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A buyer was so keen to purchase an apartment at auction that he was making bids before finding out what it was like

Property
A buyer was so keen to purchase an apartment at auction that he was making bids before finding out what it was like

Ray White City Apartments packed them in again for this week's Auckland apartment auction, and there was spirited bidding on all all four units on offer, with two selling under the hammer and two being passed in for sale by negotiation.

One phone bidder appeared to be trying to purchase apartments he hadn't seen, with the agent that was taking his bids overheard telling the hopeful buyer during a lull in the bidding: "it's smaller than the other one but has two bathrooms."

That was enough to spur the bidder on to ever higher prices but he eventually lost out to an Asian gentleman who was taking instructions from another phone bidder.

See below for the full results from this week's auction:

  • 306/155 Beach Rd. Cube Apartments. A 57 square metre, two bedroom apartment with balcony. Rented at $420 a week. Passed in for sale by negotiation at $385,000. Rates were $959 and the body corporate levy was $2297. According to QV.co.nz the property was last sold in 2005 for $312,500. The agent was Dusan Valenta.
  • 11J/23 Emily Place. Silo Apartments. A 53 square metre, two bedroom apartment with a car park. Rented at $590 a week. Passed in for sale by negotiation at $480,000. Rates were $1233 and the body corporate levy $7834. According to QV.co.nz the property was last sold in 2006 for $315,000. The agent was Gillian Gibson.
  • 703/85 Beach Rd. The Beach building. A 51 square metre, fully furnished, one bedroom unit with balcony. Rented at $400 a week. Sold under the hammer for $352,000. Rates were $1088 and the body corporate levy $3632. The gross rental yield was 5.9% but when the body corporate levy and rates were allowed for the yield was reduced to 4.6%. The agent was Adele Keane.
  • 204/207 Federal St. Federal City building. A 58 square metre, two bedroom, two bathroom apartment with balcony. Rented at $500 a week. Sold for $425,500. This provided  a gross rental yield of 6.1%, which reduced to 4.8% when rates of $1185 and and the body corporate levy of $4440 were allowed for. The agents were James Mairs and Aled Luffman. 

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3 Comments

Wellington apartment market starting to pick up big time too with a lot of interest from aucklander's. For a 2 bed returning 450/week in wellington can still be had for 300k.

Another huge impact has been the reversal of insurance premium hikes (which made headlines a few years ago in wellington after Chch quakes and big reinsurers pulling out of NZ)... Well the re-insurers (Warren Buffet) and friends are back big time and has seen 30-50% slashed off premiums throughout buildings in the city as more players compete for business.

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duelling telephones at 50 paces

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"A buyer was so keen to purchase an apartment at auction that he was making bids before finding out what it was like"

It's a bit like voting for the TPP, do we really know what's in there??

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