Number of apartments being auctioned doubles as investors decide to turn capital gains into cash

There was plenty of profit taking in evidence at City Sales' auction of Auckland apartments this week, with increasing numbers of investors deciding to realise the capital gains that have accrued on their properties over the last couple of years and cash up.

That has doubled the number of Auckland CBD auctions coming up for auction over the last few weeks, however due to the continuing enthusiasm of ethnic Chinese buyers for such properties and their willingness to accept extremely low yields, they continue to sell well and attract high prices.

It is also still possible to make a quick buck by buying and selling a quick flick.

At this weeks City Sales auction an apartment in the Manhattan building on Albert St, that according to QV.co.nz had been purchased for $294,000 in July, was sold under the hammer for $358,000, achieving a $64,000 increase in price in barely two months.

The full results of this week's City Sales auction are listed below:

• 5b/31 Day St. Avoka building. A 46 square metre studio, with a balcony. One of two units auctioned in this building. Vacant. Sold for $260,000. Rates were $1162 and the body corporate levy $4089. According to QV.co.nz the unit was purchased for $170,000 in 2011. The agents were Iona Rodrigues and Jacob Hayward.
• 10A/31 day St. Avoka building. A 56 square metre, one bedroom unit with a car park and large balcony. Rented at $400 a week. Passed in with no bids. Rates were $1372 and the body corporate levy $5375. The agents were Iona Rodrigues and Jacob Hayward.
• 1511/1 Courthouse Lane. The Metropolis building. A 48 square metre, fully furnished one bedroom unit with a car park. The were multiple bidders for the property but it was passed in for sale by negotiation. Rates were $1372 and the body corporate levy $5520.  The agent was Habeeb Urrahman.
• 7B/105 Albert St. Manhattan building. A 41 square metre, one bedroom apartment. Vacant. Sold for $358,000. According to QV.co.nz the unit had been in July this year for $294,000. Rates were $1175 and the body corporate levy $3578. The agent was Habeeb Urrahman.
• 506/85 Wakefield St. Tetra House. A 40 square metre, two bedroom, furnished unit. Vacant. Sold for $332,000. According to QV.co.nz it had been purchased in 2007 for $311,500. Rates were $1409 and the body corporate levy $4367. The agent was Iona Rodrigues.
• 909/85 Wakefield St. Tetra House. A 39 square metre unit with one bedroom and two bathrooms. Vacant. Sold for $252,000. According to QV.co.nz it had been purchased for $298,220 in 2007. Rates were $1236 and the body corporate levy $4796. The agent was Iona Rodrigues.
• 205/155 Beach Rd. The Cube building. A 54 square metre, two bedroom unit with balcony. There were multiple bidders for the property but it was passed in with a highest bid of $375,000. The agent was Tony Kelly.
• 1301/11 Liverpool St. City Zone building. A 45 square metre, two bedroom, furnished unit with a balcony. Vacant. Sold for $330,000. According to QV.co.nz the unit had been purchased in 2011 for $178,000. Rates were $1138 and the body corporate levy $3150. The agent was Iona Rodrigues.
• 2A/48 Liverpool St. Q Central building. A 59 square metre, two bedroom unit. Vacant. Leasehold. Sold for $108,000. According to QV.co.nz the unit had been purchased for $209,000 in 2005. Rates were $1249 and the operating expenses and ground rent came to $11,137. The agent was Gabrielle Hoffman.