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A big increase in the number of apartment auctions but no shortage of buyers and prices remain high

Property
A big increase in the number of apartment auctions but no shortage of buyers and prices remain high

It was another blockbuster day in the auction room at this week's regular apartment auction run by Ray White City Apartments.

A rush of investors to cash up and lock in recent capital gains has seen a flood of apartments coming on to the market and this week's auction had at least twice as many on offer as usual.

However buyer enthusiasm also remains strong, particularly among ethnic Chinese buyers for the smaller apartments favoured by investors, and all but two of the 13 apartments offered at this week's auction were sold under the hammer, with several of them showing impressive price gains over a relatively short space of time,.

However prices of leasehold units with high outgoings continue to be hammered. 

See below for the full results of this week's auction:

  • 1102/430 Queen St. The Volt building. A 49 square metre, two bedroom unit with a balcony. Vacant. Sold for $384,000. Rates were $1347 and the body corporate $4872. The agents were Michelle and Judi Yurak.
  • 4B/81 Wakefield St. Oakwood Hall. A 29 square metre, fully furnished studio. Rented at $380 a week. Sold for $250,000. According to QV.co.nz the unit had been purchased for $140,000 in 2013. Rates were $953 and the body corporate levy $3137. The agent was Krister Samuel.
  • 702/47 Hobson St. The H47 building. A 69 square metre, two bedroom unit with a car park.Vacant. Sold for $660,000. According to QV.co.nz the unit had been purchased for $420,000 in 2010. Rates were $1767 and the body corporate levy $5797. The agents were May Ma and Mark Li.
  • 1D/39 Mackelvie St, Grey Lynn. An 89 square metre, two bedroom/two bathroom apartment with a tandem car park. Vacant. Sold for $610,000. According to QV.co.nz the unit had been purchased for $362,594 in 2013. Rates were $1919 and the body corporate levy $7461. The agent was Krister Samuel.
  • 607/18 Beach Rd, CBD. Scene Two building. A 58 square metre, one bedroom unit with a car park and north facing balcony. Vacant. Leasehold. Sold for $160,000. According to QV.co.nz the unit had been purchased for $286,200 in 2003. Rates were $1372, operating expenses $4300 and ground rent $5400. The agent was Ann Bennett.
  • 60/146 Fanshawe St. Marina Park complex. A 53 square metre, two bedroom unit with a car park. Vacant. Sold for $490,000. According to QV.co.nz the unit had been purchased for $110,000 in 2012. Rates were $1467 and the body corporate levy $3892.The agent was Krister Samuel.
  • 1519/10 Waterloo Quadrant. The Quadrant building. A 22 square metre studio, with a management contract in place. Sold for $251,000. According to `QV.co.nz the unit had been purchased for $166,000 in 2006. The agents were May Ma and Mark Li.
  • 1313/53 Cook St. Aura building. A 45 square metre, two bedroom unit. Rented at $450 a week. Sold for $350,000. Rates were $1199 and the body corporate levy $4518. The agent was Krister Samuel.
  • 1i/147 Hobson St. Harvard on Hobson building. A 38 square metre, two bedroom furnished unit. Rented at $430 a week. Sold for $270,000. According to QV.co.nz the unit had been purchased for $145,000 in 2012. Rates were $1051 and the body corporate levy $2713. The agent was Krister Samuel.
  • 213/53 Cook St. Aura building. A 53 square metre, two bedroom unit. There were no bids on the property and it was passed in for sale by negotiation. The agent Dominic Worthington.
  • 118 Manukau Rd, Epsom.  A 68 square metre, two bedroom character unit with a car park. Rented at $530 a week. There were no bids on the property and it was passed in for sale by negotiation. The agent was Victor Liu.
  • Units 5A and 3A, 15 Whitaker Place. Columbia building. Both of these units in a managed student accommodation complex, were offered together as a single lot. Both were a 42 square metre three bedroom units. Sold under the hammer at $300,000 for the two of them. The agents were Daniel Horrobin and Damian Piggin.

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8 Comments

rents the same in comparable welly apartments, but prices now 150k plus cheaper in welly... with no new supply coming on in welly as is the case in auck... I know where Id be putting my $... esp with the 30% auckland only rule coming in next month!

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and thatr's because Auckland housing market is not driven by demand or yield, but short term speculation.

I know where I wouldn't put mine..

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and thatr's because Auckland housing market is not driven by demand or yield, but short term speculation.

I know where I wouldn't put mine..

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Exactly. People who say its immigration / housing shortage driving prices are very short sighted. If that was the case why are house prices in London(which is collapsing under the weight of immigration) going down?

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A CGT at the top end?

I guess there is short sighted and well not looking for all the factors in play and understanding how they are at play.

ie make sure you are comparing apples with apples. So if indeed some ppl see we have record immigration and they consider these ppl have to live somewhere and have a perception we have too few houses and then plus foreign speculators, NZers with what is easy access to credit, simply jump on the band wagon.

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"Sold for $490,000. According to QV.co.nz the unit had been purchased for $110,000 in 2012" - wow, why do we bother having jobs with returns like that.

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that is the thought of many many people and one of the drivers forcing the prices up
cheap money + greed + hype = speculation
just dont be the last person dancing when they start to take the chairs away
a lot of people got caught out in 2009 looks like some more have not learned their leasons

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