Owner-occupied apartments were popular while a leasehold unit was not at the latest Auckland apartment auction held by City Sales at their Karangahape Road offices.
Things got off to a slow start when no one other than auctioneer (on behalf of the vendor) was prepared to make a bid on the first lot, then pace picked up when the next unit was put on the block and the bids started coming thick and fast.
There was an epic duel between two determined bidders for a unit in the Statesman building, with bids increasing in $500 increments until the under bidder finally conceded defeat and the victor won the right to put his name on the title.
The full results are below.
204/85 Wakefield St. Tetra House. A 40sq m, two bedroom unit in the university precinct. Offered fully furnished and with a management agreement in place returning $1776 a month, fixed until next April. Rates $894 and body corporate levy $4168. This opened with a vendor bid of $200,000 and when there were no bids from the floor the auctioneer increased this to $220,000 but when that didn't flush out buyers either it was passed in with no bids form potential purchasers. According to QV.co.nz the apartment was originally purchased for $259,000 in 2007 then resold for $309,000 in 2007.
GB/9 Charlotte St. Memphis Apartments. A 47sq m, one bedroom unit with car park in a mid-rise block in the CBD fringe suburb of Eden Terrace. Vacant but likely to appeal to owner-occupiers as well as investors, there were several bidders for this apartment and it sold under the hammer for $262,000. Rates $1023, body corporate levy $2784. According to QV.co.nz the apartment was originally purchased for $191,564 in 2005 and resold for $170,000 in 2010.
1404/37 Symonds St. Forte building. A 38sq m sub-penthouse shoe box with two bedrooms in student central.Sold fully furnished with a management agreement in place returning $410 a week. There were multiple bidders for this property and it sold under the hammer for $245,000, providing a gross rental yield of 8.7%. Rates $1072 and body corporate levy $3878. According to QV.co.nz it was previously purchased for $346,500 in 2005.
701/1 Parliament St. The Statesman building. A fully furnished, 76sq m, two bedroom unit with a car park, in a building popular with owner-occupiers. There were several bidders for this property, with bids eventually increasing in $500 increments as the field was whittled down to two determined bidders until it sold under the hammer for $585,500. Rates $1718, body corporate levy $4874, It was rented at $550 a week until February next year, providing a gross rental yield of 4.9%. According to QV.co.nz it was originally purchased for $355,000 in 2004.
6b/52 Liverpool St. Q-Central building. An 85sq m two bedroom unit with a tandem car park on a leasehold title. Vacant. The highest bid was $125,000 but it was passed in for sale by negotiation. Rates $1378. Operating expenses and ground rent $12,750. According to QV.co.nz it was originally purchased for $240,000 in 2003 and resold for $165,000 in 2011.
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