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Buyers cautious at the latest Ray White City Apartments auction

Property
Buyers cautious at the latest Ray White City Apartments auction

Only two properties were on offer at this week's Ray White City Apartments auction.

One was an apartment in the Portland Tower complex on Queen St which was leased to the Quest Hotel, and the other was a leasehold unit in the Vibe complex in the Viaduct precinct.

 The Portland apartment was a one bedroom unit with a balcony overlooking Queen St, that was offered for sale fully furnished and fitted out and operated as a serviced apartment under a management contract with the Quest Hotel.

The opening bid on the unit was $81,000 and several bidders pushed that up to $130,000 (plus GST if any) at which point the auctioneer said it was not far off a price he could sell it under the hammer. But when there were no further bids it was passed in for sale by negotiation. 

According to QV.co.nz the apartment was last sold for $297,000 in 2008.

The agents on the property were Damian Piggin and Daniel Horrobin.

Next up was a 68 square metre one bedroom unit on a leasehold tile in the Vibe complex at 16 Market Place, just back from Viaduct Harbour. It came with a car park and was offered fully furnished and fitted out with a vacuum cleaner and cheese grater. And was rented at $565 a week.

The opening bid on the property was $195,000, and when there were no further bids it was passed in for sale by negotiation.

According to QV.co.nz the unit was last sold for $325,000 in 2005.

The body corporate levy was $13,189 and rates were $1637.

The agent was Lorraine Garnett.

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