Small crowd and an air of nervousness at latest apartment auction and then a surprising result

There could only have been three possible outcomes at this week's City Sales apartment auction.

With just two apartments up for auction the success rate was either going to be 100%, 50% or zero.

Vendors could have been forgiven for being a little nervous prior to bidding getting under way because at City Sales' previous auction two weeks earlier all four of the properties offered were passed in and that was followed a week later by the regular Ray White City Apartments auction, in which all nine of the apartments offered were passed in.

And since then we've had the REINZ sales results for October, which showed both a big decline in sales and significant median price falls in Auckland.

With only two properties on offer it was a smallish crowd that turned out to City Sales auction room this week, but as it turned out they all meant business and there was keen competition from multiple bidders for both properties and both sold under the hammer, giving a 100% clearance rate at this week's event.

See below for details of both sales: 

• 5B/34 Kingston St. Altitude building. Just across the road form the Heritage Hotel and down the road from Sky City. A 37 square metre, two bedroom unit. Vacant. Sold for $252,000. Rates were $1064 and the body corporate levy $3369. According to QV.co.nz the unit had been purchased for $200,000 in 2004. The agents were Chris Bell and Lucy Piatov.
• 9D/32 Eden Cres. Eden Apartments. Just around the corner from the High Court, a 72 square metre two bedroom/two bathroom unit with two balconies but no car park. Vacant. Sold for $588,000. Rates were $1787 and the body corporate levy $4814.  According to QV.co.nz the unit had been purchased for $270,000 in 2006. The agent was James Li.