Sobering reality check for the overheated property market - South Auckland house sold at open auction for 40% below CV. :eek2:
https://www.oneroof.co.nz/news/south...below-cv-41695
Only eight bidders were in the auction room at Ray White Manukau’s offices on Wednesday, mostly to watch. not to buy. Of the six properties on the slate that afternoon, one sold under the hammer, another sold during a pause in proceedings and a third had been picked up the night before after the vendor accepted a pre-auction offer.
The brisque and business-like atmosphere was a far cry from the excitement and desperation seen in the same room the year before, when crowds spilled out into the hallway and properties sold for big sums.
Ray White Manukau’s weekly auctions are viewed by many as a bellwether of the wider market mood in South Auckland. The sale prices achieved on Wednesday indicate the market has well and truly changed and the heat of last year has cooled.
A three-bedroom deceased estate in tidy, original condition on Antsy Place, Mangere sold under the hammer for $740,000, 40% less than its $1.225m ratings valuation, despite five bidders competing. A three-bedroom house in Belleek Close, Weymouth, sold for an undisclosed sum after bidding paused at $715,000. It had a CV of $900,000.