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).
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 as 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.