Investors looking for property in Manakau
New Zealand’s biggest ever residential property auction in Manukau last week didn’t achieve as many sales as the organisers expected, however they intend to run a similar event next year.
Monday, December 1st 2008, 12:00AM
by The Landlord
The auction of around 100 houses in the Manakau area was organised by Ray White agent Don Ha.
He says there were 100 properties in 70 lots to be sold. However, six were withdrawn before the event. Most of the properties were in Mangere, Manurewa and Papatoetoe, and a number were owned by Ha.
Ha’s salespeople sold three of the properties before the auction and five under the hammer. Since the auction four more have sold unconditionally.
The event drew more than 300 people and at least 70% were property investors looking for bargains, Ha says.
A lot of interest also came from land bankers, he says.
Ha is confident he’ll have settled 23 deals worth about $15 million in value over the next two to three weeks. They include properties from $220,000 to a multi-million dollar property.
The average yields to be expected from the investments were between 7 to 8.2%. Prices were generally between 5 to 8% below their values.
“We’re very pleased with the outcome, though I would have expected more to sell. The format and attendance was great. We will definitely do it again,” he says.
To find out more about the investment opportunities in Manakau City see the Regional Review in this month's issue of the NZ PROPERTY INVESTOR Magazine.
You can order your copy here, buy it at your local bookstore or call Toll free 0800-345675,
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