Just under half sell under the hammer at Auckland apartment auctions

Just under half sell under the hammer at Auckland apartment auctions
This two bedroom, leasehold apartment in the Lighter Quay complex at Viaduct Harbour sold for $255,000.

Things were fairly lively at this week's main Auckland apartment auctions, with plenty on offer and plenty of people bidding with just under half the units selling under the hammer.

At City Sales' auction, six apartments were on offer with a good mix of sizes and types meaning there was something for both investors and owner-occupiers. 

Five of the apartments attracted multiple bids with some of the bidding being quite lively and there was a single bidder for the sixth unit.

By the end of the auction two units had sold under the hammer and the others were passed in for sale by negotiation.

At Barfoot & Thompson's regular apartment auction two apartments were on offer, both of them larger units that could have appealed to owner-occupiers. They both had multiple bids and both sold under the hammer.

At Ray White City Apartments, six units were offered and five attracted multiple bids with two selling under the hammer.

One of the units that sold was a leasehold unit in the Lighter Quay complex at Viaduct Harbour, which had ground rent of $4255 a year with the next review due in August 2024.

However there was not so much interest in a large (138 square metre) two bedroom/two bathroom unit with two car parks in the Parc complex, also in the Viaduct precinct.

The Parc complex is also leasehold and the ground rent on the unit on offer was $11,890 a year with the next review due in January next year.

It attracted just a single bid before being passed in.

Details of the properties offered at all three auctions and the prices achieved on those that sold are available on our Residential Auction Results page.

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Gingerninja. This one's for you

Other auction news from around the country, because its not all about just Orcland. This little anecdote comes from a RE agent I know who knows how I like to know what is going on around the place. I believe the transcript of events is pretty much accurate.

http://harcourts.co.nz/Property/851651/PE8129/82-Seaview-Road

Up for Auction today. RV $2,000,000.
Auctioneer; 'Shall we start the bidding?'
SILENCE
Auctioneer; 'Okay I'll start with a Vendor bid to get things going at $1,300,000'
SILENCE
Auctioneer; 'Okay so we need a bit of warming up, raised Vendor bid to $1,400,000'
SILENCE
Auctioneer shuffles off to have a chat with the client before returning.
'Okay I have instructions to offer the house at $1,650,000 before we pass the house in'
SILENCE

Winter has come by the looks of things, I wish I'd been there to see it. I think the success rate was around 50% but not yet had that confirmed on the auctioneers site.

wonder what the mortgage is, hmmmm

edit.

Previously duff info with apologies, it's another property in the neighbourhood with a priority amount of $2,000,000.
No mortgage here as far as I can see, just a lack of realism.

Previous sales - 11 May 1983 for $55k. Unless they’ve borrowed against the equity.

$1,650,000 is a lot of money. Buyers either need to be 'cashed up' or living in a financial system happy to doll out mortgages (leverage) to anyone who can produce a Certificate of Title with their name on it - regardless of meaningful equity.

You can't win Monopoly, in the end there are no customers left so EVERYBODY loses. We're not their yet .. or are we?

Let's face it Zack, most of those who can afford multi million dollar homes in AKL have been money launders and since overseas governments have locked down their cash flows we're now seeing that false economy dry up. Which is a good thing really.

Love the swimming pool!
Having a pool in Wellington region is like having winter swim all year round.

Wow, love the style (expensive to keep in good condition), definitely better than what goes for 1.6mil in Auckland, but then again those cliff views,... had an acquaintance with views & a section like that, they woke up to find a quarter of it down the cliff. "Urgency Dictates Sale!" indeed.

Mmmm...pretty specific taste required. I’d say its a rather polarising property and evidently if there was any interest it was confined to the sideline spectator.

Not your taste? I'd have thought that with a name like Badlad that you've have had the occasional dream about being a 'Bond Villain'

New Zealand's fastest selling suburbs revealed - SOLD SOLD SOLD!!
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12095748

Dubble Guzzle...

That's not surprising at all. The last fools herded into the trap are often those that over pay for the worst possible locations. (It's why they are the biggest fools if you've ever read anything on 'Greater Fool Theory' Double GZ).. Then 18 months later they wake up and realise that the house and location that they really wanted is now 40% cheaper. Oops!
It's good to see that the NZ Herald are still out in support of their most generous sponsors (The Aussie banks that pay their wages - because without their 38% uplift in first half spending no one would be paying the press' wages) This is not my speculation it is according to another article on interest.co.nz just today as it happens.

https://www.interest.co.nz/business/94976/new-zealand-banks-lift-adverti...

When it comes to property Double GZ... Kenny has some great advice to those that were having a punt.

https://www.youtube.com/watch?v=gDwCMxPwJ_4

You will love this...
https://youtu.be/YZeV5LdS6no

$255k for the lighter quay place sounds good until you add up the body corp, ground rent and residents society (body corp 2nd dose) fees at around $1200/month, and you know those will only ever rise, and at what will no doubt be a far higher than inflation rate

Take out a mortgage, and then pay the same in "rent" to live in the property you have purchased.

Not worth it where the lease & BC fees can jump wildly for properties with remediation & building issues, especially down the vileduct. Even for a rental, covering what will be a high lease jump for a property quickly moving away from what tenants will pay for it makes it less appealing, $255k is even then a bit high.