Buyers were active at the latest Auckland apartment auctions but they were cautious on price and few units were sold under the hammer

Buyers were active at the latest Auckland apartment auctions but they were cautious on price and few units were sold under the hammer
This leasehold, one bedroom unit on Princes Wharf sold for $123,000.

It has been a relatively quiet week in the auction rooms of the main Auckland apartment agencies, with a modest number of properties on offer and buyers remaining cautious on price.

City Sales had two apartments up for grabs, one in The Oaks complex on Hobson Street in the CBD, and the other in the newly completed Skyview apartment building on Scotia Place, just off the top end of Queen St.

The Oaks unit was a 46 square metre apartment with two bedrooms and a balcony and was fully furnished and leased to the hotel.

There were multiple bidders for the property and it sold under the hammer for $281,500.

According to QV.co.nz it had a rating valuation $440,000 and was last sold in 2004 for $314,000.

The Skyview apartment was brand new in a recently completed complex and was a 53 square metre unit with one bedroom and a study and overlooked Myers Park.

There was only one bid of $450,000 for the property and without any competitive bids to take the price higher it was passed in for sale by negotiation.

Ray White City Apartments had five units on offer and they were a real mix that included a leasehold, one bedroom unit on Princes Wharf, a unit with four bedrooms shoehorned into 52 square metres in the Kiwi on Queen building at the top end of Queen St, and an upmarket apartment in Parnell.

There were multiple bidders for four of the properties and some of the bidding was quite spirited. But buyers remained cautious on price and by the end of the auction only one of the units had sold under the hammer -  the leasehold unit on Princes Wharf which went for $123,000, with the rest passed in for sale by negotiation.

The fifth property on offer was an upmarket, 73 square metre, two bedroom/two bathroom apartment with an 11 square metre balcony and a car park in The Ridge complex in St Mary's Bay.

This was a brand new apartment in a recently completed complex. But when there was no opening bid, the auctioneer opened with a vendor bid of $900,000.

But when no further bids were forthcoming it too was passed in.

So although buyers were active they remained cautious and deals were tending to be closed in the negotiations that took place after the auctions rather than on the auction floor.

Details of the properties offered at these and other other auctions and the selling prices achieved for most of those that sold are available on our Residential Auction Results page.

Details of the prices achieved for commercial properties are available on our Commercial Property Sales page.

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Poor results

"....... a unit with four bedrooms shoehorned into 52 square metres....."

How can that be possible??

Who would want to live in such a dwelling??

Overall, a dubious bunch of apartments.

TTP

Phil Twyford.

How is it possible.. because slumlords like more tenants per sq m, no doubt been rented out to 4+ foreign students. 4 x single bed, study desk and one dresser rooms, a bathroom and a kitchenette. Probably originally built as two decent bedrooms and partitioned off, or living area shrunk down and turned into extra bedrooms.

Who wants to live like that.. probably nobody, but its what is available for their budget.

These types of apartments do tend to cater to students, many of who prefer them to hostels because they only have three flatties and can come and go as they please. Good location for students right on Queen St and a few metres down from the delights of K'Rd, so better than stopping at home with mum and dad. If I was a student again I'd consider it, but in such a small space you'd want to choose your flatties carefully. 

Actually that unit is by design and built.

I would better than living in a car. In fact most are grateful they get a roof on their heads, obviously you haven't been overseas.

That is exactly the right question to be asking....

and despite that sad and pathetic state of our housing (size/condition), they are ridiculously expensive... some are inhabitable

TTP you stay in Palmy
You’ve obviously no idea about Auckland apartments !
I thought 65sqmetres was a box Go figure

I rented an apartment in Tokyo at Xmas time and honestly it can't be any bigger than 40sqm. it has 3br + lounge, kitchen and full bathroom. But being Japanese, they are absolute minimalist and extremely well designed (almost like an Ikea show home).

.

This is Wait and Watch for all who are looking to buy property specially FHB.

have you ever considered changing your name to 'Wait and Watch"

Waitand Watch :)

" But when there was no opening bid, the auctioneer opened with a vendor bid of $900,000. But when no further bids were forthcoming it too was passed in."

So what this should really say is... the auctioneer tried to open at $900,000 but there were no bidders. This "vendor bid" nonsense is so off.

Gingeninja
Great to see your wise words here again
I agree the vendor bid is a silly open anyway at 900K
Obviously 899K sounds a lot better

when the market was hot, the Vendor bid worked miraculously for the vendor... now, its a different story

https://www.barfoot.co.nz/764513

some genius paid 855 in 2015 for that property in 2015.. hasn't sold today and they are over optimistic to put a price of 895...

irrespective of what it sells for, minus agents fee, they genius is taking a loss.. and that is going back to 2015 ....

A greater fool.

Mostly likely got sucked in the hype of capital gain by property spruikers. I know one who was actively promoting Glen E ,

Uncomfortably close to Sabulite Rd too. Can be a bit rough around there.

The body corporate is so high on some apartments it like still paying rent when you own it so i'm not surprised when some go cheap.

Hi Carlos,

Indeed - body corporate fees can be astronomical!

Even worse to know, often the money is needed to pay for weathertightness costs......

An alarming proportion of Auckland apartments leak!

TTP

Certainly still seems like an unhealthy level of risk if buying off the plans too.

Not that one should buy off the plans and expect that capital gains have not been priced in already either.

I was speaking to a very clued up economist / businessman today who reckons the property market is worse than the official stats would suggest. His view is that effectively prices are down 10% from peak. The whims of official stats are obfuscating that reality

I wouldn't touch Auckland property with a 10-foot-pole, the idea of spending/borrowing hundreds-of-thousands of dollars for some of the junk out there boggles the mind.

Greater fool theory is right. Just keep buying I guess .. good luck with that.