Plenty of bidders at this week's Ray White City Apartments auction

Plenty of bidders at this week's Ray White City Apartments auction
A two bedroom unit in the Harvard on Hobson building sold for $240,000.

There was keen bidding at this week's Ray White City Apartments' auction, with four of the five apartments offered selling under the hammer and only one passed in, giving a clearance rate of 80%.

A commercial office unit that was offered was also passed in.

There was particularly strong bidding for 49 square metre unit on Union St with four single bedrooms shoehorned into it that sold for $352,000. It was rented at $500 a week providing a gross rental return of 7.4%, which reduced to 5.8% after allowing for body corporate levies and rates.

See below for the full results of this week's auctions

  • 501/11 Union St. Harbour Green building. A 49 square metre unit with four single bedrooms and a balcony, rented at $500 a week. There was extremely competitive bidding for the unit and it sold for $352,600. Rates were $1236 and the body corporate levy $4343.  According to QV.co.nz the unit had been purchased for $195,000 in 2006. The agents were Judi and Michelle Yurak.
  • 711/76 Wakefield St. Sapphire building. A 51 square metre, two bedroom unit with balcony rented at $450 a week. There were multiple bidders for the unit and a declared reserve of $420,000 was announced during the auction but it was passed in with a highest bid of $410,000.According to QV.co.nz the unit had been purchased for $310,000 in 2006. The agents were Simon Harrison and Damian Piggin.
  • 6E Bankside St. Waldorf Bankside building. A 30 square metre, furnished studio with balcony, rented at $400 a week. Sold for $241,000. Rates were $1061 and the body corporate levy $3451. According to QV.co.nz the unit had been purchased for $213,000 in June 2013. The agents were Judi and Michelle Yurak.
  • 808/53 Cook St. Aura building. A 53 square metre, two bedroom, furnished unit with balcony. Vacant. Sold for $363,000. Rates were $1199 and the body corporate levy $4819. The agents were Simon Harrison and Damian Piggin.
  • 1D/147 Hobson St. Harvard on Hobson building. A 37 square metre, two bedroom furnished unit rented at $420 a week. There was only one bidder for the property and it was sold under the hammer for $240,000. Rates were $1051 and the body corporate levy $3626. According to QV.co.nz the unit had been purchased for $203,000 in August 2013. The agents were Judi and Michelle Yurak.
  • 38H Whitaker Place. A 197 square metre office space with six car parks in a commercial building overlooking Grafton Gully. Vacant. Passed in with a highest bid of $650,000. According to QV.co.nz the unit had been purchased for $780,000 in March this year. 

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it's hard to believe that in a city, the selling of 4 apartments rates a positive angled story.

The market is obviously surging ahead yet again. Quick get in while you can before it's too late :)