Auction results: Quick flick apartment's selling price rises 55% in three months

A one bedroom apartment's selling price increased by more than $11,000 a week over three months

Property

A one bedroom apartment's selling price increased by more than $11,000 a week over three months

9th Jun 16, 3:04pm by Greg Ninness

A 41 square metre one bedroom apartment bought for $254,000 in March was sold for $410,000 at this week's Ray White City Apartments auction.

That means it had increased in price by $145,000 (55%) in three months. That's an average of $11,153 a week.

The apartment was in the Bianco building (pictured) on White St, which runs off the top end of Queen St in Auckland's CBD.

There was competitive bidding on all of the apartments offered at this week's auction, with five out of six selling under the hammer.

See below for the full results:

6C/25 Rutland St. The Aucklander building. A 27 square metre studio. Vacant. Sold for $280,500. The agent was Dusan Valenta.
225/430 Queen St. The Volt building. A 38 square metre, two bedroom, furnished unit. Rented at $500 a week. Sold for $387,000. Rates were $1187 and the body corporate levy $4310. The agent was Aileen Wu.
13A/25 Rutland St. The Aucklander building. A 37 square metre, one bedroom, furnished unit. Vacant. Sold for $335,000. The agent was Gillian Gibson.
1501/10 Waterloo Quadrant. The Quadrant building. A 22 square metre, furnished studio, under management lease. Sold for $223,000. The agents were Damian Piggin and Daniel Horrobin.
607/421 Queen St. Kiwi on Queen building. A 36 square metre, two bedroom, furnished unit. Vacant. Passed in at $300,000. The agent was Dusan Valenta.
12C/2 White St. Bianco off Queen building. Quick flick. A 41 square metre, one bedroom unit. Vacant. Sold for $410,000. According to QV.co.nz the unit had been purchased for $254,000 in March this year. The agent was Donald Gibbs.

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5 Comments

by Su30 | 9th Jun 16, 3:24pm 1465442654

More tax coming in due to bright line test. Nice.

by Spinach | 9th Jun 16, 4:32pm 1465446722

I would be keen to see the complete history and circumstances of the $410k sale. Just to see if this was an actual advertised sale each time, or if it was a lowball private deal done to provide tax loss to 1st seller, maybe a company or trust and massive gain to second. Clearly this type of raw data also skews the stats. Or maybe the 2nd figure is artificially high to allow a higher dollar amount to be borrowed?

by bluepicture | 9th Jun 16, 7:31pm 1465457464

Agreed, 1st and 2nd real buyers may be related, in order to get more money (cash) from bank.

by tomalteruk | 9th Jun 16, 4:30pm 1465446629

Still The Government is Not Ready to accept and Take Action. Shame.

by Property Leader | 9th Jun 16, 9:26pm 1465464386

I just ran my calculator over the 225/430 Queen St. The Volt building. On the figures provided it is making 5.3% net after rates and body corporate fees are paid and before management costs. That is a pretty good deal. I thought everyone was saying it makes no sense to be buying in Auckland. If this is typical I can not understand why any Auckland investor would want to invest in the provinces were the tenants are hard to find and capital gains slow in coming.