Auckland Property Market

Another House Auction Action in Auckland.

Another House Auction Action in Auckland

 The first lot of home at mortgagee auctions started at 9pm. There were only five homes up to be sold and three were withdrawn. So the next two up for the mortgagee auction, were apartments from the same complex at St Lukes in Mt Albert.

 The first one was a two bedroom apartment which was currently being rented by a tenant. There were only two people bidding for the property. It went for around $340,000.00.

The three bedroom apartment in the same block did not get sold. The top bid price got up to $350,000.00. This was an owner occupied property which still did have the owner living in the property.

A gentleman sitting next to me advised that the kitchen needed redoing. The funny thing that got me was one of the agents was trying to get this gentleman to increase his bid . The bidder had inspected the property and did know of some of the problems relating to this property. The funny thing the agent advised as he put the pressure on the bidder relating to this kitchen that needed to be replaced was the following:

“Oh don’t worry about this, put up a curtain to covering over it and no one will know the difference”. It made me laugh the pressure tactics some agents will go through to make someone increase their offer. This gentleman knew what he was doing as a property investor and advised me that all properties he owns must have a minimum rate of return of 6%.  The problem with these units was that the body corporate fee was a minimum of around $6k a year plus another $2k for the Auckland City rates.

 Top tip when going to an auction to buy a home. If you are the top bidder and the reserve has not been reached, do not increase your bid to get the current price closer to what the reserve price might be. You are then only bidding against yourself and revealing what your top price might be. The agent will put pressure on you and the whole room might be looking at you,but stick to your guns and do not increase your bid. Remember the real estate agent is working for the seller and not the buyer no matter what nice words they might say about you.

 At 10.30 the next lot of properties up for sale were the following:

1)    Koangi Street three bedroom home in Remuera. An ex state home with modern kitchen, deck and garage. Sold for $936,000.00.

2)    Domett Ave Epsom was a two bedroom unit with modern kitchen, office/study and carport. Sold for $645,000.00

3)    Grand Ave Remuera was a two bedroom home with a fully fenced garden and garage. This sold for $491,000.

4)    Two bedroom Apartment in Mahuhu Crescent on leasehold land received no bids at all and was pasted in.

5)    Sunnyvale Rd in Greenlane was a renovated villa home converted into two times three bedroom flats. This sold for $1 million dollars.

6)    Mainston Rd property was a four bedroom home with modern kitchen, deck, rumpus room and internal access garaging. This was pasted in at $850,000.00.

7)    Nelson Street Apartment was a large fully furnished two bedroom apartment with two car parks. This was past in at $400,000.00.

8)    Remuera Rd four bedroom home with designer kitchen, rumpus room, deck and internal garage was pasted in for $800,000.00.

9)    Richard Farrell Ave is a two bedroom unit with open plan living, decks, carport. This was past in at $400,000.00.

10)   Buckley Rd Epsom was a large four bedroom home with a self contained two bedroom flat sold for $1,066,000.00. This had a preauction offer which then became the starting price for the auction.

 The morning at the auctions was busy in the second session. This is a taste of what is happening in the Auckland property market.If you need help in getting finance for your new property call Kevin at Home Loans Today 021532569. WWW://http.homeloanstoday.co.nz