There was no shortage of bids at the latest Auckland apartment auctions but buyers were very cautious on price

Buyers remain active but cautious at the Auckland apartment auctions and are also pulling their horns in when CBD car parks are offered for sale.

At Ray White City Apartments' auction on June 11 there were 11 apartments on offer, ranging from leasehold apartments and those requiring remediation work to more upmarket properties.

There was also a good turnout from potential buyers with eight of the apartments receiving multiple bids, one receiving a single bid and two receiving no bids.

However buyers remained very cautious on price and only four of the units sold under the hammer with the rest being passed in.

Ironically apartments with remediation issues are often some of the best sellers and there seems to be a well established market for them, with a core of buyers prepared to take a punt that they can purchase them at a cheap enough price to make a profit when the remediation work is completed.

Both of the units with remediation issues offered at the Ray White auction sold under the hammer, but the price discounts to their rating valuations were fierce.

One was a one bedroom unit in the Century on Anzac building on Anzac Ave, which had a rating valuation of $270,000. It sold for $175,000. The other was a one bedroom unit in the Harbour City tower on Gore Street, which had a rating valuation of $320,000 and sold for $185,000.

The other units to sell at the same auction were a one bedroom apartment in the Columbia on Nelson building on Nelson Street, which had a rating valuation of $530,000 and sold for $546,000, and a one bedroom unit in the Metropolis tower on Courthouse Lane. It had a rating valuation of $560,000 and sold for $462,000.

At the City Sales auction on June 10, a reasonably spacious, two bedroom unit with a car park in the Avoka building on Day Street, which also had remediation issues, sold for $96,000 compared to its rating valuation of $450,000.

At the same auction a two bedroom apartment in the Volt building on the corner of Queen Street and Mayoral Drive, which has been a mainstay with investors for several years, was passed in with a top bid of $330,000 compared to its rating valuation of $370,000.

Buyers are also being cautious of inner city car parks.

At the Ray White City Apartments auction on June 4, two car parks in the Farmers parking building on the corner of Hobson and Wyndham Streets were offered separately.

One received an opening bid of $50,000 plus GST, and when no further bids were received the auctioneer made a vendor bid of $65,000 plus GST. But when no further bids were received after that it was passed in.

The second received an opening bid of $40,000 inclusive of GST which was also followed by a vendor bid of $65,000, but it too was passed in with no further bids.

The other property offered at the same auction was a two bedroom/two bathroom apartment in the Urba building near the Karangahape Road end of Howe Street. It had a rating valuation of $720,000 and sold under the hammer after strong bidding for $626,000.

You can check out the details of all the properties offered at the auctions monitored by interest.co.nz on our Residential Auction Results page.

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