Auckland property sales today

I’ve been given some information on Auckland property sales by someone who sold a property at auction today. He gave me prior notice, saying he would be…

…selling a residential investment property valued at the $1million mark. It has been marketed vigorously by a leading agent (not B&T) for three weeks. We have had 70 interested parties through. It is an attractive property. There will be seven that we know of bidding at the auction tomorrow.
Of the 70 through, only one was of offshore Chinese stock. They have indicated that they will not be bidding.
My agent says the the current fuss is a load of codswallop.

And today:

The property was sold for 36% above CV 1 July 2014. There were seven bidders. Only one was non-NZ. This person was a pakeha NZer long term resident in Hong Kong looking for a place to have back in Auckland.

All the bidders were pakeha NZers.

My view is that this successful sale reflects the robustness of the NZ economy in this part of the market, and the low interest rates available from the mainstream banks. For most NZers, this is all good news.

The successful bidder is moving into  a residence they want, and selling their current property to some other NZer that wants it.

This is called the market in most jurisdictions.

There were a total of nine places auctioned, with all similar results to ours. Some non-pakeha bidders, but all plainly NZers. Perhaps supply is a push factor too as all properties were keenly contested.

Sounds like willing Kiwi buyers, happy seller (who gave me his name and contact details).

Leave a comment

18 Comments

  1. Dave

     /  22nd July 2015

    Exact the same when we sold a few years back, we did have one Asain couple bidding but as the agent predicted they dropped out just before reserve, they were only interested in a bargain. Bidding continued between three kiwis sold $35k above reserve.

    Perhaps Mr Twyford might like to comment on how he came up with the definition of an Asian buyer!

    Reply
  2. GregM

     /  22nd July 2015

    I read somewhere today that Auckland council has sent out 545,000 rates notices. 2.800 were sent to owners in Australia, 2,700 were sent to the rest of the world.
    Maybe angry Andy would have been better off trawling for “ocker” sounding names in the stolen data ?

    Reply
    • Was that in NBR? They had something behind their paywall on rates.

      Reply
      • GregM

         /  22nd July 2015

        Not sure Pete, DPF had linked to it on a tweet, I got sidetracked and can’t find it again.
        As an Auckland based property manager I completely agree with your correspondent, that’s the way it is out there.

        Reply
        • He retweeted this:
          Jason Krupp ‏@JKruppster 5h5 hours ago

          AKL data shows of 535k rates bills sent out, 1.05% are sent overseas – 2.8k to Aussie and 2.7k to the rest of the world.

          Reply
      • Alan Wilkinson

         /  23rd July 2015

        Yes, it was in NBR paywalled.

        Reply
    • kiwi_guy

       /  22nd July 2015

      Alot of asians get into NZ because it is an easy touch and then move onto the brighter lights of Aussie cities

      Reply
      • Please clarify by “an easy touch”.

        To gain a work visa a person has to be particular criteria, notably have a credible skill in a Long term Skills Shortage profession and an offer of employment.

        Reply
      • Have you got and statistics on this?

        Have you got anything against people’s right to choose where they live?

        Reply
  3. kiwi_guy

     /  22nd July 2015

    Why are you lot pretending that there is not a massive flood of hot money from China pouring into the Auckland property market – you are acting like Quislings.

    Reply
    • Mate – front with some hard data and I will take you seriously.

      You’ve been flapping stubby kiwi wings at the sparks of Labours folly for a week or so now, making claims of a huge in rush of speculative cash.

      So where is your proof to back your claim? Hearsay, a mate told me, I have heard on the grapevine etc etc don’t cut it.

      To quote Jerry “Show me the money” or more importantly show me the data..

      Reply
      • Howick Boy

         /  25th July 2015

        Read today’s (22nd Aug) Herald re the Chinese couple selling $26 Million of property. Hong Kong based but are Investor residents.

        Reply
    • Can you back up your claim with any evidence? You are acting like a mouthpiece for misinformation.

      Reply
  4. Farmerpete

     /  23rd July 2015

    Kiwiguy above. You are talking crap. Sorry there is just no other way to put it. Having just completed an Auckland subdivision with 100+ sections and many new home builds, I can honestly say that there was not one Asian buyer, and this was in a good middleclass area.
    Your comment about hot money is simply disgraceful. To tar all Chinese buyers with this outrageous slur is contemptible. I would go further but decency doesn’t permit it.
    Wake up, and stop this racist crap.

    Reply
    • Howick Boy

       /  25th July 2015

      Give me the addresses of the sections so I can check the validity of your comments.

      Reply
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