Eight of 10 apartments on offer were sold under the hammer at this week's Auckland apartment auction by Ray White City Apartments.
Every apartment attracted multiple bids, including the two that were passed in and the bidding tended to be very competitive, which was reflected in the prices achieved.
The full results of the auction are listed below and we also have the selling prices of the latest apartment sales by Impression Real Estate, which are also listed below.
Results of auction at Ray White City Apartments on 7 April:
- 3U/15 Nelson St. Columbia on Nelson building. A 52 square metre, redecorated one bedroom unit with a car park, in a recently remediated building. Vacant. Sold for $469,500. The agents were Damian Piggin and Daniel Horrobin.
- 1901/6 Lorne St. Precinct building. A 44 square metre, one bedroom, furnished unit. Vacant. Sold for $531,000. The agents were May Ma and Mark Li.
- 13D/25 Rutland St.The Aucklander building. A 27 square metre studio. Vacant. Sold for $262,000. The agent was Gillian Gibson.
- 13D/34 Kingston St. Altitude building. A 40 square metre, two bedroom furnished unit with a balcony. Rented at $370 a week. Sold for $346,000. The agents were May Ma and Mark Li.
- 703/72 Nelson St. Zest building. A 37 square metre, two bedroom, redecorated unit with a car park. Vacant There were multiple bidders for the property but it was passed in at $395,000. The agents were Judi and Michelle Yurak.
- 607/96 Symonds St. 96 on Symonds building. A 54 square metre, three bedroom unit with a balcony, under management lease. Sold for $301,000. The agent was Victor Liu.
- 201/7 Eden Crescent. The Crescent building. A 59 square metre, two bedroom plus study, furnished unit with a balcony and car park. Vacant. There were multiple bidders for the unit but it was passed in at $480,000. The agents were Damian Piggin and Daniel Horrobin.
- 8C/8 White St. Bianco building. A 54 square metre, two bedroom unit with balcony Vacant. Sold for $503,500. The agent was Donald Gibbs.
- 37 Cotesmore Way. A 111 square metre, two bedroom/two bathroom terrace house with double garage. Leasehold. Vacant.Sold for $375,000. The agent was Liam Kyle.
- 15B/3 Whitaker Place. Cintra Building. A 57 square metre, one bedroom unit under management lease, in a building with weathertightness issues. Sold for $235.000. The agent was James Mairs.
Recent Auckland apartment sales by Impression Real Estate:
- 11E/14 Waterloo Quadrant (Connaught) 35sqm. Sold for $388,000. Furnished. 1 bedrooms with balcony. Rates $1,335.62. BC Levies $3,765.54 pa. Sold vacant. Last sold for $203,000 in Dec 2012.
- 110/430 Queen Street (Volt) 40sqm. Sold for $340,000. Unfurnished. 2 bedrooms with balcony. Rates $1,113.53. BC Levies $4,196.12 pa. Sold vacant. Last sold for $226,000 in July 2004.
- 1601/11 Liverpool Street (City Zone) 45sqm. Sold for $360,000. Furnished. 2 bedrooms with balcony. Rates $ 1,138.20. BC Levies $3320.42 pa. Sold vacant. Last sold for $235,000 in Apr 2005.
- 1204/53 Cook Street + Carpark (Aura) 49sqm. Sold for $463,000. Furnished? 2 bedrooms with balcony. Rates $1,372.64. BC Levies $5991.20 pa. Sold tenanted for $540 per week. Last sold for $315,000 in Aug 2008.
- 1502/430 Queen Street (Volt)-49sqm. Sold for $425,000. Furnished & renovated. 2 bedrooms with balcony. Rates $1,347.96. BC Levies $6,103.44 pa. Sold vacant. Last sold for $362,000 in Sept 2015.
- Carpark at 37/430 Queen Street (Volt). Sold for $70,000. Rates $172.74. BC Levies $1059.63 pa. Sold tenanted for $70 per week.
- 10K/36 Day Street (CVu) 43sqm. Sold for $260,000. Furnished 2 bedrooms with balcony. Rates $1,064.17. BC Levies $***. Sold vacant. Last sold for $259,000 in Jun 2003.
- 911/53 Cook Street (Aura) 49sqm. Sold for $378,000. Furnished? 2 bedrooms with balcony. Rates $1,150.54. BC Levies $4,235.16 pa. Sold vacant. Information on last sold unavailable.
- 405/207 Federal Street (Federal) 61sqm. Sold for $478,000. Furnished. 2 bedrooms with balcony. Rates $1,372.64. BC Levies $4,892.22 pa. Sold tenanted for $450 per week. Last sold for $320,000 in Aug 2013.
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2 Comments
Some fairly astonishing results here. The apartment market is certainly hot right now after years in the doldrums. This probably reflects Auckland's changing demographics with a lot of new people quite familiar with apartment living plus the lower cost compared to houses.
Overall for all these properties including leasehold and weather tightness issues the sale price over CV was 54%
Ray White's sales minus leasehold and issues was a remarkeable 75% over CV.
Impression scored 45.8% over CV.
Ray White statistics skewed by 3U/15 Nelson St which had a CV of 95K yet sold for 469K. What's going on there?
Without that one the sales price over CV was 51.8% making me think it should be excluded from general conclusions.
What is really interesting is the weather tightness property fetched 88% over CV.
Also the leasehold 29% over CV.
Vendors are not desperate as even the two passed in ones got up to around 70% over CV before bidding stopped.
Looking at the property at 1204/53 Cook Street it looks like a savvy investor could probably net $50 or more a week without any capital input whatsoever. He could possibly borrow the entire sum, get $5000 cash back, more than covering lawyers fees and start earning money right away.
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