ALMOST FULL SELL OUT AT AUCTIONS

ALMOST COMPLETE SELL-OUT AT AUCTIONS
Commercial & apartment auction results from Colliers, B&T, City Sales & Bayleys

22 July 2015
6 commercial properties sell at Colliers
Suburban unit sells at Barfoot & Thompson, cbd apartment passed in
All 4 apartments & townhouse site sell at City Sales
4 apartments sell at Bayleys

6 commercial properties sell at Colliers

5 of the 6 commercial properties taken to auction at Colliers International today were sold under the hammer, another was sold prior and the last property on the auction list was withdrawn

Auction results:

Otahuhu, 192 James Fletcher Drive, sold for $3.19 million.
Epsom, 409 Manukau Rd, passed in at $2.55 million.
East Tamaki, 23 Ra Ora Drive, sold for $2.2 million.
New Lynn, 16 Bentinck St, sold for $921,000.
Mt Wellington, 39B Mt Wellington Highway (Warehouse Stationery), sold for $2.36 million.
Mt Wellington, 39C Mt Wellington Highway (Bedpost), sold for $1.425 million.
Hamilton, 13, 17 & 22 Norrie Avenue, sold prior for $3.55 million,
Onehunga, 19-23 Hill St & 4 Newsome St, withdrawn from auction.

Suburban unit sells at Barfoot & Thompson, cbd apartment passed in

A suburban unit was sold under the hammer at Barfoot & Thompson’s auction today and a cbd apartment sold prior, but a Grey Lynn commercial building and another cbd apartment were passed in.

Auction results:

Grey Lynn, 36 Monmouth St, commercial building, passed in.
Meadowbank, 37A Fancourt St, residential unit, sold for $861,000, CBD, Bianco off Queen, 2 White St, unit 8F, apartment with parking space, passed in.
CBD, Tower Hill, 1 Emily Place, unit 5A, apartment with parking space, sold prior.

All 4 apartments & townhouse site sell at City Sales

All 4 cbd apartments and a townhouse site in Remuera were sold under the hammer at City Sales’ auction today.

Auction results:

Heritage Farmers, 35 Hobson St, unit 733, sold for $282,000,
Romano, 75 Anzac Avenue, unit 1H, sold for $380,000,
Harbour Green, 11 Union St, unit 203, sold for $385,000,
The Docks, 6 Dockside Lane, unit 149, leasehold, sold for $135,000.
Remuera, 17 Ascot Avenue, unit 3, townhouse site, sold for $790,000.

4 apartments sell at Bayleys

4 apartments were sold under the hammer and a large waterfront property on Mataka Station, on the north side of the Bay of Islands, was passed in without a bid at Bayleys’ auction today

Auction results:

Devonport, 93 Vauxhall Rd, unit 14, apartment on cross-lease, sold for $545,000.
Bay of Islands, Mataka Station, lot 3, 47.7ha, no bid.
14 Emily Place, unit 7B, sold for $1.121 million.
Heritage Tower, 22 Nelson St, unit 614, sold for $412,000.
Heritage Farmers, 35 Hobson St, unit 513, sold for $300,000.

Attribution: Bob Dey

Auckland Housing Market “continues to go mad” -QUOTABLE VALUE

MARKET GOING MAD?
(Comment: The big mistake was to give several months notice of the new LVR and tax rules to come in September.
Now every man and his dog is climbing in before they take effect.
I predict that the market will rise even higher before the new rules come in, and then pause as they are digested, only to continue upwards once everyone has worked out how to get around them.
And remember most of the market is unaffected by either Mums and Dads buying and selling without restriction, or by those who can raise the money in any event.)

 

 

“Auckland’s property market continues to increase 10 times faster than the rest of the country, new data has shown.

Trade Me Property’s June price index has revealed the average asking price for a residential property in Auckland had increased by $130,950 in the last 12 months – 10 times the average increase across the rest of the country.

The average asking price for a property outside Auckland increased by just $13,950.

In Auckland, the average asking price is now $834,300, while elsewhere the average is $404,550.

Trade Me Property head Nigel Jeffries said it was clearly a two-speed market.

“The ‘Auckland Effect’ is casting a huge shadow over the residential property market as a whole as it continues to go mad”.

Link:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11481324

Ordinary Do Up Sells For $975,000

This Mt Roskill house sold for $975,000


It  was as plain as a pudding and on a smallish section in Mt Roskill but still sold for $975,000: Full results of this week’s Bayleys auctions

Posted in Property July 10, 2015 – 12:27pm, Greg Ninness

An unremarkable three bedroom house in Mt Roskill (pictured) sold for just shy of $1 million at this week’s Bayleys Auctions.

The 1940s-era weatherboard home, which had two bathrooms and a single garage, was on a cross-leased section, which gave it a half share of 827 square metres, which meant it was not an obvious redevelopment opportunity but it still fetched $975,000.

Bayleys advertising brochure for the property described it as “ripe to restore or renovate.”

“If you bring your paintbrush, tool belt and imagination, this house could be transformed,” the brochure said.

Other highlights from Bayleys’ auction rooms this week included a three bedroom home unit at Torbay on the North Shore that fetched $716,000, a Remuera townhouse that went for $1.5 million, a large Muriwai home that sold for $995,000, and a Glendene house described as a “do up opportunity” that was on a potentially subdividable site that sold for $785,000.

link:

http://www.interest.co.nz/property/76463/it-was-plain-pudding-and-smallish-section-mt-roskill-still-sold-975000-full-results

NEW TENANCY LAWS COMING

Landlords required to insulate and install smoke alarms to rental properties


Minister of Building and Construction Nick Smith has announced new requirements to insulate rental properties.

Landlords will be required to insulate properties and install smoke alarms, Housing Minister Dr Nick Smith has announced.

Under plans to strengthen the Residential Tenancies Act all tenanted properties will require floor and ceiling insulation by mid 2019, while social housing which receives government subsidies will require insulation by July 2016.

From next year all rentals will also need to have smoke alarms, and Smith said that where new alarms were being installed they would have to be more expensive long-life smoke alarms which retail at around $40 each.

“Overall this package will see the biggest improvement in the quality of New Zealand’s older homes this decade than in any decade and it will see a half million New Zealanders, particularly those on low incomes, having a safer warmer and drier homes,” Smith told reporters in his office in the Beehive.

Labour dismissed the changes as a half measure while the NZ Property Investors Federation (NZPIF) described the coming rules as “reasonably balanced”.

Other changes will be made to tenancy laws which will allow the government to sue landlords who commit severe breaches of the law, while the laws around abandoned tenancies will be modified to allow landlords to re-tenant properties faster.

LEARN HOW TO INVEST IN COMMERCIAL PROPERTY

COMMERCIAL PROPERTY RETURNS UP TO DOUBLE COMPARED TO RESIDENTIAL

14 & 16-18 St Johns Rd Meadowbank (See photo below)
Features: 493m² 2-level character building on a 444m2 site, in 2 equal titles, 3 retail tenants on ground floor, office space & flats above
Rent: $140,000/year net + gst
Outcome: sold for $2.7 million at a 6.4% yield

Kingsland
332 New North Rd:
Features: 326m2 development site zoned mixed use
Outcome: sold for $910,000 at $2791/m2

Mt Albert
43A Linwood Avenue, units 1A and 1B:
Features: 2 units totalling 764m2 – vacant 412m2 ground-floor warehouse unit, 351m2 under-rented first floor with final lease expiry in September, 8 parking spaces
Rent: $44,200/year gross + gst
Outcome: sold for $1.34 million

Mt Eden
15 Mont Le Grand Rd:
Features: 2 houses converted for commercial use on 688m2 site zoned residential 5, 2-year lease in place to a charitable trust
Outcome: sold for $1.43 million at a 3.5% yield, reflecting underlying land value

390 Mt Eden Rd:
Features: Large 2-storey house, to be converted  back from offices to residential use, on 1122m2 corner site
Outcome: sold for $2.51 million

3-7 & 9 Tawari St (pictured at top):
Features: 2 warehouse & office buildings of 1100m2 & 323m2 on 1489m2 site zoned mixed use, 4-year lease over both premises from April 2015 to Saito Labels Ltd which has been there for 18 years
Rent: $248,000/year net + gst
Outcome: sold for $4.05 million at a 6.1% yield

Bob DeyCOMMERCIAL PROPERTY RETURNS UP TO DOUBLE COMPARED TO RESIDENTIAL -LEARN HOW TO INVEST FROM US

14 & 16-18 St Johns Rd Meadowbank (See photo below)
Features: 493m² 2-level character building on a 444m2 site, in 2 equal titles, 3 retail tenants on ground floor, office space & flats above
Rent: $140,000/year net + gst
Outcome: sold for $2.7 million at a 6.4% yield

Kingsland
332 New North Rd:
Features: 326m2 development site zoned mixed use
Outcome: sold for $910,000 at $2791/m2

Mt Albert
43A Linwood Avenue, units 1A and 1B:
Features: 2 units totalling 764m2 – vacant 412m2 ground-floor warehouse unit, 351m2 under-rented first floor with final lease expiry in September, 8 parking spaces
Rent: $44,200/year gross + gst
Outcome: sold for $1.34 million

Mt Eden
15 Mont Le Grand Rd:
Features: 2 houses converted for commercial use on 688m2 site zoned residential 5, 2-year lease in place to a charitable trust
Outcome: sold for $1.43 million at a 3.5% yield, reflecting underlying land value

390 Mt Eden Rd:
Features: Large 2-storey house, to be converted  back from offices to residential use, on 1122m2 corner site
Outcome: sold for $2.51 million

3-7 & 9 Tawari St (pictured at top):
Features: 2 warehouse & office buildings of 1100m2 & 323m2 on 1489m2 site zoned mixed use, 4-year lease over both premises from April 2015 to Saito Labels Ltd which has been there for 18 years
Rent: $248,000/year net + gst
Outcome: sold for $4.05 million at a 6.1% yield

Bob Dey

RESIDENTIAL RENTALS RISING STEADILY

Auckland tenants paying $3500 more than others nationwide

Rent hikes in Auckland have bucked the national trend, reaching a median weekly high of $490, Trade Me data shows.

Numbers released by Trade Me Property today show rents in Auckland have increased by 6.5 per cent in the year to May 2015.

Rental increases are slowing in most of the country with the national median rent hovering at $420 since January.

Trade Me Property’s Nigel Jeffries said Auckland tenants were now paying at least $3500 more than tenants nationwide.

“It’s an all too familiar scenario for those renting in the Super City – we’ve seen the average price of houses explode and the rental market continues to follow a similar trajectory,” he said.

May had been the “weakest” month for median rent prices in New Zealand but that did not mean it was cheap, he said.

Link

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11470392

THE FEEDING FRENZY CONTINUES (PART 2)


Ex-state house owner made $1000 a day
The owner of an ex-state house in Mt Albert has made nearly $1000 a day on a three-bedroom house purchased 15 months ago for $758,000 and sold last night for $1,102,000.

Ray White real estate agent Tony Tang said the 1940 house at 28 Rawalpindi St attracted more than six bidders. It was bought by a couple who plan to renovate it, he said.

The $344,000 profit represents a daily return of about $1000 in Auckland’s red hot property market.

House prices rose 20 per cent in the year to June to a median price of $749,000.

The weatherboard house was in tired condition with three double-sized bedrooms and a spacious lounge. It sits on a generous 581sqm site.

Link:

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11468067

NEW RULES COMING FOR RENTALS

Rental properties will have to meet a set of minimum standards under rules to be unveiled by the Government next month.
The move will stop short of a full “warrant of fitness” for rentals but is aimed at ensuring all tenants have a safe and healthy home to live in, Government sources confirmed

(Herald 1929)

 

 

 

That is likely to include a requirement for insulation, although sources said there was still work to be done to set any standards at a practical level. It is due to be announced next month by Building and Housing Minister Nick Smith, along with an assessment of a warrant of fitness trial in state houses, and would apply to all rentals both private and public.

The signal comes in the wake of a coroner’s finding last week that the death of Emma-Lita Bourne from a brain haemorrhage could partly be blamed on the poor condition of the state house she lived in. The family had been provided with a heater but could not afford to put it on.

However, a full warrant of fitness has been rejected by the Government as too difficult to police and requiring regular “rechecks” that would hike compliance

link:

http://www.stuff.co.nz/national/politics/69212752/rental-properties-face-minimum-standards-rules

It’s Happening In Other Countries Too.

US HOUSE MARKET SIZZLING

 


New home sales surged in April, pending sales of existing properties are up, and so are home prices.

In other words, the real estate market is “really hot” right now, according to the CEO of online real estate search and brokerage firm Redfin.

“It’s a very strong seller’s market. We’ve got homes selling in 45 minutes in places like Omaha and Atlanta,” Glenn Kelman said in an interview with earlier this week.

The whole country “has been on fire in the past few months. It’s just a really hot market, probably unsustainably hot.”

A slew of positive economic data was released this week, suggesting the housing market recovery was gaining traction.

Watch video:

http://www.cnbc.com/id/102715101