An apartment in Auckland doubled in price in four years when it was sold at auction this week.
According to QV.co.nz, the apartment in the St Pauls building in the university precinct had been purchased for $240,000 in 2011.
When it was offered for sale at this week's Ray White City Apartments auction it sold for $477,000, just $300 shy of a 100% increase in value.
Another apartment at the same auction, which was located on Wakefield St near the Town Hall, sold for over 50% more than it had been purchased for in 2013.
However the market for leasehold properties remains difficult and all three leasehold apartments offered at the same auction were passed in.
Some smaller commercial properties have also been selling for exceptionally high prices.
Among the commercial sales recently reported by Colliers International was a shop in Mt Eden Village which sold for $1.52 million, providing its new owners with a yield of just 2.95%, which is the lowest yield ever recorded on an investment property sold by Colliers.
See below for the full results of recent sales by Ray White City Apartments and Colliers International.
Ray White City Apartments auction results:
- 3F/99 Anzac Ave. Focus on Anzac building. A 60 square metre, two bedroom furnished unit. Rented at $450 a week. Sold for $477,000. According to QV.co.nz it had been purchased for $240,000 in 2011. Rates were $1286 and the body corporate levy $3379. The agent was Victor Liu.
- 4/3B Harrison Rd. Mt Wellington. Ellerslie Court complex. A 90 square metre, two bedroom unit with two car parks. Vacant. Sold for $561,000. Rates were $1389 and the body corporate levy $4355. The agent was Keisha Gutierrez.
- 12B/4 St Paul St. St Pauls Apartments building. A 34 square metre, one bedroom furnished unit in a building with weathertightness issues. Rented at $340 a week. Sold for $190,500. According to QV.co.nz it had been purchased for $189,100 in 2004. Rates were $694 and the body corporate levy $6163. The agent was Dominic Worthington.
- 9A/8 Quay St. 8 On Quay building. Leasehold. A 91 square metre, two bedroom unit with two car parks, situated above shops and directly across the road from the container terminal. Vacant. Opened with a vendor bid of $150,000 and when there were no further bids it was passed in. Rates were $1559, the body corporate levy $3885 and ground rent $9993. The agent was James Mairs.
- 8H/18 Wakefield St. The Wakefield building. A 108 square metre, two bedroom/two bathroom unit with a balcony and car park. Vacant. Sold for $740,000. According to QV.co.nz it had been purchased for $490,000 in May 2013. Rates were $1767 and the body corporate levy $4459. The agent was Krister Samuel.
- 307/125 Customs St West. Viaduct Point building. Leasehold. A 78 square metre, two bedroom unit with a car park. There were no bids on the property and it was passed in. Rates were $1940 and the body corporate levy $13,677. The agent was James Mairs.
- 8i/15 City Rd. Q City building. Leasehold. A 40 square metre one bedroom unit, leased to Housing NZ for $1340 a month. There was an opening bid of $70,000 and when there were no further bids it was passed in. Total outgoings including ground rent and rates were $10,405. The agent was Dominic Worthington.
Recent commercial property sales by Colliers International:
- 409 Mt Eden Rd, Auckland. A 98 square metre retail premises operating as a cafe, on a 134 square metre site in Mt Eden village. Sold at auction for $1.52 million, providing a net yield of 2.96%. the agents were Tony Allsop and Jonathan Lynch.
- 78 Marsden Rd, Paihia. A 275 square metre retail premises with eight car parks. Sold for $1.555 million providing a net yield of 9%. The agents were Jimmy O'Brien from Colliers and Peter Peters NAI Harcourts.
- 2A Rothwell Ave, Albany, North Shore. An 890 square metre, two level office building with 35 car parks. Sold for $2.86 million providing a yield of 6.71%. The agents were Janet Marshall, Ryan de Zwart and Jimmy O'Brien.
- 287 Oteha Valley Rd, Albany, North Shore. A block of five retail units ranging in size from 100 to 200 square metres. Sold individually at auction, the total price for all five was $6.968 million and the yields on the individual units ranged form 4.66% to 5.15%. The agents were Mike Ryan, Ellie Martin, Euan Stratton and Jimmy O'Brien.
- 11 Newton St, Mt Maunganui. A 450 square metre commercial building on a 1070 square metre site. Sold for $1.41 million, providing a yield of 4.7%. The agents were Simon Clark and Rob Schoeser.
- 47 Paerangi Place, Tauranga. A new 2272 square metre industrial premises on a 3985 square metre site in the Tauriko Business Park. Sold for $4.37 million, providing a yield of 5.7%. The agents were Simon Clark, Duncan Woodhouse and Doug Russell.
- 7-13 Seaview Rd, Paraparaumu Beach. The Copperfield Motel and 11 adjoining commercial/retail tenancies plus two residential apartments on a 4145 square metre freehold site. Sold for $2.2 million. The agent was Dean Anderson.
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