A leasehold apartment in the luxurious Sebel Hotel complex overlooking Viaduct Harbour sold for just under half the price it was originally purchased for in 2001, at the latest Ray White City Apartments auction.
Also on offer were an apartment in a building currently having remediation work carried out, which sold for slightly below its 2005 purchase price.
Three of the four apartments put up for sale were sold under the hammer and the fourth was passed in with no bids.
One of the apartments which sold was a two bedroom shoebox unit down the road from Sky City, which was fairly typical investor fare. It's selling price of $210,000 would have provided its new owner with a net yield of around 6% (allowing for 2 weeks vacancy a year) or around 5.4% if allowing for a property management fee.
So the yields currently being achieved aren't great, but they are still a bit better than you'll get from the bank.
The full results are below:
4D/34 Kingston St. Altitude building. A 40 square metre two bedroom unit just around the corner from Sky City. Rented at $310 a week but due to increase to $340 a week in February. Sold under the hammer for $210,000. Rates were $844 and the body corporate levy $3110. According to QV.co.nz the unit was last sold for $198,000 in 2004. The agents were Estee Zeng and Damian Piggin.
224/149 Nelson St. Ascent building. A 51 square metre, two bedroom unit, rented for $370 a week. The building is currently having remediation work undertaken to repair construction defects, but is not the subject of a weathertightness claim. The work resulted in a special levy of $23,000 to be paid by the vendor of the unit. The body corporate levy for next year had not been finalised at the time of sale. There were multiple bidders for the property and it sold under the hammer for $235,000. Rates were $975 and the current body corporate levy $2906. According to QV.co.nz it was last sold for $252,000 in 2005.The agents were Mitch Agnew and Daniel Horrobin.
1901/11 Liverpool St. City Zone building. A 45 square metre two bedroom unit rented for $370 a week.There were no bids on the property and it was passed in for sale by negotiation. The agents were Estee Zeng and Daniel Horrobin.
209/85 Customs St. The Sebel Hotel building. Leasehold. A spacious 66 square metre, one bedroom waterfront apartment overlooking Viaduct Harbour. It was due to be released from the hotel pool so was offered fully furnished with vacant possession. There were multiple bidders for the unit and it sold under the hammer for $190,000. Rates were $4609, the body corporate levy $9267 and ground rent $5900. According to QV.co.nz the unit was last sold for $390,000 in 2001. The agents were Mitch Agnew and Damian Piggin.
---------------------------------------------------------------------------------------------------------------------------------------
Our free Property email newsletter brings you all the stories about residential and commercial property and the forces that move these huge markets. Sign up here.
To subscribe to our Property newsletter, enter your email address here. It's free.
----------------------------------------------------------------------------------------------------------------------------------------
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.