If Auckland auction prices are telling us anything about the state of the real estate market post lockdown, it's that buyers are still willing to pay a premium to secure a home.
But you'd be hard pressed to find a definite pattern among the above-CV sales that have been concluded in the past month.
Some of the homes that have attracted strong bids have been in good locations or been presented well. But equally, you'll find fixer-uppers and homes outside trendy inner-city suburbs selling for big sums.
This week a beautiful four-bedroom house with swimming pool at 32 Kildare Avenue, in Glendowie, sold under the hammer for $2.1 million after a pre-auction offer of the same amount. It had been on the market for less than 10 days and got $100,000 above its 2017 council valuation.
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32 Kildare Avenue, Glendowie, sold for $2.1 million. Photo / Supplied
Another stylishly presented four bedroom home at 1 Oranga Avenue, in Onehunga, sold for $1.341 million - more than $300,000 above its CV - after fierce bidding in Barfoot and Thompson's auction room in the CBD. It wasn't officially on the market until after it hit $1.34 million, so the final sale price wouldn't have been a huge surprise to the vendors, but both these results show the power of presentation.
Inside the well-presented home at 1 Oranga Avenue. Photo / Supplied
But this past month has seen more than a few beautiful-looking homes in good suburbs pass in at auction. Many have secured a sale afterwards, but for vendors the inconsistency in results can be a challenge.
Buyers paying large sums for fixer-uppers in Grey Lynn or Ponsonby isn't exactly headline news but paying well over CV for a do-up in Manurewa is. A tired home at 10 Fairlight Place, Manurewa, sold under the hammer this week for $666,000, almost $100,000 above the CV, after attracting a flurry of bids.
Clearance rates are up and down, as well; some auctions are as high as 80-100 percent, while others, with similar stock, are as low as 40 percent.
Buyers are still out there, though, with mortgage lending in May recovering from the blackhole of April. Perhaps the uncertainty is to be expected. The market has only been fully open for a month and a half, and is still trying to find out what the new normal is post-lockdown.
On the market: three to check out
17 West End Road, Herne Bay
This four-bed home in Auckland's most expensive suburb has comfort in mind. Bayleys agent Edward Pack says "each and every aspect has been thoughtfully considered in the transformation of this property to ensure a contemporary yet classic experience, from rich wood floors and white shutters to the vast immaculately landscaped grounds with pool". The house is proving to be very popular with buyers, with the auction brought forward to July 1.
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71A Waiatarua Road, Remuera
Marketed by Ray White agents John Quiambao and Stephen Wan, this three-bedroom home is aimed at young families and those who like entertaining. It's got good indoor-outdoor flow and is within walking distance of the popular Meadowbank Primary School. It goes to auction on July 5.
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20 Kapuka Road, Mangere Bridge
Mangere Bridge is very much in vogue with buyers right now and this stylish three-bedroom home that sits at the foot of Mangere Mountain comes with a generous garden that's perfect for kids and pets alike. Ray White agents Jared Cooksley and Ethan Yearbury are marketing the property for auction on July 19.
