Weak sales signal hard year

Two sections of prime beachfront land failed to sell at mortgagee auction this week - a sign of what one agent warned will not be an easy year.

Another property expert said the effects of the recession have led to a backlog of coastal development property that could take 20 years to sell.

The two properties went to auction at Bayleys Auckland offices, but despite $1 million-plus bids, both were passed in.

One, a beachfront property at Mangawhai Heads, passed in when bids reached $1.9 million.

The land is part of the Bream Tail development, a 40-section development across 405ha that includes shared use of tennis courts, a pool and riding facilities.

The other was of a house and section in Awana Bay on Great Barrier Island, with an official valuation of $2.1m. Bidding stopped at $1.5m.

To read the full NZ Herald article, click here

Posted: 14 Feb 2010

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