Six out of 10 sold under the hammer at this week's Auckland apartment auctions

Six out of 10 sold under the hammer at this week's Auckland apartment auctions
The interior of the leasehold apartment in The Docks building that sold for $148,000.

The Auckland apartment auction rooms were a bit livelier this week after a couple of quiet weeks on either side of Easter.

At Ray White City Apartments' regular auction, six apartments were scheduled for auction but one was withdrawn from sale prior to the event. Of the remaining five, four were sold under the hammer and all of the apartments that sold attracted multiple bids.

Sales included a leasehold one bedroom unit in The Docks building just off Quay St, which went for $148,000.

At Barfoot & Thompson's main auction, two of the three apartments on offer were sold under the hammer, but there was only one bidder for a leasehold unit with a car park and it was passed in.

A three bedroom house in Ellerslie, on which the owners had accepted a pre-auction bid of $1,010,000 subject to a better bid being received at auction, was also offered, but no further bids were received and it was sold at its pre-auction offer price.

At City Sales auction this week just one apartment was offered and it was passed in.

The results from all three auctions, with the prices achieved on individual properties that sold and details of all properties including those that didn't sell, are available on our Auction Results page.

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Why are the apartments so popular? Who are buying them??

I would have thought that you'd be the first to know Double-GZ

No unfortunately I don't know. CBD is not in my neck of the woods but I am guessing parents are buying for their kids to live in while they attend universities? Personally I wouldn't buy apartments myself, at least not in the CBD.

Get a job. (or a life if you don't need a job)

60% is now considered Booming?

There are a large number of apartments for sale. If you do a search on TradeMe for apartments in Auckland City you get over 1100 results so there is plenty of choice it would seem.

Thanks good point, did you write this after you got off the phone to Double-GZ? I've been looking at the listing volumes and have also seen the overall Auckland listings teeter just below the 11,000. There's a lot of places just not selling from what I am seeing and a few properties I know the tenants and the desperation and frustration of those landlords.

... those landlords whom are trying to sell as soon as they can.

6 out of 10 apartments.is it me or are these numbers really small for a city the size of auck? I thought it mite be a subset but this is across different agents.

The tables are turning. And I'm very drunk right now.

Am surprised that Auckland apartments are as popular as they are. For me, it has to be a stand-alone house with a fee simple title. (Not interested in cross-lease.)

I suppose apartments serve as a cheaper port-of-entry to the property market for many people. Plus, they're usually secure and you don't have to maintain garden/lawns etc. But, personally, I don't have the stomach for body corporates, noisy neighbours (and plumbing) and so forth. And I like to let the dog out into the backyard for a run.

But each person to their own.

Apartments aren't for me but maybe it means looking at the big picture.

In major cities that is the norm. Inside the central line in London you don't get a house for less than $5m. In Singapore, HK etc you only live in apartments in the City Centre.

Auckland is a small city. It has poor transport. IF it grows into a 3m population city in next 20 years then buying "boxes" in town might not be so barking mad.

65,000 people to Auckland in the past 12 months (see elsewhere on this site) ! Where are they living? Why are they not buying the 11,000 odd listings on TradeMe? It all seems very strange...

Are they the homeless people they be talking about?

Good q

6 out of 10?.... 60% Sales hardly a "return to the good old days.. just saying..

Is this the 'return to normal' stage of the bubble graph?