Leasehold units were top sellers at recent apartment auctions but they went for rock bottom prices while art deco apartment fetched top dollar

The Auckland apartment market is still operating at two speeds. Larger apartments that appeal more to owner-occupiers are generally selling well, while the smaller CBD apartments that are often owned by investors and rented to students or as short stay visitor accommodation, are often having a hard slog.

However outcomes can be uncertain for vendors of both types of apartments.

At the latest City Sales auction five apartments were on offer, four of which could have appealed to owner-occupiers and one that was more likely to be investor fare.

• First up was a 66 square metre, two bedroom unit with a car park in the art deco Westminster building near the High Court. The apartment had been refurbished to a high standard but retained its character features, giving it considerable appeal. It had a rating valuation of $980,000 and although there was only one bidder for the property it sold under the hammer for $900,000.
• A modern, two bedroom/two bathroom unit with two car parks in a low rise block near St Lukes shopping mall in Morningside attracted multiple bids. It had a rating valuation of $570,000 and sold under the hammer for $600,000.
• A modern 64 square metre, two bedroom apartment with a car park in The Statesman building which is also near the High Court, had a rating valuation of $770,000, which was also the opening bid. However there was only one bidder and although they increased their bid to $800,000, it wasn't enough to get it across the line and it was passed in.
• A 60 square metre, two bedroom unit in the Sugartree Altro building on Nelson St had a rating valuation of $770,000. This is a reasonably new complex and many of the original purchasers were investors who bought off the plans. Since the building was completed there have been a number of resales, with mixed results. This unit attracted just a single bidder and it was passed in at $550,000.
• A 39 square metre apartment with two bathrooms, in the Tetra building on Wakefield St, had a rating valuation of $370,000. It sold under the hammer for $295,000.

Ray White City Apartments also had a good level of interest at their latest auction where eight apartments were on offer.

• There were multiple bidders for a 51 square metre, one bedroom plus study unit with a car park in the Connect building on Anzac Ave. It had a rating valuation of $700,000. Although there were multiple bidders, it was passed in at $725,000.
• A refurbished 91 square metre terrace house above shops, with two bedrooms and a car park, situated opposite the container terminal in Quay St attracted multiple bids. This was a leasehold unit with current ground rent of $17,344 plus body corp fees of $4540 and rates of $1827. It sold under the hammer for $79,000. According to PropertyValue.co.nz the unit was last sold for $225,000 in 2007.
• Another leasehold unit in the Sebel building on Customs St, attracted multiple bids. It was a 38 square metre studio and was offered fully furnished and sold under the hammer for $120,000 plus GST (if any).
• A two bedroom/two bathroom unit in the Park Residences building on Swanson St attracted multiple bids. This was a dual key unit, meaning it could be split into two self contained units, an arrangement that's popular with investors operating in the short stay visitor market. It was passed in with a top bid $700,000 which was the same as its rating valuation.
• There was spirited bidding for an 89 square metre terrace house in Grafton (off Symonds St), which had two bedrooms, two bathrooms, two car parks and a large deck. It had a rating valuation of $820,000 and sold under the hammer for $930,000.
• A 62 square metre, two bedroom apartment with an eight square metre balcony in the Queens Residence complex on Airedale St had a rating valuation of $770,000 but attracted just a single bid of $650,000 and was passed in.
• A 62 square metre, two bedroom unit in the Q Central building in Liverpool St was a leasehold unit with ground rent of $10,273. It attracted a single bid of $95,000 and was passed in.

At the same Ray White auction a ground floor, 100 square metre retail unit in The Docks complex on Quay St was offered with vacant possession. It was a leasehold property with ground rent of $10,273 and sold under the hammer for $112,000 plus GST.

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Details of all of the properties offered at the residential auctions monitored by interest.co.nz are available on our Residential Auction Results page, while details of the commercial property sales collated by interest.co.nz are available on our Commercial Property Sales page.