Two sell under the hammer, two passed in at City Sales apartment auction

Two sell under the hammer, two passed in at City Sales apartment auction

Two out of four sold under the hammer at the week's City Sales apartment auction in Auckland, with one apartment providing a good capital gain for its vendor and the other selling at a substantial loss.

Full results are below:

• 519/35 Hobson St. The Heritage building. A 48sq m one bedroom unit that was not part of the hotel operating out of the same complex, but which was rented at $400 a week and was offered for sale fully furnished. There were multiple bidders and it sold under the hammer for $240,000, providing a gross rental yield of 8.7%. The body corporate levy was $6,690 (including 10% prompt payment discount) and rates were $1,007. A sales history provided by QV.co.nz shows it was last sold for $165,000 in 2011.
   
•  604/149 Hobson St. Ascent building. A 41sq m one bedroom unit in a building which has had maintenance and remediation issues. It was offered for sale fully furnished and was rented at $340 a week, fixed until April, 2015. There were multiple bidders and it sold under the hammer for $162,000, providing a gross rental yield of 10.9%. Body corporate levies were $2,400 a year and rates were $878. According to QV.co.nz  the unit was last sold for $216,000 in 2007.
   
• 11C/81 Wakefield St. Oakwood building. A 29sq m studio unit offered fully furnished. Passed in with no bids.
   
• 3A/99 Anzac Ave, Focus on Anzac building. A 60sq m two bedroom unit in a character building. This was a type of property that often appeals to owner-occupiers as well as investors, but it was passed in with no bids.