A five-bedroom house in Auckland's North Shore sold under the hammer this month for $2.78 million – $150,000 above CV – after three bidders competed at auction, with agents sensing a pick-up in the market.
Bayleys agent Kathryn Robertson, who marketed the renovated villa on Calliope Road, said that Devonport’s “micro-climate” meant that special properties were doing well at auction. “There are little pockets on the peninsula, each has its own following, but it comes down to each house," she told OneRoof
“[This one] ticked all the boxes and was universally appealing, that’s why I had an auction. There were 50 groups through open homes, all the bidders participated in the auction. Buyers didn’t have to compromise, it was a timeless renovation, maintained to perfection so you don’t have to turn around and renovate or spend anything on it."
Read more:
Start your property search
- Neighbour of 30 years buys South Auckland hacienda for $5.2m - $2.5m above CV
- Inflation headache for homeowners: Experts warn of ‘vicious cycle’
- Tony Alexander: 1% boost to our population requiring 19,000 extra houses
Newly released figures from the Real Estate Institute of New Zealand shows the number of houses sold in Auckland in March was up 66.5% on the month before, although still down 24.4% year on year. North Shore house sales were up 78% on February’s dismal 165 sales, but the median sale price slipped 8% over the same period – a bigger drop than Auckland as a whole.
On the ground, agents report this month is looking better, with the March pick-up carrying over into April. Some are even eyeing a more buoyant May than usual as the listings pipeline and number of buyers at open homes stay up.
Robert Carter, general manager for Harcourts Cooper and Co which covers the North Shore through to Rodney district, said that after the tough start to the year, trading settled in March.
“We had an increase in sales from February to March, with an interesting flow on into April which is usually a quieter couple of weeks with the holidays. Sale volume is maintained, buyers are more active and there are bigger crowds in the auction rooms,” he said.
A renovated villa on Calliope Road, Devonport, sold under the hammer this month for $2.78m – $150,000 above CV. Photo / Supplied
A three-bedroom home on Sunset Road, Sunnynook, attracted 72 groups of buyers to its open homes. Photo / Supplied
Carter added that while fewer properties are being listed as auction campaigns compared to the peak of the market – this month just over 27% of vendors chose to sell under the hammer. However, he is seeing a change in sentiment, fuelled by the fact that houses are selling faster under the hammer compared to other methods.
“It’s the process. An auction shows the market that the vendors are serious,” he said, adding that this March’s 53% success rate nearly matches the same period for the year before.
He pointed to a four-bedroom brick and tile house on Schnapper Rock Road, Albany, last week that attracted 12 registered bidders and sold, after vigorous bidding, for $1.446m, just over its $1.425m CV. Another three-bedroom home in Northcote had 30 groups through open homes.
Carter said there are still hopeful bargain hunters, but the market is not that weak. While vendors are prepared to negotiate, it is evident the rate of price decline has slowed.
“Looking at May, we’re confident there’s a backlog of activity as people are keen to transact. The question starting to be tabled is ‘has the market bottomed out?’ The indicators are the prices are getting close to bottom.
“This is as good as it gets for buyers. It won’t be long before people are saying ‘I wish I’d purchased in mid-2023’,” he said.
- Click here for more properties on the North Shore
