Plenty of buyers at City Sales auction of larger style apartments but leasehold units struggle

Buyers were out in force at this week's fortnightly apartment auction at City Sales' Auckland rooms, but a leasehold terrace house in Parnell sold for a third of its previous sales price.

Most of the properties put up for sale this week were of a size and type that would appeal to owner-occupiers as well as investors, and potential buyers were not shy in their bidding.

The most hotly contested property was a two bedroom unit in the Longview complex in Grafton which had six bidders chasing it, eventually selling under the hammer for $393,000.

Four out of the six properties offered sold under the hammer including an apartment in the character George Courts building on Karangahape Rd, which sold at a significant premium to its original purchase price.

Leasehold units continue to struggle as buyers remain wary of this type of property. Two leasehold units were offered at the auction, with the Parnell terrace house selling at a massive discount to its original purchase price and the other passed in with just a single bid.

The full results:

• 1223/10 Waterloo Quadrant. A 22sq m fully furnished studio, with a management agreement in place to the hotel.This attracted several bids and sold for $190,000. According to QV.co.nz, it was originally purchased in for $157,000 in 2006.
• 4B/6 Whitaker Place, Grafton. Longview building .An 80sq m, two bedroom unit with car park. Six bidders fought it out for this one and it was eventually knocked down for $393,000. Its sales history was not available.
• B/238 Karangahape Rd. George Courts building. A 114sq m, 2 bedroom/2 bathroom unit on two levels with a car park. Sold for $535,000. QV.co.nz records show it was previously purchased for $350,000 in 2005.
• 5B/156 Vincent St, Eclipse building. A 62sq m two bedroom unit. The only bid ($340,000) on this property was on behalf of the vendor and it was passed in to be sold by negotiation. No sales history was available.
• 3B/34 Liverpool St. Q-Central building. A 60sq m two bedroom apartment with two car parks on a leasehold title, rented at $560 a week. Passed in with a top bid of $120,000.  QV.co.nz records show it was previously purchased for $183,000 in 2012.
• 44F Ngaoho Place, Parnell. Parnell Terraces complex. A 108sq m, 3 bedroom/2 bathroom unit with garage, on a leasehold title. This unit was due to have maintenance work undertaken. Rented at $560 a week. Sold for $85,000. QV.co.nz records show the property was purchased for $258,000 in 2005.