There was strong bidding at both of this week's main Auckland apartment auctions, with City Sales selling six of the seven apartments on offer and Ray White City Apartments also selling six of the seven it had on offer.
Crowd numbers attending both auctions were probably a bit down on where they were last year when the market was in full flight, but those who did attend weren't just window shopping and there was competitive bidding, which saw most properties sell under the hammer.
The properties on offer ranged from a tiny 18 square metre shoebox to more expansive offerings with harbour views, and there was good demand from potential buyers across all types.
See below for the full results of both auctions.
City Sales auction 9 February:
- 104/47 Wakefield St. The Sun building. A 38 square metre, two bedroom, fully furnished unit. Vacant. Sold for $253,000. According to QV.co.nz the unit had been purchased for $143,913 in December 2013. Rates were $1208 and the body corporate levy $4698. The agent was Habeeb Urrahman.
- 1211/11 Liverpool St. CityZone building. An 18 square metre studio. Rented at $310 a week. Sold for $197,500. Rates were $965 and the body corporate levy $1550. According to QV.co.nz the unit had been purchased for $131,000 in 2004. The agent was Iona Rodrigues.
- 705/35 Hobson St. Farmers Heritage building. A 55 square metre, one bedroom, fully furnished unit. Rented at $450 a week. This was an internal unit which faces into the building's atrium. Sold for $310,500. Rates were $1224 and the body corporate levy $7475. According to QV.co.nz the unit had been purchased for $270,000 in 2007. The agents were Lucy Piatov and Chris Bell.
- 9B/124A Hobson St. First Imperial building. A 78 square metre, two bedroom, fully furnished unit with harbour views and a car park. Vacant. Sold for $561,000. Rates were $1553 and the body corporate levy $6721. The agents were Steve Kirk and Habeeb Urrahman.
- 808/207 Federal St. The Federal building. A 60 square metre, two bedroom, furnished unit with a balcony. Vacant. Sold for $475,500. Rates were $1397 and the body corporate levy $5223. according to QV.co.nz the unit had been purchased for $390,000 in 2006. The agents were Lucy Piatov and Chris Bell.
- 301/11 Union St. Harbour Green building. A 47 square metre, two bedroom, fully furnished unit with a balcony. Rented at $600 a week. Sold for $375,000. Rates were $1212 and the body corporate levy $4380. The agents were Steve Kirk and Habeeb Urrahman.
- 3/196 Rockfield Rd, Penrose. A two bedroom home unit with fenced rear yard. Vacant. When there were no bids on the property the auctioneer made a vendor bid of $550,000 and when there were no further bids it was passed in. The agent was Maryanne Wong.
Ray White City Apartments auction 10 February:
- 11A/3 Harrison Rd, Ellerslie. Ellerslie Court. A 45 square metre, one bedroom apartment with a balcony and car park. Vacant. Sold for $321,000. Rates were $1056 and the body corporate levy $3229. According to QV.co.nz the unit had been purchased in 2010 for $208,000. The agent was Dusan Valenta.
- 14C/34 Kingston St. Altitude building. A 40 square metre, two bedroom, furnished unit with harbour views. Vacant. Sold for $336,500. Rates were $1113 and the body corporate levy $4319. According to QV.co.nz the unit had been purchased in 2003 for $207,000. The agent was Krister Samuel.
- 308/9-17 Byron Ave, Takapuna. Spencer on Byron building. A 59 square metre, one bedroom, furnished unit under management contract to the hotel. Sold for $275,000 plus GST (if any). According to QV.co.nz the unit had been purchased for $220,000 in 1999. The agents were Gillian Gibson and James Mairs.
- 23/6 Porters Ave, Eden Terrace. A 73 Square metre, Two bedroom/two bathroom, furnished apartment with balcony and two car parks, in a building that is adjacent to the railway tracks. Vacant. Sold for $500,000. Rates were $1290 and the body corporate levy $2840. The agent was Jean Ooi.
- 5J/72 Wellesley St. Kingsbridge building. A 77 square metre, two bedroom unit with a balcony and car park. Rented at $520 a week. Sold for $551,500. Rates were $1693 and the body corporate levy $6913. The agent was Gillian Gibson.
- 10C/125A Hobson St. First Imperial building. A 78 square metre, two bedroom unit with balcony and a car park. Vacant. There was only one bidder for this property, who made an opening bid of $500,000 and then increased it to $550,000. When there were no further bids the auctioneer made a vendor bid of $625,000 and when there were no further bids it was passed in. The agents were May Ma and Mark Li.
- 1002/9-17 Byron Ave, Takapuna. Spencer on Byron building. A 30 square metre, furnished studio under management contract to the hotel. Sold for $146,500 plus GST if any.The agents were Gillian Gibson and James Mairs.
10 Comments
No. If they were purchased with the intention of renting for income stream any capital gain will generally not be taxable. If bought with the intention to sell for profit, then capital gains are generally taxable.
It amazes me how this point creates so much confusion!
If you look at the meager profits some of these apartments sold for, the vendor would actually be out of pocket. Bodycorp fees, letting fees, maintenance, opportunity cost etc over 3-5 years and the yields are less than 3% why bother. Guess the REINZ want to show all is well in the property ponzi world with high auction clearance rates. I think the vendors getting out must be relieved they sold before things came crashing down, now it is handed over to someone else who may suddenly find he/she has lost 2-30% value of the price they paid.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.