $784,000
Agents: Lucy Liu & Calvin Roche

183 Mt Albert Rd, unit 2:
Features: cross-lease, quarter share in 1012m², 2-bedroom unit, study, garage
Outcome: sold for $752,000
Agent: Qi Li

North-east

Totara Vale

2 Ellice Rd, unit 2:
Features: cross-lease, half share in 675m², 2 bedrooms, office, garage, storage
Outcome: sold for $671,000
Agents: Giovanna Ferrario & Mark Garratt

North-west

New Lynn

45 Astley Avenue, unit 2:
Features: cross-lease, 1/6 share in 1396m², 3 bedrooms, internal-access garage, courtyard
Outcome: no bid, back on the market at $600,000
Agent: Sue Allan

1 Copley St, unit 3:
Features: cross-lease, 1/3 share in 1011m², 2-bedroom duplex, office, garden shed
Outcome: sold for $622,000
Agent: Sue Allan

Te Atatu Peninsula

The design concept for apartments on Kervil Avenue, Te Atatu Peninsula.

The design concept for apartments on Kervil Avenue, Te Atatu Peninsula.

57 & 59 Kervil Avenue:
Features: 2 homes now zoned terrace housing & apartments under the proposed unitary plan – 100m² 3-bedroom, garage on 850m², 90m² 3-bedroom on 809m²; indicative concept plans show 54-apartment complex
Outcome: passed in when offered together, not offered separately
Agents: Ann Lepper & James Gai

Attribution: Auctions.

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8 suburban intensive properties sell at Barfoot auctions

7 of 18 properties in a range of intensity (apartments, suburban units, townhouses, cross-leased houses) auctioned at Barfoot & Thompson on Wednesday were sold under the hammer, and one of the 2 auctioned yesterday afternoon also sold. You can check results from Thursday morning’s apartments auction in a separate story linked below.

Isthmus east

Epsom

1A Merivale Avenue:
Features: 3-bedroom unit, carport
Outgoings: body corp levy $630/year
Outcome: passed in, back on market at $1.08 million
Agents: George Fong & Alex Wu

Glendowie

14C Crossfield Rd:
Features: cross-lease, 1/3 share in 1244m², 4 bedrooms, 3 bathrooms, conservatory, double internal-access garage
Outcome: sold for $790,000
Agents: Jane Wang & Dragon Zhou

Meadowbank

86 St Johns Rd, unit 2:
Features: cross-lease, 1/3 share in 809m², 3 bedrooms, 2 bathrooms, deck, offstreet parking
Outcome: no bid
Agent: Chase Liu

Onehunga

66F Grey St:
Features: 2-level 2-bedroom unit, balcony, carport
Outgoings: body corp levy $1922/year
Outcome: sold for $395,000
Agent: Richard Prasad

461 Onehunga Mall, unit 2:
Features: cross-lease, 1/3 share in 1214m², 3 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $1.25 million
Agent: Paul Studman

Panmure

51 Ireland Rd, unit 36:
Features: 2-bedroom townhouse in gated complex, carport
Outgoings: body corp levy $2808/year
Outcome: passed in at $528,000
Agents: Rain Diao & Jane Chen

Remuera

103 Remuera Rd, unit 2:
Features: 155m² site + 1/7th of 291m², 3-level 4-bedroom terrace including self-contained ground-floor area, 3 bathrooms, deck, double internal-access garage
Outcome: no bid
Agents: Ross & Joss Goodall

128A Upland Rd:
Features: cross-lease, half share in 743m², 4 bedrooms, 2 bathrooms, study, double garage
Outcome: passed in at $1.3 million
Agent: Dennis Dunford

Isthmus west

Avondale

48 Eastdale Rd, unit 3:
Features: cross-lease, 1/3 share in 771m², 2-bedroom unit, garage
Outcome: sold for $565,000
Agent: Francis Fan

Herne Bay

15B Saratoga Avenue:
Features: cross-lease, 1/3 share in 731m², 2-bedroom unit, carport
Outcome: passed in
Agents: Carl Madsen & George Damiris

Mt Eden

3 Akiraho St, unit 9:
Features: 130m², 3-bedroom apartment in industrial conversion, 2 bathrooms, 2 gated parking spaces
Outgoings: body corp levy $2909/year
Outcome: sold for $861,000
Agents: George Fong & Laura McAuley

19 Ellerton Rd:
Features: 936m² section, 7–bedroom home converted into 3 flats, one of 3 bedrooms and 2 of 2 bedrooms, each with a carport
Outcome: passed in at $1.9 million
Agent: Gill Macdonald

8 Graysons Lane:
Features: cross-lease, half share in 796m², 4 bedrooms, 2 bathrooms, offstreet parking
Outcome: sold for $1.885 million
Agent: Repeka Lelaulu

25 Rossmay Terrace, unit 18:
Features: 2-bedroom townhouse, internal-access garage
Outgoings: body corp levy $2455/year
Outcome: no bid
Agent: Repeka Lelaulu

North-east

Belmont

13 Creamer Avenue, unit 3:
Features: cross-lease, 1/6th share in 809m², 60m² 2-bedroom unit, carport
Outcome: passed in, back on market at $695,000
Agents: Jonathan White

North-west

New Lynn

1 Armstrong Place, unit 1:
Features: cross-lease, half share in 637m², 2-bedroom 120m² duplex, covered deck, garage
Outcome: passed in, back on market at $640,000
Agents: Aken Yuan & Michelle Zhou

Te Atatu Peninsula

9B Tawa Rd:
Features: cross-lease, 1/3 share in 1331m², 3-bedroom unit, deck, carport
Outcome: sold for $560,000
Agent: Emma Zhang

Te Atatu South

12 Poto Rd:
Features: 976m² section, 6-bedroom house converted to 2 flats, 3-car garaging
Outcome: no bid, back on market at $1.28 million
Agent: Sharlene Huang

South

Howick

47 Drake St, unit 2:
Features: cross-lease, half share in 900m², 3 bedrooms, 2 bathrooms, attic, wraparound balcony, garage
Outcome: sold for $850,000
Agent: Doug Lum

Apartments story today: 5 units sell at Barfoots

Attribution: Auctions.

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Auction room at half the previous frenetic pace

In 4 auction sessions over 2 days at its city office this week, Barfoot & Thompson put up 58 residential properties, sold 25 and got no bid on 21. Another 10 properties were sold before auction, taking the total close to the volume the agency had been handling in a single day in its busiest periods in the last year.

In other words, business was down to about half speed – or back closer to the old normal.

Last week, in one day, Barfoots put 71 residential properties up for auction at 3 sessions, 2 rooms operating simultaneously in the afternoon. There was a large influx of Chinese investors for most of the afternoon, but less of the gung ho approach of last year, when the willingness to outbid all-comers defeated any thought of matching price to local market returns.

In the auction rooms on Wednesday last week, 12 of the 29 intensive residential properties were sold under the hammer and 9 were passed in without a bid being made. All up, 28 of the 71 properties were sold.

Forward to this week, and 22 intensive properties were auctioned – central-city apartments, suburban townhouses & flats, and cross-leased properties (which vary from small units to large houses on tight sections). Of those, 12 were sold under the hammer – a far better clearance rate.

Questions arise

2 questions arise in the changed circumstances of less frenetic auction rooms. The first is why, in what is still widely deemed to be a housing crisis, buyers weren’t there to take advantage of this opportunity. The second is whether Reserve Bank measures have taken the wrong people out of the market, or perhaps the heady atmosphere was due to run out of steam anyway.

There are other economic questions concerning the construction industry, too. There is a widespread assumption that builders will build – for the good of the nation – they just have to temper their price expectations. But builders are being expected to build in an increasingly uncertain economic climate: the Reserve Bank’s measures can reduce the ability of locals to buy and could snuff out sales to foreign investors, who have been the mainstay of apartment developments internationally for 20 years.

The last piece of land bought at a ridiculous price as a boom is about to end is, inevitably, not going to be built on for a very long time. The buyer will go bust as potential returns evaporate, the market will have disappeared, tradesmen will head to Australia. We’re probably some way from that, but markets can turn quickly.

In that light, the auctioneers did well to get the level of sales they achieved, and not just at Barfoots – apartment specialists City Sales scored 5 sales out of 5 on Wednesday, and Ray White City Apartments scored 4 out of 6 yesterday.

Barfoots’ Wednesday-Thursday auction results:

CBD

Learning Quarter

Tower Hill, 1 Emily Place, unit 4BS:
Features: fully furnished studio, balcony
Outgoings: body corp levy $2013/year
Outcome: sold for $325,000
Agents: Estee Zeng & Sarah Garlick

St Paul’s, 4 St Paul St, unit 15C (pictured):
Features: 115m², 3-bedroom penthouse, 2 bathrooms, 3 balconies; remediation of defects & leaky issues to be carried out, vendor to transfer $40,000 net settlement proceeds to buyer, and buyer to carry all future liability
Outgoings: body corp levy $12,279/year
Outcome: passed in at $400,000; 2 other units owned by the same investor have already been sold – unit 15A, 34m², fully furnished, one bedroom, balcony, rent $360/week; unit 15B, one bedroom, vacant
Agent: Elvira Abdrazakova

St Paul’s, 4 St Paul St, units GB & GC:
Features: manager’s office, rubbish & laundry rooms
Outgoings: body corp levy $2896/year + $1146/year
Income assessment: rented to body corporate for $30,000/year
Outcome: no bid
Agents: Elvira Abdrazakova

Uptown

Urba, 5 Howe St, unit 711:
Features: 2 bedrooms
Outgoings: body corp levy $2757/year
Outcome: no bid
Agents: Alastair Brown & Hayley Sok

Eclipse, 156 Vincent St, unit 11H:
Features: one bedroom
Outcome: passed in at $379,000
Agents: Sharlene Huang

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 54:
Features: one bedroom, private balcony, secure basement parking space, storage unit; proposed neighbouring Saba apartment development might affect outlook
Outgoings: body corp levy $3142/year
Outcome: sold for $419,000
Agents: Liz Derbyshire & Leo Shin

SugarTree, 27 Union St, unit 613:
Features: one bedroom, balcony, secure parking space, storage
Outgoings: body corp levy $3762/year
Outcome: auction postponed until next Thursday, 15 September
Agents: Jason Li

Isthmus east

Epsom

39 Onslow Avenue, unit 1:
Features: cross-lease, one-third share in 865m², 2-bedroom unit, garage
Outcome: sold for $1.102 million
Agents: Diana Buczkowski & Peter West

Greenlane

187I Great South Rd:
Features: 3 bedrooms, 2 bathrooms, garage + offstreet parking, in private gated complex
Outgoings: body corp levy $4100/year
Outcome: sold for $1.01 million
Agents: Di Martens & Justin Coleman

17 Karetu Rd:
Features: cross-lease, half share in 1012m², 4-bedroom house, 2 living areas, backyard, garage, carport
Outcome: passed in
Agents: Helen Lam

Kohimarama

19 John Rymer Place:
Features: cross-lease, 237m² house, 5 bedrooms, 3 bathrooms, wraparound deck, double garage + offstreet parking space
Outcome: no bid, back on market at $1.65 million
Agent: Kelly Midwood

Meadowbank

9A Archdall St:
Features: cross-lease, half share in 690m², 2-level townhouse, 3 bedrooms, 2 bathrooms, deck, double garage
Outcome: sold for $1.242 million
Agents: Verena Lobb & Lisa MacQueen

Mt Wellington

35D Harding Avenue:
Features: cross-lease, quarter share in 1500m², 3 bedrooms, 2 bathrooms, double internal-access garage
Outcome: withdrawn from auction
Agents: May Zhang

19 Wilkie Place, unit 2:
Features: cross-lease, half share in 800m², 6 bedrooms, 2 bathrooms, double carport
Income assessment: $1010/week current
Outcome: sold for $867,000
Agents: Kai Deng & Titus Lu

Onehunga

93A Mays Rd:
Features: 2-bedroom reclad terrace, courtyard, 2 parking spaces
Outgoings: body corp levy $595/year
Outcome: sold for $553,500
Agent: Susan Palmer

134A Selwyn St, unit 3:
Features: cross-lease, quarter share in 1351m², 2-bedroom duplex, patio, internal-access garage + offstreet parking
Outcome: sold for $830,000
Agents: Kay Jagusch

Isthmus west

Avondale

32 Canal Rd, unit 3:
Features: 2-bedroom flat, 2 bathrooms, sleepout, garage; taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: passed in at $476,000
Agents: Roger Franklin

Mt Albert

156 Hendon Avenue, unit 3:
Features: cross-lease, 1/5th share in 931m², 2-bedroom unit, balcony, storage unit
Outcome: passed in, back on market at $469,000
Agents: Kevin Liu

Ponsonby

1C John St:
Features: 3-bedroom apartment, 2 bathrooms, 3 levels, rooftop entertaining area, garage
Outgoings: body corp levy $4569/year
Outcome: sold for $1.25 million
Agents: Neil Dayal

Western Springs

130A Western Springs Rd:
Features: cross-lease, half share in 1009m², 3 bedrooms, deck, double carport + offstreet parking
Outcome: sold for 1.191 million
Agents: Felicity Scott

North-west

Glen Eden

66 West Coast Rd, unit 2:
Features: cross-lease, half share in 1538m², 3 bedrooms, deck
Outcome: sold for $737,000
Agents: William & Simon MacLean

New Lynn

36 Arawa St, unit 1:
Features: cross-lease, half share in 808m², 3-bedroom cottage
Outcome: no bid, back on market at $689,000
Agents: Neer Mehta

31 Nikau St, unit 2:
Features: 2-bedroom unit, large basement, single garage; taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: passed in at $400,000
Agents: Roger Franklin

14 Pamela Place, unit 1:
Features: cross-lease, one-third share in 1282m², 2-bedroom unit, study, conservatory, garage, carport
Outcome: sold for $648,000
Agents: Ann Lepper & Steve Bristow

Image above: St Paul’s Apartments in the Learning Quarter.

Earlier stories:
8 September 2016: 4 sell at Ray White apartments auction
8 September 2016: All 5 units sell at City Sales auction
6 September 2016: Barfoots chief says house price slowdown more apparent
1 September 2016: One apartment out of 5 sells at Barfoots auction
1 September 2016: 12 intensive properties sell at Barfoots as 71 homes on offer

Attribution: Auctions, own comment.

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