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).