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From high end to shoe boxes they all went under the hammer this week

Property
From high end to shoe boxes they all went under the hammer this week
This apartment overlooking Myers Park sold for $1.14 million.

Investors and owner occupiers looking for Auckland apartments had plenty to choose from this week with real estate agencies City Sales and Bayleys both holding mid-week auctions and a wide variety of properties up for grabs.

All of the CBD apartments put up for auction by City Sales sold under the hammer but a trio of larger properties in the central suburbs were passed in for sale by negotiation.

At the Bayleys auction several apartments that would likely appeal to owner-occupiers sold under the hammer but a leasehold waterfront apartment that had received extensive publicity because of its declared reserve was passed in.

The full results of both auctions are below.

City Sales auction 29 October:

12j/34 Kingston St. Altitude building. A 40sq m two bedroom fully furnished unit. Vacant. Sold under the hammer for $228,000. Rates $895. Body corporate $3885. According to QV.co.nz it was previously sold for $203,000 in 2003.

507/76 Wakefield St. Sapphire Apartments. A 33sq m one bedroom unit rented at $320 a week. Sold for $186,000. Rates $846. Body corporate $2435. Sold for $186,000. Gross yield 8.9%. According to QV.co.nz the unit was last sold for $160,000 in 2007.

508/76 Wakefield St. Sapphire Apartments. A 33sq m one bedroom rented at $300 a week. Sold for $183,000. Rates $846. Body corporate $2435. Gross yield 8.5%. According to QV.co.nz the unit was previously sold for $160,000 in 2007.

2H Middle St, Freemans Bay. Freemans Bay Terraces. A 105sq m three bedroom townhouse with a double garage and courtyard. Rented for $600 a week. Passed in with a highest bid of $630,000.

 118/4 Wagener Place, St Lukes. Tremont Residences. A 55sq m two bedroom unit with a car park and courtyard. Passed in with no bids.

301/26 Morningside Drive, St Lukes. Somerset Apartments. A 70sq m one bedroom plus study unit with a car park. Passed in with no bids.

Bayleys Maritime Square apartment auction 29 October:

5c/22 Kitchener St. A one bedroom unit, on the top floor of a three level CBD character building. The apartment was on two levels with a mezzanine bedroom and the living space below, and had been renovated to a high standard. Vacant. Passed in with a highest bid of $430,000.

2e/99 Customs St West. The Quays. A leasehold, 60sq m, two bedroom/two bathroom waterfront apartment with a declared reserve of $195,000. Rented at $525 a week. Passed in with a highest bid of $165,000.

1D/18 Federal St. A 50sq m, 2 bedroom unit with high stud ceilings. Sold under the hammer for $271,000. Rates $959. Body corporate $2581. According to QV.co.nz the apartment was previously sold for $206,000 in July 2013.

4c/68 Greys Ave. Parklane. A large, high stud apartment with two bedrooms, two bathrooms, two car parks and a deck, in a character building adjacent to Myers Park. Sold for $1.14 million. Rates $2622, body corporate $10,267. According to QV.co.nz the unit was previously sold for $728,000 in 2005.

1404/11 Liverpool St. A two bedroom corner unit rented at $360 a week. Sold for $269,000. Rates $1007. Body corporate $3546. Gross yield 7%. According to QV.co.nz the unit was previously sold for $222,000 in 2003.

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2 Comments

How do these agent claim a gross rental?

When the overheads of rates and body corporate are deducted the yields drop heavily.

Add in the fact that inevitably the BC will rise faster than the rent and that in many cases there is no future provision for maintenance, then most rental yields are smoke and mirrors.

 

 

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I still cannot believe that the foreign banks would allow these money making appartments to be on-sold to another bank, via leveraged borrowing.

I believe that the BNZ is really buy byeing them enmass with its profits, from fractionally lending to house buyers, elsewhere, to make a paper profit in Auckland and around and around she goes.

Where it stops, nobody knows.

I personally think that all titles held should be published, when exchanged and then we can see who profits, from the profitable fractional reserve banking and who doesn't.

If this simple fact taxes anyones brains, let me know.

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