There was a strong turnout at this week's Ray White City Apartments Auckland auction with most of the units on offer being of a size and quality that could appeal more to owner-occupiers than investors.
There was competitive bidding on all five apartments put under the hammer, one that had been purchased in December and given a makeover before being put back on the market, a luxurious apartment in the landmark Dilworth building on the corner of Queen and Customs streets, a couple of leasehold units on opposite sides of the CBD and a unit in the historic Heritage Farmers building.
The Dilworth apartment was a corner unit with views of the Ferry Building, 94 square metres of space and plenty of character features such as a high stud and polished wooden floors, and with the advantages of a modernised kitchen and bathroom.
It fetched the highest price on the day of $660,000.
It was one of the two apartments that sold under the hammer with the other three being passed in for sale by negotiation.
The full results are below:
- 2f/105 Albert St. The Manhattan building. An 80 square metre, two bedroom unit which according to QV.co.nz had been purchased in December last year for $400,000. According to the agents it had been renovated and came with a new furniture, kitchen and whiteware package. It was offered for sale with vacant possession and there were several bidders for the property but when bidding stalled at $460,000 the auctioneer made a vendor bid of $480,000 and when there were no further bids it was passed in for sale by negotiation. Rates were $1298 and the body corporate levy $4236. The agents were Mitch Agnew and Krister Samuel.
- 5d/22 Queen St. The Dilworth building. A 94 square metre, two bedroom, corner unit in a character building. Vacant. Sold for $660,000. Rates were $1971 and the body corporate levy $7109. According to QV.co.nz it was last sold for $535,000 in 2013. The agents were Adele Keane and Krister Samuel.
- 532/35. Heritage Farmers building. A 61 square metre, one bedroom, fully furnished unit, outside of the hotel pool and rented at $400 a week. It sold for $215,000, giving a gross rental yield of 9.7%, reducing to 5.4% when the body corporate levy and rates were deducted. According to QV.co.nz the unit was last sold for for $240,000 in 2006. The historic Heritage Farmers building needs some repair work to its facade and the cost of this is yet to be finalised, which could make some buyers cautious about price. Rates were $1152 and the body corporate levy $8030. The agent was Ryan Bridgeman.
- 3b/132 Customs St West. The Parc building. A very spacious 131 square metre, two bedroom/two bathroom/two car park unit, with two balconies and fitted out to a high standard. Leasehold. Offered with vacant possession. Passed in with a top bid of $520,000. According to QV.co.nz the property was last sold for $480,000 in 2012. Rates were $2896 and the body corporate levy $22,259. The agents were Donald Gibbs and Amina Mai.
- 1315/2 Beach Rd. Scene One building. A 63 square metre, two bedroom unit on the south facing (city side) of the building, rented at $550 a week. Leasehold. Passed in with a highest bid of $135,000. According to QV.co.nz the unit was last sold in 2008 for $315,000. Rates were $1588 and operating expenses were $4300 plus $7953 ground rent. The agent was Donald Gibbs.
Our free Property email newsletter brings you all the stories about residential and commercial property and the forces that move these huge markets. Sign
To subscribe to our Property newsletter, enter your email address here. It's free.