Behind the Scenes: Auction Highlights You Won't Find Elsewhere

Behind the Scenes: Auction Highlights You Won't Find Elsewhere

We may have only had two properties on the schedule, but this was our busiest auction in months.

205/8 Ronayne Street kicked things off with a bang. A crowd gathered, and the energy palpable as eight active bidders battled it out with the auctioneer. The property, a three-bedroom leasehold apartment overlooking the tennis court, was under Public Trust and Court action, meaning it had to be sold under the hammer. Thanks to James Mair's relentless efforts, the apartment fetched an impressive $116,500.

Despite an upcoming Ground Rent review and some minor interior touch-ups needed, the demand was undeniable. If you're considering selling your Landings Apartment, James Mair is your go-to. He's completed numerous sales in The Landings Complex at 8 and 10 Ronayne Street—he's got the buyers, and he's got the expertise. Make your life easier and trust James with your sale.

Next up was 705/30 Beach Road, a leasehold apartment with a bold declared reserve of $29,000. The out-of-town seller was eager for a quick sale, aiming to exit before the 2025 Ground Rent Reviews. This beautifully presented two-bedroom, two-bathroom apartment with two carparks sold for $41,600—well above the reserve, but still a surprising price for Auckland property.

So, what's the catch? Current outgoings are over $35,000 per year, and with the upcoming rent renewal, that figure will rise. But with waterfront living like this, some buyers are willing to pay the price. Three determined bidders fought it out down to $100 bids, proving there's still demand for prime locations no matter the drawbacks. 

If you are considering your leasehold property, our advice is clear - sooner than later is your best option to avoid the Rent Review uncertainty. While we don't know what's to come - we can show you what happened last time. 
City Sales have prepared an exclusive report every leasehold owner MUST see. 
 

What Can We Take From This Day? We've seen a noticeable uptick in buyer activity, driven by the recent drop in the OCR and falling mortgage rates. Open homes are busier, and auction success rates have climbed significantly compared to just a few weeks ago. While it’s not the ‘hot’ Auckland market of the past, we’re confident that a new property cycle is beginning, and things are looking up. Buyers we've made it clear - the end of the rare Auckland buyers market is coming to a close. If you want one of the deals people look back on and think "I wish I bought then", act now - this is the tail end of the money making market, as the OCR and mortgage rates continue to drop the frenzy will start again. 

If you want to achieve the best possible result for your property, call your City Sales rep today.