There was no sign of any market slowdown at the latest Ray White City Apartments auction

Investors thumbed their noses at the Reserve Bank's proposed new LVR mortgage lending restrictions on investment properties at the latest Ray White City Apartments auction of Auckland apartments.

There was very strong bidding on the first lot on offer, a two bedroom apartment in Hobson St.

The opening bid for this unit was $500,000 and new bids came so quickly that the auctioneer could barely keep up at one stage and it was eventually knocked down for $700,000.

There was no shortage of buyers for the other units on offer either,  which ranged from a shoebox on Symonds St which sold for $305,000 to a three bedroom apartment just off Karangahape Rd which went for $452,000.

The full results of the auction  are below:

•  1204/47 Hobson St. H47 building. A vacant, 94 square metre, two bedroom, two bathroom apartment with two car parks and a good sized, north facing balcony with harbour views. There were around half a dozen hopeful buyers for this property and the bidding opened at $500,000 and was extremely competitive until it sold under the hammer for $700,000. Rates were $2153 and the body corporate levy $9527. According to QV.co.nz the property was last sold for $510,000 in 2004. The agent was Jean Ooi.
• 1B/1 Ophir St. 1 on Ophir building. A 70 square metre, three bedroom, two bathroom, furnished unit with a car park and 10 square metre balcony. Vacant. Sold for $452,000. Rates were $1330 and the body corporate levy $4026. According to QV.co.nz the unit was last sold for $300,000 in 2008. The agent was Dominic Worthington.
• 14F/156 Vincent St. The Eclipse building. A 41 square metre, one bedroom, furnished apartment overlooking Myers park. Vacant. Sold for $305,000. Rates were $1007 and the body corporate levy $3313. According to QV.co.nz the unit was last sold in August 2013 for $240,000. The agent was Krister Samuel.
• 104/37 Symonds St. Forte building. A 39 square metre, one bedroom corner unit with a large wrap around deck and  a property management agreement with Charta Management. Sold for $305,000. Rates were $1088 and the body corporate levy $3566. According to QV.co.nz the property last sold for $293,500 in 2003. The agent was Lorraine Garnett.

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