Mixed Bag For Inner City Apartments


E/30 Heather St, Parnell. A 95sq m, three bedroom apartment with a car park and courtyard garden.There were multiple bidders and it sold under the hammer for $572,000, compared to its latest rating valuation of $695,000. According to QV.co.nz the unit previously sold for $505,000 in 2006.

916/135. Hobson St. A 51sq m, two bedroom, two bathroom unit sold under the hammer for $210,000. According to QV.co.nz the unit was last sold for $300,000 in 2006.

6e/2 White St. Bianco building. A furnished one bedroom unit rented at $450 a week. Sold under the hammer for $225,000. According to QV.co.nz it was previously sold for $355,000 in 2007.

5/55 Mahuhu Cres. Brownstone building. A 133sq m, leasehold unit with three bedrooms, two bathrooms and a tandem car park. Passed in for sale by negotiation with a highest bid of $420,000.

305/152 Hobson St. A 54sq m , one bedroom unit. Passed in for sale by negotiation with a top bid of $320,000. The agents were Adelle Keane and Krister Samuel.
2f/121 Newton Rd. A 59sq m, one bedroom unit with car park. There were seven people bidding for the property and it sold under the hammer for $365,000. According to QV.co.nz it was last sold for $245,000 in 2011.

102 & 206/188 Hobson St. Two x 2 bedroom apartments, each with a balcony, both leased to the Oaks on Hobson hotel. One sold for $160,000 and the other for $168,500. According to QV.co.nz, one was previously sold for $231,720 in 2004 and the other for $238,800 in 2004.

Source: Interest.co


Key Findings:-

Investor confidence surged in the last quarter of 2014 to a new record high. Optimists outnumbered pessimists by a margin of 31%.

Investors continue to see the upside in Aucklands property market, recording a net positive 63%, the highest of all 11 regions surveyed.

Tauranga/Mt Maunganui maintained its number three ranking in confidence for the year with a net positive 49%.

Christchurch is ranked fourth with a net positive 48%. This is the most confident respondents have been in the future performance of Christchurchs property market since September 2013.

Wellingtons surge in confidence continues its upwards momentum, fuelled by all three sectors. Confidence is double the level recorded in the March 2014 quarter.

Investors are the most pessimistic about upcoming conditions in Whangarei, with a net negative 25%.

2,847 responses were utilised to construct the survey results.



The problem I have with mortgagee sales is a moral one. I have no problem in engaging in a “fair” fight between buyer and seller but a mortgagee sale means that someone is hurting, and I don’t want to be any part of that. Over the years I have seen many mortgagee sales, and helped countless numbers of people to avoid them by negotiating with their bank to get some sort of deal on the table. In a very tiny number of cases the borrowers deserved what they got, but the majority were mercilessly shafted well and truly. In many cases I got the bank to take an equity stake in the property rather than selling it up on the basis that when it eventually sold they got their share back plus some interest. In other cases I got the bank to freeze the overdue loan on the basis that again it would be paid back when the property sold. Most homes sell in the normal course of events within 7-10 years of purchase and a bank can afford to wait. On the other side of the coin banks don’t knock on the door if you miss a payment or two. It takes many months to organise a mortgagee sale and the borrower can repay or make a deal right up to the fall of the hammer so all is not lost. But for many the stress is so great and the horror so overwhelming that they collapse under the strain. How can an individual, who is obviously struggling, fight a bank with its bottomless pockets? If you know some one who is in trouble get them to give me and my team a call. They have nothing to lose- except their home


Forced home sale bankrupts couple

 December 14 2014
HOME NOT SO SWEET: Candace and Ross Robertson, with son James, at their rental property.


HOME NOT SO SWEET: Candace and Ross Robertson, with son James, at their rental property.

A couple has won a rare court victory against a bank that forced the mortgagee sale of their dream home for $1 million beneath its valuation.

The scathing judgment provides a glimmer of hope for Kiwis fighting mortgagee sales in the aftermath of the global financial crisis.

Ross and Candace Robertsons house at Hatfields Beach north of Auckland was sold by tender for just $1.2m, well short of its official valuation of $2.2m.

IT"S A STEAL: The Hatfields Beach property was snapped up for a bargain price.

IT”S A STEAL: The Hatfields Beach property was snapped up for a bargain price.

The sale left them still owing $800,000 to ASB bank, which applied to have them bankrupted.




House sales up, prices rise in November

I’m not making this up folks. I am just reporting the facts. It will be interesting to see if the market continues to climb into the new year. We have bad news on the milk export front, but exports in general are good.   The cost of imports of oil will be cheaper which will have a very positive effect, but then the dollar is falling, wiping out some of that benefit.

Inflation is virtually non existent, so why the high interest rates?  Will the Reserve Bank cut the cash rate or leave it the same for years? Are we heading towards a Zombie/deflationary economy or are we ( and much of the rest of the world) going through a once in a life time readjustment of values?

Wednesday Dec 10, 2014

Photo / Brett Phibbs

Photo / Brett Phibbs

New Zealand annual house sales rose for the first time in 13 months, driven by higher value properties as the lower end of the market is crimped by Reserve Bank mortgage lending restrictions.

The number of houses sold rose 6.5 per cent to 7,416 in November, from the same month a year earlier, the Real Estate Institute said in a statement. The national median sale price rose 7.2 per cent to a record $455,750.



If You Snooze You Loose.

Auckland property prices hit new high in November
Anne Gibson Herald
Wednesday Dec 3, 2014

Auckland properties sold by the city’s biggest agency, Barfoot & Thompson, have hit a new all-time price high of $756,909, up $20,671 in just 30 days.
Peter Thompson, Barfoot managing director, has just released the latest monthly data showing a post-election splurge caused the price spike.
Barfoots’ media price in the election month of October was $736,238.
Volumes rose sharply too: in January 854 properties were sold unconditionally with commissions paid, February 771, March 1392, April 811, May 1109, June 1037, July 983, August 909, September 959, October 939 and November 1105.



Home consent number up 22% on previous year

All consents worth 64% more than 3 years ago
Monday 1 December 2014

Building consents for new homes climbed back above the 2000 mark in November after slipping just below in September – 5 months above 2000 then September at 1985, rising to 2152 in October.

Consents for the October year were up 21.7% on the previous year to 24,363, but Statistics NZ said on Friday the trend was downward. The annual consent level exceeded 20,000 for the first time in 5 years in October last year.

There were 179 apartment consents in October and the number for the year has almost doubled, from 1714 to 3309.

Auckland housing consents were well above a year ago, up from 476 to 591, but the latest tally has been beaten 5 times this year. For the October year, 7481 consents were issued in Auckland, up 32% from 5690 the previous year.


Auckland Council Valuations “Wildly out”

Valuations Have No Basis To Reality
By Lane Nichols
Saturday Nov 29, 2014


System ‘completely random’ with some properties selling for well above and well below new council valuations.

Waterfront property on the northern slopes of Herne Bay.
Real estate industry experts have labelled the latest residential property revaluations dangerous, with calls for the mass appraisal system to be overhauled or scrapped.
Wide discrepancies have been revealed between new Auckland Council CVs and the actual selling price of some homes, throwing into question the accuracy and relevance of new valuation notices.

They include a four-bedroom Waiheke Island property overlooking Onetangi Beach that sold last week for $2.4 million – nearly three times its new $810,000 valuation.
More than 2500 Aucklanders have lodged objections to their CVs. Auckland Council is defending the three-yearly appraisal system as “reliable and robust”, though it admits errors will occur.


Melbourne House Prices Through The Roof

Home buyer pays $4.68 million for triple-A address at their first auction
November 22, 2014   Christina Zhou, Alice Stolz and Alistair Walsh

Watch the video here:


It took buyer Wei Hu just six weeks to find and buy a property for his family. See what happened on auctions around Melbourne on a day where the clearance rate hit 67 per cent.

A buyer who has been in the market for just six weeks won the keys to a grand Federation home in Camberwell’s triple-A Tara Estate for $4.68 million at auction.
The four-bedroom house on about 1118-square-metres, with a self-cleaning heated pool was one of more than 1120 homes that went under the hammer at the weekend.

The Domain Group reported a preliminary clearance rate of 67 per cent from 881 auctions held in metropolitan Melbourne.
Despite signs that Melbourne’s property market is beginning to moderate as auction numbers climb before Christmas, three bidders vied for the property at 13 Kintore Street.


5 commercial sales for Bayleys

25 November 20
Bayley’s agents have signed up 5 sales in central isthmus suburbs.

589 Manukau Rd:
465m2 residential development site near Greenwoods Corner
Outcome: sold for $820,000 at $1763/m2 

242 Great South Rd:
 822m² of Residential 7A zoned land, with 184m2 bungalow leased to osteopath for 6 months from September 2014 with no rights of renewal
Rent: $60,000/year net + gst
Outcome:  sold for $2,207,000 at $2684/m2 for land

53 Nuffield St:
 190m² retail premises, 2 parking spaces
Rent: $76,760/year net + gst from 7-year lease from April 2013 to lingerie shop plus 6-year right of renewal
Outcome: sold for $1.45 million at a 5.3% yield

153-185 Broadway, unit 5B:
 recently refurbished 130m² retail premises on first floor of Rialto Shopping Centre, new 2-year lease to CK Miracle Ltd with no rights of renewal
Rent: $25,000/year net + gst
Outcome: sold for $250,000

6 Central Rd:
625m2 mixed-use corner site, 561m2 2-level commercial building with short-term holding income
Outcome: sold for $2 million at a 5.5% yield


Bob Dey