# for sale by auction



## qiubuo (Sep 20, 2011)

I've been scanning real estate listings to get an idea of housing prices in Auckland, and it seems to me that a lot of listings are "for sale by auction." Is this very common? Is there anyway to get an idea of how much houses in particular neighbourhoods have sold for recently?


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## lisamct (Nov 29, 2009)

In Auckland the vast majority of houses sell by auction, great for the seller, pretty horrific for the buyers.

To be honest what houses in the same street/area sell for has little to do with what other houses goes for, its all down to who goes to the auction on the day. 
Also don't be fooled by Council Valuations (CV) if they're quoted on the advert, they mean nothing to what the house is worth or will sell for (e.g I went to an auction yesterday, CV was $330,000, house sold for $475,000.)


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## Song_Si (Jun 11, 2010)

*Auction Auckland*

Two recent articles on real estate auctions in Auckland, from the NZ Herald - click headers for full news items



> *Auctions popular in brisk market*
> Thursday Jun 13, 2013
> 
> *Shortage of houses in Auckland creating imbalance between supply and demand and pushing prices up.*
> ...


and



> *Auctions getting out of control in Auckland*
> Friday Jun 14, 2013
> 
> The latest data from the May property market as reported by REINZ states that of all sales in Auckland; 38 per cent "went under the hammer" - up from 28 per cent a year ago, outside of Auckland auctions are also on the rise albeit off a smaller base up from 7 per cent of all sales a year ago to 9 per cent in May.
> ...


The parasitic real estate agents must love it, houses sold in 10 days and a big commission.


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## Song_Si (Jun 11, 2010)

lisamct said:


> Also don't be fooled by Council Valuations (CV) if they're quoted on the advert, they mean nothing to what the house is worth or will sell for (e.g I went to an auction yesterday, CV was $330,000, house sold for $475,000.)


agree, they're next to meaningless, as this article explains
Good reading for an explanation of the valuation system as it is.


> *Let's get rid of property CVs*
> May 20, 2013
> 
> I doubt that there would ever be a conversation between an agent and a prospective buyer of a property without reference to the CV of the property. It is judged by most people in NZ to be the "official" valuation of the property, almost as though the government (local or national) should provide such a service.
> ...


and be aware of this



> 2. It is assessed on an infrequent basis (3yrs) and therefore is almost always out of date. The CV's for Auckland for example were published in 2011, the prior CV's were published in 2007 or 2008. The work to compute the CV is undertake months before publication and is based on sales data in the months running up to the computational so the Auckland CV's are based on sales in mid to late 2010. So thereby the references in Auckland are over 3 years old and the property market (and general economy) are vastly different to 3 year ago.


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## Song_Si (Jun 11, 2010)

How many combined median annual household incomes it would take to buy a property that costs the annual average median house sale price.

source - if you go to this link a lot of data available for every 2yr period since 1998. Shows Auckland region has gone from 4-5 to 6-7.


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## anski (Aug 17, 2008)

qiubuo said:


> I've been scanning real estate listings to get an idea of housing prices in Auckland, and it seems to me that a lot of listings are "for sale by auction." Is this very common? Is there anyway to get an idea of how much houses in particular neighbourhoods have sold for recently?


Yes the website QV provides a better insight regarding past sales for a fee.
Another website is Zoodle - zoodle, it's all about property.

If you are interested in any particular area you can narrow it down to specifics & get a list of property with photos that sold in a past given period.

I recently sold a house privately with a listing on Trademe which cost me $199 I realised a very good price which was based on my research of the price similar houses in my neighbourhood had sold for in the past few months.


Auckland is always going to be expensive because of the employment opportunities much the same as Sydney, London, New York etc.

Most of the property listings in Auckland are by Auction, Negotiation, MWP Marketed Without Price because sellers are hoping to achieve top $, & this has always been the case in the most desirable suburbs.


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