Auction Wrap-Up: Affordable Properties Continue to Shine

Auction Wrap-Up: Affordable Properties Continue to Shine

Auction Wrap-Up: Affordable Properties Continue to Shine

The details you won't find elsewhere.
We had four properties up for sale this week, and while three found new owners, one remains on the market. Here's how it all played out:

511/21 Whitaker Place led the day—a three-bedroom student flat located near the university. With four bidders in the room, it quickly boiled down to two serious contenders. After a few negotiation breaks, the auctioneer returned with a remarkable $65,000 increase on the previous bid. The hammer fell at $190,000, securing the property for the winning bidder.

Next was 205/57 Mahuhu Crescent, a tidy one-bedroom with a carpark. As a leasehold property, it offered excellent value for those seeking affordable housing. Four bidders expressed interest over the phone, but only one stepped up with an unconditional bid. The property passed in just before 12:50 p.m., but sold same day a few hours later unconditionally for a fraction more than the floor bid.

432/35 Hobson Street brought a bit of drama. This complex is one of our favorites, offering unmatched amenities—two pools, spas, gyms, tennis courts, and more, all within a historic character building. Negotiations were intense, with a nearly $100k increase secured from the top bidder. However, the vendors have a higher view of the property's value than the current market. Fortunately, this spacious one-bedroom, filled with natural light, is still available for you! A fantastic opportunity for someone looking to start on the property ladder.

Finally, 320/57 Mahuhu Crescent wrapped up the day. This two-bedroom unit with a carpark sold under the hammer. The auction room was still buzzing from earlier sales, and the winning bidders almost missed their chance. Starting at $110k, a single bidder pushed through to negotiations, resulting in a $10k increase and a successful sale.

A Shift from Last Week
This week showed us an interesting shift. Affordable properties are still hot, with interest rates dropping and competition among banks heating up. The end of the buyers' market is in sight, with media and banks echoing this sentiment. BNZ predicts that after two years of flat prices, 2025 will see a climb, shifting the market back in favor of vendors.

We've seen some amazing deals being snapped up by clever and lucky buyers. If you want to secure your own great deal, call your City Sales rep today. We've got what you're looking for.