There was a decidedly buoyant mood at this week's auction at Ray White City Apartments, where six properties were on offer and all attracted multiple bids and all sold under the hammer.
The units on offer were an interesting mix.
First up was a 69 square metre, two bedroom unit with a car park in the Q Central Complex just off the top end of Queen St and across the road from Myers Park.
It was rented at $590 a week on a fixed term tenancy until early next year.
Q Central is a leasehold complex and this unit had ground rent charges $9105 a year plus operating expenses of $4495, taking total outgoings to $13,600.
According to QV.co.nz it had a current rating valuation of $520,000 and was last sold in 2005 for $289,000.
At this week's auction it sold for $186,000.
That was followed by a two bedroom unit in the Volt building on the corner of Queen St and Mayoral drive, which has been a mainstay of the investment apartment market for several years.
The unit was 43 square metres and had a rating valuation of $410,000.
According to QV.co.nz had been purchased for $232,000 in 2013.
It sold for $370,000.
Next up was a 30 square metre, one bedroom, apartment in the Lapwood Spiral building.
This building is in a great location on the edge of Myers Park, giving many of the units in it appealing views.
But it also has severe weathertightness issues.
These are so severe that the building consultants' report identifying the problems said they were unwilling to give an estimate of likely repair costs but that they would be substantial.
So buyers were taking a punt on how much the repair bill would ultimately be, but there were several potential buyers prepared to have a go and the bidding was quite competitive and it sold under the hammer for $123,000, which meant the vendor should still have made a profit.
According to QV.co.nz it had been purchased for $101,800 in 1998.
Number four in the Order of Sale was a 30 square metre studio in the Heritage Tower on Nelson St.
It was managed under contract by the Heritage Hotel as part of its pool of units and was sold fully furnished.
According to QV.co.nz it had been purchased for $125,000 in 2005 and had a current rating valuation of $320,000.
It sold for $230,000 plus GST (if any).
The penultimate offering was a 40 square metre, two bedroom unit in the Altitude building on Kingston St.
It was rented at $420 a week on a fixed term tenancy which had about six weeks to run.
According to QV.co.nz it had been purchased for $215,000 in 2008 and had a current rating valuation of $380,000.
It sold under the hammer for $340,000.
The final offering was a 76 square metre unit with three bedrooms, two bathrooms and a tandem garage in the Shoalhaven complex at Takapuna.
According to QV.co.nz it had been purchased for $625,000 just three months ago in December last year and had a current rating valuation of $730,000.
There was competitive bidding for the unit it sold for $726,000.
The results of these and many other other auctions form around th country are available on our Residential Auction Results page.
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