27 Nov 15
100% auction clearance
Industry commentator INTEREST.CO.NZ comments on City Sales auction success, full story below:
Competitive bidding meant a 100% clearance rate at this week's City Sales apartment auction
There was a small crowd at this week's City Sales auction of Auckland apartments but they meant business and all four properties on offer were sold under the hammer, including an apartment in a leaky building.
Although some ethnic Chinese buyers were present their numbers have reduced considerably over the last couple of months, and those that were bidding at this auction were being very considered in their bidding and they tended to be outbid by other buyers.
City Sales director Martin Dunn said a feature of the market over the last few weeks had been a pick up in buying interest from owner-occupiers while investors were tending to be more cautious.
See below for the full results of this week's auction:
- 312/9-17 Byron Ave, Takapuna. Spencer on Byron building. A 50 square metre, one bedroom unit with car park, leased to the hotel operating from the building. This was a mortgagee sale of a unit in a leaky building. Sold for $216,000. According to QV.co.nz the unit had been purchased for $220,000 in 2002. The agent was Gabrielle Hoffman.
- 303/76 Wakefield St. Sapphire building. A 37 square metre, one bedroom furnished unit. Rented at $345 a week. Sold for $271,000. Rates were $1039 and the body corporate levy $2837. According to QV.co.nz the unit had been purchased for $210,000 in 2005. The agent was Chris Bell.
- 1112/10 Waterloo Quadrant. The Quadrant building. A 41 square metre, two bedroom unit with balcony. Vacant. Sold for $425,000. Rates were $1356 and the body corporate levy $5070. The agent was Maryanne Wong.
- 15/3 Ngahura St, Eden Terrace. A 72 square metre, two bedroom unit with balcony and tandem car park, in a building immediately adjacent to the railway tracks. Vacant. Sold for $445.000. Rates were $1265 and the body corporate levy $2787. According to QV.co.nz the unit had been purchased for $273,500 in 2008. The agents were Jake Hayward and Iona Rodrigues.