Auckland properties are still selling well above CV, with one home recording a sale price last week that was 67 percent above its council valuation.
Auction data for the week to October 19 supplied to OneRoof showed 48 sales at or above CV, and 38 below.
The average sale price of those that sold above CV was $1.3 million, with the average gap between CV and sale price sitting at 9 percent.
The average drop for those that came in below CV was 8 percent.
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Yesterday OneRoof reported that in the last three months high-value Auckland homes were typically selling below CV.
However, 16 Albany Highway, in Greenhithe, sold for $1.32 million - 67 percent above its $790,000 CV. Although the three-bedroom 1960s-built house only offers 99sqm it sits on a flat 1077sqm corner section in a Mixed Housing Urban Zone.
It was marketed for sale by Barfoot & Thompson agent Dutch van Geuns as a "quality development site" - and it is this aspect that likely drove the price beyond the 2017 council valuation.
16 Albany Highway wasn't the only property to sell at auction well above CV. Also of note were:
- 25B Regina Street, in Westmere, which sold for $1.25 million - 35.8 percent above its $920,000 CV. The two-bedroom weatherboard home (pictured below), which was marketed for sale by Ray White agent Lisa-Maree Wallen, has a floor size of just 67sqm but it is in a central location and an in-demand suburb, where the median value sits at just over $1.8 million.
- 64 Birkdale Road, in Birkdale, which sold for $1,005,000 - 25 percent above its $800,000 CV. The drawcard of the three bedroom brick and tile home, which was marketed for sale by Ray White agent Rochelle Brinsdon, was its 956sqm section.
- 105 Allum Street, in Kohimarama, which sold for $2.325 million - 22 percent above its $1.9 million CV. The high-quality weatherboard home was marketed for sale by UP sales agent Ronald Lim and Barfoot & Thompson agent Karin Cooper.
The two biggest sales recorded in the week to October 19 were also above CV.
60 Rose Road, a modernised villa in Grey Lynn, sold for $2.85 million, 15 percent above CV, while the eight-bedroom 75 Valley Road, a development opportunity Grammar Zone Mt Eden, sold for $3.125 million, a modest 2.46 percent above CV.
OneRoof editor Owen Vaughan said that while the sale prices were above CV they were in line with OneRoof estimated valuations and recent property market activity.
"When tracking suburb values, we sometimes get fixated on whether a property has sold above or below CV," he said.
"They are a benchmark, but they are also only representative of value at the point they were taken. During the recent property market boom in Auckland, properties sold well over their CV, making the numbers look ridiculously out of date as well as giving the impression that buyers were paying well over the odds for a property.
"Now that the Auckland market has slowed, those high value suburbs that saw huge rises above CV during the boom are seeing sales below CV - often as a result of a percentage point fall in the market.
"But equally, marginal rises can result in an extra hundred thousand dollars on the value of homes in those suburbs."
A total of 149 Auckland properties sold at auction in the period from October 12 to October 19, according to figures supplied to OneRoof, with the clearance rate rising from a low of 32 percent the previous week to 34 percent, although still down on the 40 percent clearance rate seen a month ago.
The area with the highest clearance rate was Franklin, at 55 percent, although just 11 properties were scheduled for auction. The North Shore had the next highest clearance rate, at 41 percent, with 43 properties selling under the hammer, followed by Auckland City (34 percent) and Waitakere (33 percent).
Forty-four percent of properties sold in the $1 million - $1.5 million price band while 38 percent sold for between $500,000 and $1 million. Just 18 properties sold above $1.5 million, eight of them above $2 million. At the other end of the scale, there were four properties that sold for less than $500,000.
The median price was up from $940,500 the week before to $1,100,000.
