One in five Auckland properties sell for over $1M at auction

One in five Auckland properties sell for over $1M at Harcourts auctions last week

Thursday, 26 March, 2015

In the latest auction results from New Zealand’s largest real estate group, one in five Auckland properties have sold under the hammer for over one million dollars.

A total of eleven, million dollar properties sold at auction last week with another two sold prior achieving million dollar price tags. This, from a total of 55 properties that went under the hammer in Auckland last week, for which Harcourts data is available.

The million dollar properties were spread throughout the city, with three coming from Howick, one from Mount Albert, two from Epsom, and six on the North Shore.

The biggest price tag was achieved on a five bedroom property in the Westlake Girls and Boys school zone on Auckland’s North Shore. Featuring five bedrooms and two bathrooms, along with a granny flat, the prime location, spacious living and distant sea and lake views helped to push the sale price up to $1,940,000.

In the same week, a 7 acre lifestyle block in Puni, complete with a magnificent luxury home, was sold at auction for $1,710,000 by Harcourts Pukekohe. In Howick, a four bedroom brick and weatherboard home with four bedrooms, two bathrooms and three car garaging fetched $1,310,000.

Only two, of the fifty five properties that Harcourts reported on, were sold for less than $500,000. One was a three bedroom Papatoetoe home, and the other a three bedroom do-up in Manurewa.

75% of the properties for which there is data, were either sold at or prior to the auction.

Harcourts CEO Hayden Duncan says that the auction data now available on the Harcourts website gives vendors and buyers insight into how the market is performing in their area.

“A number of our franchises are now making their auction results available to the public. I’d encourage people looking to buy and sell property to check in with these results each week to see how the market is performing in their area,” says Duncan.

“We hope to extend and enhance this service for our clients soon. By having a good understanding of the current market conditions, vendors and buyers will be able to gain a clearer picture of the true market value of the property they’re looking to buy or sell.”

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