-Jun 12, 2024 By City Sales Ltd

The Sale Details You Won’t Find Elsewhere: Auction wrap 12 June

Amidst a surprisingly bustling auction room, today’s auctions showcased four notable properties, each with unique stories and we've got the details you won’t find elsewhere.

Here’s your insiders look at what happened:

Property 1: 5B/135 Victoria Street West, Auckland Central

Status: Available

In the heart of Auckland Central, 5B/135 Victoria Street West - Victopia Building attracted significant attention with 10 bidders, both in the room and on the phone. Despite the fervent bidding, the property remains available. The Victopia Building is nearing the end of a massive remediation project. Many owners sold during the process, but those who held out are now seeing a rise in prices as the project nears completion. Our auction today showed there is significant interest in this building, and that buyers might need to stretch just that little bit more to secure what they clearly see as good property. 

Property 2: 1308/20 McCrae Way, New Lynn - Merchant Quarter

Status: SOLD

Throughout marketing First Home Buyers have been told to move on! Defects have been recently discovered in the complex so we call on cash buyers who can hold on over a rocky road to find a pot of gold at the end! And someone today did. 
The market has been brutally clear on the current value of this building and based off copious data from other remedial builds we've seen through in the city we don't see the market value changing for owners until the defects are fully named, quoted on, payouts are decided through court and remediation nears completion. In short it's going to be a very long road. With three bidders in action, the property sold under the hammer, while a fourth bidder missed out by just a fraction. If you’re interested in detailed data on remedial builds, get in touch with Scott today we've got it all. 


Property 3: 9-17 Byron Avenue, Takapuna - The Spencer on Byron

Status: Under Negotiation

The auction for a very smart unit in The Spencer on Byron was notably quiet with just two bidders, a stark contrast to the fierce competition of a year ago. Current mortgage rates, lending restrictions, and job insecurity have influenced this change. However, long conversations with conditional buyers post-auction suggest promising potential for this property to be sold soon.


Property 4: 507/20 McCrae Avenue, New Lynn - Merchant Quarter

Status: Available

Returning to Merchant Quarter, this property saw two bidders with higher final bids, but it remains available to conditional interest from cash buyers who can do their due diligence and love a bit of risk for high reward. 

Market Insights & Wrap-Up

When will the market change? Well we don’t suggest you hold your breath.
While prices will rebound, the timeline doesnt look like it's in a hurry. With the OCR and mortgage rates expected to be reasonably still for the next 12 months, patience is key.
For those struggling with costs, things are not tipped to get significantly better any time soon. Anyone with cash - now is the time to buy. This is one of those times that swings around every few years that everyone looks back on and says "thats when I should have".

City Sales remains your go-to source for the best results in Auckland’s real estate market. For comprehensive, professional insights and the latest apartment news, call City Sales today 09 3030 601 | sales@citysales.co.nz 

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