The only bids at this week's City Sales apartment auction were made by the auctioneer on behalf of the vendors

The only bids at this week's City Sales apartment auction were made by the auctioneer on behalf of the vendors
The Gladstone Apartments in Parnell have significant weathertightness issues that could cost $10.5 million to fix.

There was not a single bid on any of the apartments auctioned by City Sales this week, and with no bids from the floor the auctioneer was forced to open the bidding on all four units with a vendor bid to try and kick things along.

But in each case there were no further bids and all four units were passed in without a bid from a genuine buyer.

One of the apartments was leasehold and another was in a leaky building which requires substantial remediation work, which would have affected the interest from potential buyers for those units, but the others were in buildings which have proved popular with buyers in the past and there were serious investors in the room who would have been capable of settling a purchase.

However on the day they preferred to sit on the sidelines, or to wait until the properties were passed in and then negotiate a price.

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

  • 108/57 Mahuhu Cres. Hudson Brown building. Leasehold. An 80 square metre, two bedroom unit with a car park and courtyards at the front and rear. Rented at $560 a week. Rates were $1705 and the body corporate levy was $10,720 including ground rent. According to QV.co.nz the unit had been purchased in May 2014 for $200,000.  When there was no opening bid the auctioneer got proceedings started with a vendor bid of $230,000 but when there were no further bids it was passed in. The agent was Habeeb Urrahman.
  • 903/207 Federal St. Federal City building. A 60 square metre, two bedroom unit with balcony. Vacant. Rates were $1422 and the body corporate levy $5306. According to QV.co.nz the unit had been purchased in July this year for $430,000. When there were no bids from the floor the auctioneer opened with a vendor bid of $420,000 and when there were no further bids it was passed in. The agent was Habeeb Urrahman. 
  • 9A/9 Victoria St East. The Lister building. A 104 square metre, three bedroom penthouse apartment with an 80 square metre rooftop terrace in a character building. Rates were $2571 and the body corporate levy $12,160. According to QV.co.nz the apartment had been purchased in October last year for $650,000. When there were no bids from the floor the auctioneer opened with a vendor bid of $650,000 and when there were no further bids it was passed in.  The agent was Gabrielle Hoffman.
  • 3G/118 Gladstone Rd. Gladstone Apartments. A 64 square metre, one bedroom unit with a car park, storage locker and balcony, in a leaky building that faces substantial remediation work that could cost up to $10.5 million to complete. Rates were $1364 and the body corporate levy $4872 plus a special remediation levy of $36,539 for the first stage of remediation work. According to QV.co.nz the unit had been purchased in 2007 for $390,000. When there were no bids form the floor the auctioneer opened with a vendor bid of $275,000 and when there were no further bids it was passed in. The agent was Georgia Featherstone.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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Is this the beginning of the end as they say. So many people not wanting to register with the IRD as they have not returned tax on recent transactions. Those who need to sell should maybe get on with it soon as it will possibly get worse for sellers before it gets better.

guys can't sell it even losing money. apparently not all property investors are lucky...

Speaking to a RE at the weekend who said the North Shore has gone deadly quiet this month due to disappearance of foreign buyers.

The same foreign buyers we've been told "were not a significant force in the Auckland property market" repeatedly by the REINZ and the government. In fact, the same foreign buyers we were all branded as "racist" and "xenophobic" for even daring to suggest they were foreign.

apartments are always the first properties to lose value. has happened before in Auckland and queenstown.

Who wants to pay that kind of money for shoddy Auckland apartments and then keep coughing up that much in body corporate levys? No wonder they were all passed in.

Other than for those who have cashed in these crazy prices caused by money laundering and greed are a travesty for everyone.

Most were purchased only 1-2 years ago, with opening vendor bids clearly looking to exit and get their cash back. Anyone bailing these owners out would have to be mad. Next 12 months will be very interesting indeed, especially if govt continues to add restrictions on ponzi bank lending behaviour, and IRD increases it capital gain tax avoidance scrutiny.

4 units. 1 leaker. 1 leasehold. So the article is about 2 non-problematic apartments that didn't sell.

Which would have been snapped up quickly until very recently