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Bayleys’ apartment auction results( + 1 commercial)
Celestion Waldorf, 19 Anzac Avenue, unit 306:
Features: 68m², fully furnished 2 bedrooms, deck, outside the hotel pool
Outgoings: rates $3457/year including gst; body corp levy $5332/year
Outcome: passed in at $320,000
Pullman Residences, 6 Princes St, unit 10G:
Features: one bedroom, parking space
Outgoings: rates $4482/year including gst
Outcome: passed in at $400,000
18 Federal St, unit 1D:
Features: 50m², fully furnished & renovated, 2 double bedrooms
Outgoings: rates $959/year including gst; body corp levy $2581/year
Outcome: sold for $271,000
Kitchener Street Studios, 22 Kitchener St, unit 5:
Features: one bedroom
Outgoings: rates $1314/year including gst; body corp levy $4772/year
Outcome: passed in at $420,000
11 Liverpool St, unit 1404:
Features: 2 bedrooms
Outgoings: rates $1008/year including gst; body corp levy $3546/year
Income assessment: $360/week
Outcome: sold for $269,000
Parklane, 68 Greys Avenue, unit 4C:
Features: 83m², 2 bedrooms, 2 bathrooms, high stud, deck, 2 parking spaces
Outgoings: rates $2622/year including gst; body corp levy $10,267/year
Outcome: sold for $1.14 million
The Quays, 99 Customs St West, unit 2E:
Features: leasehold, 2 bedrooms, 2 bathrooms
Income assessment: $525/week
Outcome: declared reserve of $195,000, passed in at $165,000
17 Albert St, unit 1B:
Features: 843m² floor area, 2 separate high-ceiling club venues covering the whole mezzanine retail level
Rent: $52,052/year + gst from the lease on one venue, rising to $56,522/year + gst from November; the other venue is vacant
Outcome: no bid; auctioneer Richard Valintine called for an opening bid of $3 million, got no reply, but said there was conditional interest
Agent: Millie Liang
A do up in Avondale sells for $870,000
October 29, 2014
15 Elm St Avondale
This house in Avondale sold for $870,000.
An old dunger of a house in the Auckland suburb of Avondale sold under the hammer for $870,000 at auction today.
Both inside and out, the house at 15 Elm St was pretty rough. It would have needed a full renovation to bring it up to what most people would have regarded as an acceptable standard, which would easily have pushed the price past the $1 million mark once the work was complete.
The property had a 2011 rating valuation of $520,000 and according to QV.co.nz it was last sold for $410,000 in 2007.
It had recently been rented out at $400 a week but was offered with vacant possession.
There were around half a dozen hopeful buyers bidding on the property when it was put up for auction at Bayleys Viaduct Harbour auction room and the auctioneer didn’t have to wait long for the opening bid of $500,000.
8 sales at Auckland Total Property auction
Friday 24 October 2014
8 properties were sold under the hammer at Bayleys’ Total Property auction in Auckland on Wednesday.
396 Queen St, shop 5:
Rent: $80,000/year, lease of 12 years from 1 April 2014 with 12-year renewal
Outcome: passed in
396 Queen St, shops 9 & 17 and lot 5
Outcome: withdrawn from auction
289 Onehunga Mall:
Features: 528m² unit, 18 secure parking spaces
Outcome: passed in
293-297 Ponsonby Rd:
Features: 366m² site, 170m² century-old retail building, 3 tenants, 2 on final renewal of leases that started in 1997 & 2002
Rent: $150,253/year + gst
Outcome: sold for $2.82 million at a 5.33% yield
49 Sainsbury Rd, unit 7
Features: 700m² 2-level warehouse & office unit, 14 parking spaces, leased to Wika Instruments for 6 years from June 2014
Rent: $140,000/year + gst
Outcome: sold for $1,888,000 at a 7.4% yield
49 Carr Rd:
Features: 809m² corner site, 734m² building currently used for food production, leased to Lincoln Bakery for one year from February 2014 with one-month termination clause
Outcome: sold for $1.21 million at a 7.4% yield
1652-1654 State Highway 1 Wellsford
Features: 3884m² site, 1187m² building occupied by Wharehine Ltd civil construction business, at southern entry to Wellsford
Outcome: passed in at $900,000
30 Anvil Rd Silverdale
Features: 1750m² site, 772m² purpose-built food-grade manufacturing building, occupied by pie-maker Jesters Manufacturing NZ Ltd on 4-year lease from June 2014
Rent: $115,000/year + gst + opex
Outcome: sold for $1.18 million at a 9.7% yield
639E Whangaparaoa Rd:
Features: 114m² commercial unit occupied by Subway,
Outcome: passed in at vendor bid of $480,000
84-90 Hillside Rd, unit E: Wairau Valley
Features: 480 floor area including office & amenities, existing use rights for a fitness centre
Outcome: sold for $581,000
151 Lincoln Rd, unit 4: Henderson
Features: 150m², new shop leased to Oporto
Rent: $55,000/year net
Outcome: withdrawn from auction
Agents: Matt Lee & James Chan
1-13 Railside Avenue, Henderson
Features: 1404m² site, 207m² roadfront retail, 54m² rear warehouse
Rent: $77,000/year net
Outcome: passed in.
33-35 Waipareira Avenue, unit C: Henderson
Features: 270m² warehouse, 45m² office & amenit
Outcome: passed in
3140 Great North Rd, New Lynn
Features: 150m² site with development potential, 80m² building occupied by Cash in a Flash on a lease with final expiry May 2018, next to Bunnings site under construction
Rent: $15,800/year + gst
Outcome: sold for $393,500
50 Stonedon Drive, unit 8: East Tamaki
Features: 211m² live/work unit in a new complex
Rent: $41,600/year + outgoings + gst from 2-year lease with one-year right of renewal
Outcome: no bid
682 Pakuranga Rd, Howick
Features: 10-unit motel plus 4-bedroom manager’s home & office on 1677m² site, sold as freehold going concern
Outcome: sold for $2.35 million
322 Hingaia Rd Karaka
Features: 1105m² commercially zoned site, vacant 140m² 3-bedroom villa plus 140m² takeaway/dairy
Rent: $20,800/year current, potential assed at $42,000/year
Outcome: sold for $560,000
33-35 O’Shannessey St. Papakura
Features: 2 shops & 4 2-bedroom apartments with onsite parking
Outcome: passed in
12 Cape Hill Rd. Pukekohe
Features: 3.2ha site, 6 well established tenants
Rent: $480,860/year + gst
Outcome: sole bid from vendor at $4.2 million
Forte, 37 Symonds St, unit 508:
Features: m², fully furnished 2 bedrooms, deck
Outgoings: rates $1121/year including gst; body corp levy $3592/year
Outcome: sold for $282,000
Harbourview, 152 Quay St, units Q & R:
Features: 250m² penthouse floor, currently divided into 2 apartments of 3 & 2 bedrooms, one parking space
Outcome: sold for $2.06 million
167A Great North Rd:
Features: m², 2 levels, 2 bedrooms, walk-in wardrobe, courtyard, parking
Outcome: sold for $685,000
6 Winchester St, unit 4A:
Features: 3 bedrooms, parking space
Outgoings: rates $1351/year including gst; body corp levy $5550/year
Outcome: sold for $350,000
Latest Bayleys commercial property auction
October 22, 2014
This shop in New Lynn sold for $393,000 providing its new owners with a net yield of just 3.6%.
It seems investors can’t get enough of small retail units and that was the case at Bayleys latest auction of Auckland commercial units, when a small shop in the west Auckland suburb of New Lynn was sold at a net yield of just 3.6%, while a block of three shops at Three Lamps in Ponsonby will be returning their new owner a yield of 5.3%.
At the other other end of the scale a canny couple got themselves a steal when they picked up an industrial unit at Silverdale that will be providing them with a net yield of almost 10%.
Several vacant commercial properties also sold under the hammer at the same auction and there was strong competition for a Howick motel offered as a freehold going concern.
Overall there were 17 properties offered for sale by auction on the day, with most of them being of a size that would put them within reach of private investors and family trusts. Seven were sold under the hammer, one was sold conditionally and nine were passed in for sale by negotiation.
The full results are below:
293-297 Ponsonby Rd. There was strong competition from several keen bidders for this block of three shops in Ponsonby’s main shopping strip at Three Lamps, which were providing net income of $150,253 a year. According to the auctioneer the shops had been in the same family’s ownership for more than 100 years. They sold under the hammer for $2.82 million, providing the new owners a net yield of 5.3%.
3140 Great North Rd, New Lynn. An 80sq m shop on a 150sq m site with rear parking, providing net rental income of $14,000 a year. The location next to a new Bunnings outlet currently under construction could have appealed to developers. It sold under the hammer for $393,000 providing a net yield of 3.6%.
Unit E, 84-90 Hillside Rd, Wairau Valley. A 510sqm industrial building with 312sq m of warehouse space, 108sq m of open mezzanine and 90sq m of upstairs office. Offered with vacant possession it sold under the hammer for $581,000.
49 Carr Rd, Mt Roskill. An 809sq m corner site with a 734sq m light industrial premises was offered with vacant possession from 1 February next year. Sold under the hammer for $1.21 million.
682 Pakuranga Rd, Howick. A 10 unit motel with pool and four bedroom manager’s home and office, on a 1677sq m site offered as a freehold going concern. Sold for $2.35 million.
1652-1654 State Highway 1, Wellsford. A 3884sq m site on two titles with 1187sq m of mixed use space providing net rental income of $101,000 a year. The auctioneer started proceedings for this unit with a vendor bid of $900,000 and when no further bids were received it was passed in for sale by negotiation.
322 Hingaia Rd, Karaka. A 1105sq m site divided between a 140sq m shop/takeaway providing rental income of $20,800 and a three bedroom house on a monthly tenancy rented at $400 a week. Sold under the hammer for $560,000.
Unit 7, 49 Sainsbury Rd, St Lukes. A modern commercial unit with 407sqm of office space, 247sq m of warehouse space and 14 car parks. It was providing net rental income of $140,000 indexed to CPI annually. There were multiple bidders for this property and in an unusual move for an auction it was sold conditionally, with the highest bid of $1.888m accepted subject to the approval of the vendor’s board. That price would provide a net yield of 7.4%.
639E Whangaparaoa Rd, Stanmore Bay. A 115sq m retail unit leased to a Subway outlet providing net rental income of $35,055. The only bid on this property ($480,000) was made by the auctioneer on behalf of the vendor and it was passed in for sale by negotiation.
30 Anvil Rd, Silverdale. A 772sq m food processing premises on a 1705sq m site, providing net rental income of $115,000. Sold under the hammer $1.18 million providing a net yield of 9.7%.
12 Cape Hill Rd, Pukekohe. The Cape Hill Industrial Park, a 3.29ha site with 7276sq m of floor space and six tenants returning $480,000 a year. There were no bids on the property and it was passed in for sale by negotiation.
8/50 Stonedon Drive, East Tamaki. A two level live/work unit with 103sq m warehouse downstairs and a 98sq m, two bedroom apartment upstairs in the newly completed Stonedon Terraces complex. Producing net rental income of $41,600. The highest bid for this property was $500,000 but it was passed in for sale by negotiation.
1-13 Railside Ave, Henderson. A 1404sq m site with a 207sq m shop at the front and another 54sq m of warehouse space at the back and 18 car parks. Net rental income $77,000. Passed in with no bids.
289 Onehunga Mall. A 528sq m retail premises with 18 secure car parks on the ground floor of the Atrium in Main apartment complex. Vacant. Passed in with no bids.
281A Onehunga Mall. A 128sq m ground level unit in the Atrium on Main complex, with six secure car parks. Vacant. Passed in with no bids.
Unit C, 33-35 Waipareira Ave, Henderson. A modern industrial unit with 200sq m of office/warehouse space. Vacant. The auctioneer opened the bidding with a $500,000 bid on behalf of the vendor but when there were no further bids it was passed in.
33-35 O’Shannessy St, Papakura. A modern, two level mixed use complex with two retail/office premises on the ground floor and four 2-bedroom apartments on the upper level. The commercial premises provided net rental income of $28,000 and the apartments were rented for $66,560 a year. Passed in with a highest bid of $800,000.
Source: interest .co
The competition is rapidly heating up
ANZ & Westpac have offered special 5.75% 2 year fixed mortgage rates which are new lower rates than before.
This will provide yet more fuel on the fire.
Maybe this is not the end of the boom, but only the beginning.
Where are all those who, not so long ago, said that interest rates would rise higher and higher and the property market would crash?
They’re in hiding, cursing the day they decided not to buy, while grinding their teeth at the opportunities forever lost.
Investor sells land worth over $40m
Tuesday Oct 21, 2014 AnneGibson
Accidental property investor just wanted land for his lawn business.
Alan Wallace is an accidental property investor, signing a deal due to settle next year to sell a 16ha East Tamaki site for more than $40 million after paying $630,000 for the real estate 21 years ago.
He and wife Dianne never dreamed they would get so much.
“Most people selling up get all excited. I didn’t buy it to make money. I bought it for my turf business,” said Alan Wallace, a keen cyclist and photographer who turned 70 in August.
I can’t see what’s so special about this price. This is a traditional villa oozing charm that many people love. Many of these older homes have been ruined by over modernising but this one sees to be more or less original. I think it was well worth the money.
Seeing double: Auckland do-up costs ‘crazy’ $1.4m
It’s a century old, needs a lot of love – and just sold for $1.45m.
This house at 27 Clarence Rd in Northcote Point, Auckland, had a capital value of $760,000 just three years ago – but fierce competition and a booming housing market in the country’s biggest city saw it sell for nearly double that.
As one unsuccessful bidder, journalist and television personality Carly Flynn, vented on Facebook, prices in Auckland have “just gone completely mad???!!”.
Harcourts Real Estate Takapuna manager Geraldine Meo said there had been more than 100 bids on the Clarence Rd property from eight bidders on Saturday. The eventual buyer was a local resident.
The high price for the house, which is located on an 800 square metre section, was not surprising, she said.
“It’s an original villa in a tightly-held area and it’s on a nice piece of land,” she said.
Price increases ‘frightening’
Sunday Oct 19, 2014
Auckland property values have risen by more than a third in the past three years.
Property author and commentator Olly Newland said the country had not seen these sorts of property value hikes since the 1970s.
“It is, I think, a permanent readjustment of prices and everybody’s going to have to get used to it,” he said.
“I think it will taper off over the next three years – I don’t think these percentages will be repeated – but even if it drops to a quarter of what it is now it’ll be a quarter of a much bigger number.”
Auckland’s property values have skyrocketed by more than a third in the past three years as the heated housing market continues to surge.
Figures from the council’s 2014 capital valuations, released today, are a double-edged sword for homeowners – your biggest asset has grown markedly, but the likelihood of rates increases is the sting in the tail.
The new average CVs in every suburb reveal the shifting Auckland landscape. The biggest rises are in outlying suburbs as buyers have been priced out of central city areas.
That has meant surges in the North Shore, where Forrest Hill has seen a 55 per cent average increase, and in the south, where Mangere Bridge values have leapt 53 per cent.
Read the rest here:
Chinese investment in NZ housing tipped to rise
Friday Oct 17, 2014
NZ house market will see more money once rules eased: economist
A BNZ-REINZ survey of real estate agents last year found residential property sales to foreigners accounted for 8 to 9 per cent of total sales. Photo / Peter Meecham
China’s plans to ease the restrictions its citizens face when investing overseas will result in increased Chinese capital flowing into New Zealand’s property market and contribute to rising house prices, says an economist.
The world’s second-biggest economy still has a relatively closed financial system, with strict capital controls meaning the sprawling nation – which accounted for 10 per cent of global gross domestic product in 2011 – has a less than 3 per cent share of global holdings of assets and liabilities, according to a Bank of England report.
The People’s Bank of China, which wants to promote international use of the yuan currency, last week outlined a plan that will allow Chinese nationals to invest in overseas property and stocks through a Qualified Domestic Retail Investor Scheme.