Good bidding at Ray White's apartment auction, but not for leasehold properties

There were plenty of investors ready to part with their cash at this week's Ray White City Apartments auction in Auckland's CBD, but they remained wary of leasehold properties.

Seven apartments were put up for sale, five of them on freehold titles and two on leasehold, with three of the freehold properties selling under the hammer and two being passed in for sale by negotiation.

There were multiple bidders on all but one of the properties.

However there appeared to be a considerable difference in the price expectations of the vendors and buyers of the leasehold apartments.

The full results were as follows:

• 4E/1 Ophir St, Newton. A two bedroom unit with balcony and expansive easterly city views plus a car park, currently rented at $440 per week but offered with vacant possession. Sold for $391,000. QV records show that the unit was originally purchased for $325,000 in 2005 and resold for $350,000 in 2006.
• 1206/96 Symonds St. A 41 sq m two bedder in student central. Vacant but with rent appraised at $450 a week. Multiple bidders but it was passed in with a highest bid of $234,000. QV records show the unit was originally purchased for $285,500 in 2006 and resold for $142,500 in 2008.
• 424/184 Symonds St. A 55sq m, two bedroom unit with tandem car park in the Citta complex on the corner of Symonds St and Khyber Pass Rd. Vacant but rent appraised at $460-$500 a week. Passed in with a highest bid of $371,100. QV records show the unit was originally purchased for $368,000 in 2004.
• 2i/10 Hobson St. A 53sq m one bedroom unit with a car park, storage locker and balcony in a four level block. Rented at $400 a week. Sold for $270,000. QV records show the unit was originally purchased for $255,000 in 2006.
• 607/37 Symonds St. A 40sq m one bedroom unit in the Forte building, rented at $340 a week until next April, but market rent appraised at $410 a week and offered for sale fully furnished. Sold for $182,000. QV records show it was originally purchased for $237,500 in 2004.
• 5A/8 Quay St. An 85sq m two bedroom unit with two car parks in the Quay Park complex overlooking the container terminal. Leasehold. Vacant. Passed in with a highest bid of $81,000. QV records show it was originally purchased for $222,500 in 2002.
• 3F/16 Market Place, Viaduct precinct. A 35sq m one bedroom apartment with balcony. Rent fixed at $400 a week until October with market rent appraised at $500 a week. Leasehold. There were no bids for this property and it was passed in. QV records show it was originally purchased for $235,000 in 2004.