Bidders came & went, and at $860,000 a unit in a 12-apartment block in St Marys Bay was on the market. With the auctioneer’s hammer almost into the downswing, a new bidder entered the fray, the jousting went in thousands, $500s & $5000s and the late bidder won the contest at an even $1 million.
This was the only apartment up for auction at Bayleys yesterday and it attracted a large audience, as is often the case with highly prized areas.
The auction came a day after the Real Estate Institute warned that the Auckland residential market appeared to have only glimpsed at cooling before continuing upward again. For this 1970s unit, assuming $150,000 for parking, the price would still be around $15,000/m² internal – around the price developers are seeking for new central apartments being marketed.
The price of an apartment a short walk from Ponsonby Rd can’t easily be compared with the value of a small farm just outside the northern urban growth zone, but a short drive from the new motorway ramp at Wainui.
Being outside the future urban zone of the proposed unitary plan, the farm is “just” a farm.
St Marys Bay
1G Caroline St:
Features: 57m², 2 bedrooms, Juliette balcony, 20m² courtyard, single garage + one offstreet parking space
Outgoings: body corp levy $3105/year
Outcome: sold for $1 million
Agent: Suzie Paine
13 April 2016: Median house sale prices hit new records
283 Monowai Rd:
Features: 40.25ha beef & sheep farm, rolling hills, elevated views, water supply, 3-bedroom home plus barns & sheds
Outcome: sold for $1.905 million at $47,329/ha
Agents: Karen Asquith & Graeme Mann