A notable feature of this week's major Auckland apartment auctions was the high number of quick flick properties offered for sale.
At Barfoot & Thompson's apartment auction all but two of the apartments put on the block had been purchased within the last 12 months. At the Ray White City Apartments auction later the same day, three of the five were quick flicks.
Although there was a good level of buying interest with most lots attracting multiple bids, the clearance rates were on the disappointing side at both auctions, with half of the apartments auctioned by Barfoots selling under the hammer and two of the five at Ray White City Apartments selling under the hammer.
See below for the full results form both auctions:
Barfoot & Thompson auction 17 March:
- 1A/10 Crummer Rd, Grey Lynn. Quick flick. A recently redecorated, two bedroom unit with a car park and balcony, located just around the corner from Ponsonby Rd. Vacant. There were multiple bidders but it was passed in at $500,000. According to QV.co.nz it had been purchased in November last year for $400,500. The agents were Rita Herceg and Alex Allan.
- 108/132 Vincent St, CBD. A 100 square metre, three bedroom/two bathroom unit with a large balcony and a car park. Vacant. Sold for $1 million. According to QV.co.nz it had been purchased in April 2013 for $630,000. Rates we.re $2332 and the body corporate levy $7246. The agents were Anah Jordan and Luke Dallow.
- 2407/8 Albert St, CBD. Quay West building. A 111 square metre, two bedroom/two bathroom unit with two balconies,a car park and harbour views. Vacant. Sold for $1.02 million. According to QV.co.nz it had been purchased for $680,000 in 2006. The agent was Livia Li.
- 7E/99 Anzac Ave, CBD. Quick flick. A 60 square metre, redecorated and partially furnished two bedroom unit with harbour views Vacant. Passed in at $490,000. According to QV.co.nz it had been purchased for $441,500 in October last year.The agents were Rita Herceg and Alex Allan.
- 3B/8 Farnham St, Parnell. Quick flick. A two level terraced house with two bedrooms/two bathrooms and two car parks. Vacant. Sold for $917,000. According to QV.co.nz the unit had been purchased for $735,000 in December last year. The agent was Jason Li.
- 3B/2 Whitaker Place. Grafton. Quick flick. A 74 square metre, two bedroom unit with a car park. Vacant. Passed in at $490,000. According to QV.co.nz the unit had been purchased in August last year $475,000. The agents were Wendy Feng and Jack Li.
- 1008/1 Hobson St, Grand Chancellor building. Quick flick. A 52 square metre, partially furnished,one bedroom unit with balcony and car park. Vacant. Sold for $595,000. According to QV.co.nz the unit had been purchased for $515,000 in January this year. The agents were Stephen Shin and Yasu Ka.
- 1021/72 Nelson St. Zest building. Quick flick. A 49 square metre, redecorated, furnished two bedroom unit. Vacant. Passed in at $330,000. According to QV.co.nz it had been purchased for $255,000 in June last year and then resold in August last year for $288,000. The agents were Alex Allan and Rita Herceg..
- 7 Inglewood St, Wai O Taiki Bay, Glen Innes. A renovated, 1950s-era, three bedroom weatherboard house on a 790 square metre section. Vacant. The auctioneer said that a pre-auction offer of $1.02 million had been received for the property, which had been accepted subject to it receiving a higher bid at auction. When there were no bids on the property it was declared sold at $1.02 million. The agent was Sam Bowen.
- 1314/53 Cook St, CBD A redecorated, two bedroom Apartment. Auction postponed until 24 March. The agent was Raymond Zhang.
- 906/37 Symonds St, CBD Sold prior to auction. The agent was Stephen Shin and Rhys Chen.
- 909/17 Vogel Lane, CBD. Sold prior to auction. The agent was Selina Zheng.
Ray White City Apartments Auction, 17 March:
- GH/14 Waterloo Quadrant. The Connaught building. A 32 square metre studio with a 14 square metre deck and a storage locker. Rented at $350 a week.Sold for $361,000. According to QV.co.nz it had been purchased in June 2014 for $245,000. Rates were $1199 and the body corporate levy $3240. The agent was Dominic Worthington.
- 8H/82 Wakefield St. Metro City building. Quick flick. A 38 square metre one bedroom unit with a car park. Vacant. Passed in at $370,000. According to QV.co.nz it had been purchased for $325,000 in July last year.The agents were May Ma and Mark Li.
- 105/145 Symonds St. Madison house. Quick flick. A 54 square metre, one bedroom unit. Vacant. Passed in at $385,000. According to QV.co.nz it had been purchased for $296,000 in December last year. The agent was Dusan Valenta.
- 111/188 Hobson St. Hobson Oaks. A 45 square metre, two bedroom furnished unit under management contract to the hotel operator. Sold for $237,500. According to QV.co.nz the unit had been purchased in 2006 for $275,000. The agents were Damian Piggin and Daniel Horrobin.
- 1008/53 Cook St. Aura building. Quick flick. A 48 square metre, two bedroom/two bathroom, furnished unit. Vacant. There were no bids on the property apart from a vendor bid of $400,000 made by the auctioneer and it was passed in. The agent was Dusan Valenta.
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12 Comments
Just spitballing here, wouldn't it be refreshing if all buyers had an attack of intelligence and just did not buy a property that was re-offered over such a short term at such an obvious premium? The previous sale data is there and upgrades can be reasonably costed, you should be able to figure that a $40K makeover does not justify a $100K profit. I suppose, similar to kiddie porn and gossip mags, if you consume it, you are just part of the problem....
it is the property market crashing, because all the foreign money has left :P
1008/1 Hobson St, Grand Chancellor building made 80,000 in less than 2 months......
the alternative is that the "crash" of last year was foreseen by some and interpreted by them as a temporary distortion of the market caused by the RBNZ's LVR rules, similar to the distortion that occurred when the RBNZ first brought in the rules. Those people might have purchased immediately after the rules came into effect (ie. October last year) or once the merket looked like it was as low as it would go and about to start picking up (January this year).
..renovated or perhaps........
http://www.theglobeandmail.com/news/investigations/the-real-estate-tech…
In NZ the agent would have to expressly convey their conflict of interest to all parties, or they could get a slapped wrist or worse.
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