sign up log in
Want to go ad-free? Find out how, here.

Buyers were cautious at this week's City Sales apartment auction, held just a couple of hours after the RBNZ announced tight new LVR rules for investors

Property
Buyers were cautious at this week's City Sales apartment auction, held just a couple of hours after the RBNZ announced tight new LVR rules for investors

There was an air of hesitancy at this week's City Sales auction of Auckland apartments, which was held just a couple of hours after The Reserve bank announced proposed new mortgage lending restrictions on Auckland residential investment properties.

There were only three apartments on offer but even so, the turnout was smaller than usual.

Although all of the properties on offer received bids, the auctioneer struggled at times to extract them from potential purchasers and in the end none of the bids met its reserve and all three properties were passed in for sale by negotiation.

Perhaps buyers were still mulling over the Reserve Bank's announcement from earlier in the day and weighing up how it might affect them.

Then again it may just have been a slow day.

Auctions can be a bit like that, with properties struggling to sell at one auction and then similar properties flying out the door at another auction next week.

Only time will tell whether the Reserve Bank Governor gets his wish to cool the Auckland housing market.

The full results of the auction are below:

  • 9G/100 Greys Ave. Amora building. A 49 square metre, one bedroom, furnished unit with a car park. Vacant. There were two bidders for the property but it was passed in for sale by negotiation with a highest bid of $350,000. According to QV.co.nz it was last sold in 2012 for $300,000. Rates were $1265 and the body corporate levy $7189. The agent was Mike Campbell. 
  • 1104/18 Beach Rd. Scene Two building. Leasehold. Vacant. A 101 square metre, three bedroom apartment with a tandem car park and large balcony. The opening bid on the property was $300,000 and when no further bids were received it was passed in for sale by negotiation.  According to QV.co.nz the unit was originally sold for $489,000 in 2003 and then sold again in 2004 for $539,000. Rates were $1863, the body corporate levy (opex) including ground rent was $9005.The agent was Maryanne Wong.
  • 118/57 Mahuhu Cres. Hudson Brown building. Leasehold. Vacant. A 101 square metre, two bedroom apartment with a car park. There were two bidders for the property but it was passed in with a top bid of $210,000. According to QV.co.nz it was originally sold for $525,000 in 2006 and then again for $232,000 in 2009. Rates were $1540 and the body corporate levy $9255 including ground rent. The agent was Maryanne Wong.

---------------------------------------------------------------------------------------------------------------------------------------

Our free Property email newsletter brings you all the stories about residential and commercial property and the forces that move these huge markets. Sign up here.

To subscribe to our Property newsletter, enter your email address here. It's free.

Email:  

----------------------------------------------------------------------------------------------------------------------------------------

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.