Property prices may be slowing in Auckland but big sections still fetch high prices

Property prices may be slowing in Auckland but big sections still fetch high prices

Sell through rates at auctions continue to fall. This may not be a bad sign as buyers are becoming more cautious and want to put a conditional offer.

While many are of the opinion that Auckland’s house prices could be falling, land with a big section continue to be popular (even if it is at the end of a long driveway).

 84 pah road

 84 pah road

A recent auction on the first week of July saw 84A Pah Road, Papatoetoe sell for $1,160,000.

The land area was approx 1345 square metres, marketed asĀ 3 dwellings on 1 title. In total, there are 7 bedrooms, 4 bathrooms,

It is currently tenanted out, collecting a total of $1,040 per week. ($425 + $300 + $315 = $1,040 in total per week).

Another piece of real estate on 31 Pah Rd -with 1146m2 land Sold in Dec 2016 @ $955,000.

This shows that even in a slowing market, a property with a large section and piece of land continues to be a defensive strategy and will continue to keep its value.

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