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An apartment's price increased by 67% after less than three years when it was sold at auction this week

Property
An apartment's price increased by 67% after less than three years when it was sold at auction this week

A 41 square metre apartment in Auckland increased in price by 67% in less than three years when it was sold at auction this week.

The apartment in The Quadrant building (pictured at right and below) on Waterloo Quadrant, just up the road form the Auckland High Court was one of five apartments auctioned by Ray White City Apartments this week.

Although it was small, it had two bedrooms and was rented at $460 a week. According to QV.co.nz it was last sold for $210,000 in May 2012.

At this week's auction it sold under the hammer for $350,000, meaning its value has increased by two thirds in just under three years.

It would have provided its new owners with a gross rental yield of 6.8%, reducing to 4.7% once rates and the body corporate levy were deducted.

There were five apartments at this week's Ray White auction, with three selling under the hammer and two being passed in for sale by negotiation.

The fulls results are below: 

  • 8e/8 Bankside St. Bankside Waldorf building. A 30 square metre, one bedroom unit with balcony, rented at $330 a week. Sold for $230,000. Rates were $781 and the body corporate levy $3713. Gross yield 7.5% reducing to 5.5% after deducting rates and body corporate. According to QV.co.nz the unit was last sold for $173,600 in 2013. The agents were May Ma and Mark Li.
     
  • 7a/15 Whitaker Place. Columbia building. A 42 square metre, three bedroom unit in student central. Vacant. Sold for $140,000 plus GST if any. Rates were $919 and the body corporate levy $5796. No sales history available. The agent was Victor Liu.
     
  • 103/43 Anzac Ave. The Cambridge building. A 71 square metre, four bedroom, two bathroom, furnished unit with a private patio. Rented at $790 a week. There was an opening bid of $350,000 followed by a vendor bid of $400,000. When there were no further bids it was passed in for sale by negotiation. Rates were $1326 and the body corporate levy $8698. The agent was Gillian Gibson.
     
  • 1707/10 Waterloo Quadrant. The Quadrant building. A 41 square metre, two bedroom unit, rented at $460 a week. Sold for $350,000. Rates were $2086 and the body corporate levy $5351.  According to QV.co.nz the unit was last sold for $210,000 in 2012. The agents were May Ma and Mark Li.
     
  • 810/47 Hobson St. H47 building.  A 45 square metre, one bedroom unit. Vacant. Passed in with a highest bid of $325,000. Rates were $1072 and the body corporate levy $3420. The agents were May Ma and Mark Li.

Below: The interior of the apartment in the Quadrant building that sold for $350,000

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