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Apartment prices ranged from $196,000 to $603,000 in the latest batch of sales by Ray White City Apartments and Impression Real Estate

Property
Apartment prices ranged from $196,000 to $603,000 in the latest batch of sales by Ray White City Apartments and Impression Real Estate

Three of the five Auckland apartments auctioned this week by Ray White City Apartments were sold under the hammer, with prices ranging from $196,000 to $603,000..

There was particularly strong bidding between a hopeful couple looking to buy a home and a phone bidder for a traditional brick and tile home unit in Penrose (pictured) , which sold under the hammer to the phone bidder for $603,000.

And prices of the latest batch of apartments sold by Impression Real Estate ranged from $265,000 to $540,000.

See below for the full results from both agencies: 

  • 11E/4 St Paul St. St Pauls building. A 34 square metre, one bedroom furnished unit in a building undergoing remediation work for weathertightness issues. Rented at $355 a week.Sold for $196,000. Rates were $681 and the body corporate levy $6469. The agent was Dominic Worthington.
  • 3/196 Rockfield Rd, Penrose. A 70 square metre, two bedroom brick and tile home unit with a car park (pictured). Vacant. Sold for $603,000. Rates were $1600. According to QV.co.nz the unit had been purchased for $365,500 in 2013. The agent was Lucia Gao.
  • 701/421 Queen St. Kiwi on Queen building. A 50 square metre, three bedroom, furnished unit, rented at $600 a week. Sold for $434,500. Rates were $1310 and the body corporate levy $6941. According to QV.co.nz the unit had been purchased for $253,000 in 2006. The agent was James Mairs.
  • 1B/6 Winchester St, Newton. Mount View building. A 70 square metre, three bedroom/two bathroom, furnished unit with a balcony and car park.Vacant. There were multiple bidders for the apartment but it was passed in with a vendor bid of $550,000. Rates were $1315 and the body corporate levy $4904. According to QV.co.nz the unit had been purchased in 2014 for $325,000. The agents were Judi and Michelle Yurak.
  • 322/26 Morningside Drive. Somerset building. Quick flick. A 78 square metre, two bedroom unit with a balcony and car park. Vacant. There was an opening bid of $520,000 for the property but when there were no further bids it was passed in. Rates were $1290 and the body corporate levy $3823. According to QV.co.nz the unit had been purchased for $482,000 in October last year. The agent was Donald Gibbs.

The latest apartment sales by Impression Real Estate:

  • 1210/430 Queen St. Volt Building. A 40 square metre, two bedroom unit with balcony. Sold for $345,000. Rates were $1175 and the body corporate levy $4704.
  • 519/430 Queen St. Volt building. A 40 square metre, two bedroom furnished unit with balcony. Rented at $450 a week. Sold for $233,000. Rates were $1138 and the body corporate levy $3890. It had been purchased for $233,000 in May 2014.
  • 9M/156 Vincent St. Eclipse building. A 62 square metre, two bedroom, furnished unit with a car park. Vacant. Sold for $540,000. Rates were $1631 and the body corporate levy $5430.
  • 14I/156 Vincent St. Eclipse building. A 41 square metre, 1 bedroom furnished unit. rented at $410 a week. Sold for $347,000. Rates were $1199 and the body corporate levy $3291. It had been purchased for $198,000 in 2011.
  • 304/149 Nelson St. Ascent building. A 41 square metre, 1 bedroom furnished unit with balcony. Rented at $320 a week. Sold for $265,000. Rates were $940 and the body corporate levy $2298. It had been purchased for $218,000 in 2007.
  • 1304/207 Federal St. The Federal building. A 61 square metre, 2 bedroom unit with balcony. Vacant. Sold for $520,000. rates were $1446 and the body corporate levy $5638. It had been purchased in February last year for $395,000.
  • 905/171 Queen St. City Life building. A 48 square metre, i bedroom, furnished unit. Vacant. Sold for $402,500. Rates were $1199 and the body corporate levy $5351. It had been purchased for $227,500 in 2010.
  • 9B/23 Emily Place. Silo building. A 34 square metre, 1 bedroom unit with a balcony and car park. Rented at 430 a week. Sold for $388,000. Rates were $1372 and the body corporate levy $6180.It had been purchased for $337,000 in 2013. 

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12 Comments

Is that a 100% clearance rate by impression real estate?

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The Penrose unit is an example of the massive rise in prices for entry level properties. It sold for just about 70% over CV. I imagine the new owner would state his address as One Tree Hill.
My theory is that it is directly related to the mortgage interest/rent ratio for basic rentals:
400k @6% = $460 a week.
500k @5% = $480 a week
600k @4% = $460 a week
Mortgage interest is in sync with rent. That is why this property has gone from 400k to 600k so quickly.
This is impacting all properties in this price range in Auckland.
Good news for all FTB circa 2010 - 2015...and property investors.
Bad news for all 2016 FTBs.

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Too right!

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Retrospectively it looks good, but I would think that it's not so good looking forward if income drivers cannot improve. Rents appear to be constrained in NZ.

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Is this the next jump?:
800k @3% = $460

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That would make sense if you could lock in a fixed rate over the duration (20,25 years...) of your loan (as they have in Europe or America). But in this country, you only know for certain what you'll pay for the next 5 years max.

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Last time I checked the rent were stagnant.

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My figures show largely the same rent amount as the house goes from 400k to 600k and even 800k if interest on mortgages drops to 3%. The price of the house is adjusting but the rent and interest payments are staying the same regardless.

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@Zackery
400k@6% =460$ pw
What assumption do u make on this as this can vary with the loan term or deposit used?

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My assumption is that the interest only on the total value of the house corresponds roughly with the expected rent it will get. The interest will stay the same regardless of the term. This only applies to the typical rental property sought after by investors - houses in the lower quartile.

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Yes, but you also need to think about lower interest rates mean for the bigger picture. I wouldn't make the assumption that low or zero interest rates are a positive indicator for the economy.

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Don't trust the clearance rate data from these real estate agents. Went to an auction in Auckland this week and 50% of the properties were withdrawn before the auction commenced. They don't get passed in if they're withdrawn...

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