After a 5-bedroom Epsom home was sold under the hammer at Barfoot & Thompson’s residential auction at its city branch yesterday afternoon, three-quarters of the gallery of about 100 potential buyers filed out of the auctionroom.
Epsom’s a popular area for Chinese buyers, and most of those departing investors were Chinese who’d been watching, not bidding. In more exuberant times, Barfoots’ auctionroom was a popular stopping point for them.
What they missed when the next lot came up – a large strata-titled townhouse also in Epsom – was a marathon contest between 2 bidders, one on the phone, the other in the room, that took 26 bids to get on the market and another 44 bids before a final $5000 raise secured a deal. The first bid was at $800,000, the townhouse was on the market at $1.002 million and the 2-way contest added $83,000 in raises that got down to $500s at times.
The auction markets are showing many different faces these days. Agencies often struggle to get any bidders, and investors have been showing far less interest in the apartment market. Some suburbs remain attractive, but often there will be no bid – buyers may be attracted, but are hoping to be able to negotiate later.
The markets are all at sea, with no sure economic direction visible. Overseas there’s more talk of recession – or more talk of recession from advisors hoping to do deals by tugging investors in one direction or another. Trade wars create uncertainty, legislating foreign investors out of New Zealand’s residential market has helped subdue it, the time taken to achieve a sale in Auckland has lengthened.
At Barfoots’ auction sessions on Tuesday & Wednesday, with my focus on the intensive homes – apartments, suburban units & townhouses – 3 parking spaces in the basement of the George Court building on Karangahape Rd (once a department store, nowadays a block of apartments with some ground-floor retail) were passed in on Tuesday; an apartment in the Grange in Remuera and the Green Lane West townhouse were sold on Wednesday; but there were no bids on a Panmure unit or on 2 cross-leases in Epsom & Mt Eden on Wednesday.
George Court, 238 Karangahape Rd, parking spaces LGP & LGQ:
Features: 3 secure parking spaces – 2 on one title, third on adjacent title
Outcome: no bid
Agent: Liz Derbyshire
218 Green Lane West, unit 12:
Features: 156m², 3-bedroom strata-titled townhouse, 2 bathrooms, study – 99m² on 2 levels above 57m² internal-access tandem double garage & laundry
Outgoings: body corp levy $4600/year including gst
Outcome: sold for $1.085 million
Agents: George Fong & Laura McAuley
152 The Drive:
Features: cross-lease, half share in 974m², 4 bedrooms, 2 bathrooms, 2 living areas, double garage, double Grammar zone
Outcome: no bid, back on the market at $1.55 million
Agents: Ian Thornhill & Frances Li
10C Allenby Rd:
Features: 2-bedroom unit, 57.1m² internal, 4.6m² porch, 16.8m² garage
Outcome: no bid, back on market at $615,000
Agent: Mark Edmonds
The Grange, 164 Remuera Rd, unit 5:
Features: 119m², 2-bedroom apartment on Remuera Rd’s Golden Mile, 2 bathrooms, family room & separate lounge, deck, parking space, on the Grange’s 3015m² park-like grounds
Outcome: sold for $1.61 million
Agents: Stephen Rendell & Kathy Bower
103 Landscape Rd, unit 1:
Features: cross-lease, half share in 986m², 1-bedroom unit, carport
Outcome: no bid
Agents: Sue Saywell & Robyn Preece
Attribution: Auctions & auction documents.