Bayleys had a strong performance at its Total Property auction on Wednesday, selling 14 of the 23 properties on offer, including 4 of the 5 retail outlets in the new Grange development on the southern fringe of Warkworth.
Today’s Reserve Bank cut in the official cashrate was well & truly factored into commercial property prices yesterday at Bayleys’ Total Property auction as 6 fully leased properties sold at sub-5% yields.
7 of the 14 properties in Bayleys’ third Auckland Total Property portfolio of the year were sold at auction today, and one was sold prior. A feature of the day’s bidding was the battle between a Wairau Valley property’s neighbour & 3 developers.
10 properties in Bayleys’ Total Property portfolio were sold at auction on Wednesday and one prior, including all 4 units in a Huapai retail development built in 2002 and leaving 8 properties still on the market.
A retail building in Papakura, with NZ Post & Co-op Bank as tenants and an apartment development proposed upstairs, is among 3 properties Bayleys agents have sold around the south of the Auckland region.
A Papakura retail property passed in at Barfoot & Thompson’s auction last week has since been sold at a 7.57% yield.