PHEW
Our mid month auctions just completed with about 130 attendees.
And we were competing with the controversial Erotica “Boobs On Bikes” half naked ride down Queen Street which started at the same time.
Yes, there was a head count of Agents before the Auction and all were present although the guys disbursed pretty quickly after the event.
First up was the two bedroom, no car in Aura on corner of Cook and Nelson Street – freehold. We sell these at around $180,000 to just over $200,000.
Bidding started at $150,000 and was slow with $10,000 steps to $190,000 where it was considerably past Reserve and the hammer came down to loud applause.
Second, an Empire one bedroom with a start at $50,000, three bidders, passed in at $68,000 and sold five minutes after auction for $70,000.
The Quadrant by The Hyatt, a managed Studio near new had three bidders. Income $7,000pa but a very disappointing Reserve. Highest bid of $70,000 was turned down.
The Docks, a near new leasehold downtown 90 sqm 2 bedroom, tandem carpark was a startling success. Four bidders to start provided vigorous early competition. The Reserve set by the Vendor meant we were very soon “on the market” and eventually two final bidders to slogged it out to $365,000. This was a very good result although cold comfort to our Vendor who had paid over $700,000 for it off the plans. But he was grateful for a job done very diligently and for the certainty of an unconditional sale.
And then, The Railway Campus. Oh dear. Six units, no income for up to three years and a $6million dollar bill to carry out remedial repairs. Who could sell investments like these?
You guessed it – all sold under the hammer with the Managing Director narrowly avoiding a heart attack.
Love to tell you the selling prices, but won’t.
You have to ring us.
Cheers for August,
Martin Dunn AREINZ
MANAGING DIRECTOR
