A bare piece of land in south Auckland achieved the highest sale price in the city's auction results last week.
The 24,308sqm property at 481 Ormiston Road, Flat Bush, sold under the hammer for $3,360,000, 22 percent above its 2017 CV.
One Agency sales agent George Erdos said the property had development potential and it was clear that this is what drove interest in the mortgagee sale.
"The size of the section lends itself to residential development and there had already been some preparation work on the property for that."
Start your property search
Mr Erdos said there were six registered bidders for the auction, four of which made bids on the day.
Flat Bush has seen a surge of residential development, and there are projections that the area will be home to at least 40,000 people by 2025.
Next to 481 Ormiston Road, the highest sale prices achieved at auction between September 28 and October 5 were: 52 Kowhai Road, Campbells Bay, which was marketed by Sothesby's sales agent Prudence Foster and sold for $2,428,000; 30 Dickens Street, Grey Lynn, which was marketed by Barfoot and Thompson sales agent Felicity Scott and sold for $2,410,000; and 23 Bridge View Road, Birkenhead Point, which was marketed by Bayleys sales agent Malcolm Low.
A total of 106 properties sold under the hammer between September 28 and October 5.
The clearance rate has remained unchanged for the last weeks, sitting at 36 percent.
The area with the highest clearance rate was Papkura, at 67 percent, although it had the lowest number of auctions - just three for the week. Manukau City had the next highest clearance rate, at 40 percent, from a total number of 58 auctions, followed by North Shore City (38 percent) and Auckland City (37 percent).
Forty-nine percent of properties sold at auction had a sale price of between $500,000 and $1 million. A further 29 percent sold under the hammer for between $1 million and $1.5 million, while eight percent (seven properties) sold for between $1.5 million and $2 million. Just four properties sold under the hammer for more than $2 million and nine sold for less than $500,000.
The median price was down $112,500 on the week before, to $917,500.
At the other end of the scale, the lowest sale price at auction was for a one-bedroom unit: 6G/113 Vincent Street, City Centre, in Auckland Central, sold for $210,000.
