Auckland units sell for more than $3 million, bucking nationwide downwards trend

NZ Herald

9 Nov, 2017 08:26 PM2 mins to read

The two concrete units on Ronaki Road in Mission Bay had a combined CV of $1,980,000. Photo / Ray White

Two units in Auckland's eastern suburbs that sold for more than $1 million above CV have bucked a nationwide trend of declining sales and values.

The pair of two-bedroom units on Mission Bay's Ronaki Rd sold at auction on Wednesday for $3.07 million - way above their combined CV of $1.98 million.

Ray White agent Wayne Maguire acknowledged the sale was "pretty unusual" alongside recent trends and said it showed demand was holding strong in the eastern suburbs.

"Sales around the $3 million mark in the eastern suburbs are obviously very common but this was quite unusual - for both of those to go at one time."

He also said the timing in which the house was sold was odd; the 24 registered bidders entered $2,070,000 worth of bids in a little over five minutes.

"I allocate an hour usually in auction, just in case we need to stop and negotiate.

"But in this case it was literally woah to go," Maguire said.

The homes on the properties were concrete block, 1970s original units boating "fantastic" views of the water.

The latest QV House Price Index released last month showed values had been falling nationwide since March.

Realestate.co.nz figures earlier this month showed that in October, the number of properties on sale in New Zealand slumped to 24,307 from 47,958 in October 2007.

Meanwhile the number of homes listed for sale on the site, which hosts listings from many of the country's largest agencies, show asking prices have done the reverse, increasing by almost 50 per cent from $415,000 to $620,000.

Data from Auckland's biggest real estate agency Barfoot & Thompson showed both median and average sales prices were down in the last month.

The average sale price fell from $928,213 in September to $910,537 last month while the median dropped from $860,000 in September to $830,000 in October.

Numbers of unsold properties rose. The agency had listed in its books 4451 properties in October, up on the 3829 it had listed in September. It sold 634 properties last month, down on the 658 in September.