The Auckland apartment market has finally kicked back into gear with the first major apartment auction of the year attracting a good crowd of buyers.
Ray White City Apartments had five CBD apartments on offer at this week's auction and there was competitive bidding on four of them with three selling under the hammer.
There was particularly strong bidding on the first apartment offered, a 28 square metre studio (pictured) in the Metro building in the heart of the student quarter on Wakefield St. It went for $291,000.
There was also competitive bidding for a one bedroom unit in the Tower Hill complex on Emily Place.
Tower Hill is a higher quality complex that is likely to appeal more to owner-occupiers than investors. Although several bidders were keen, the highest bid of $460,000 was not enough to get it across the line and it was passed in.
Only one apartment, a two bedroom unit at 8 Nugent St, failed to attract any bids.
This is also the busiest time of year for letting CBD apartments as people moving around start new jobs and students prepare for the academic year. Delanie Horrobin, the manager of Ray White City Apartments' rental management division, said this was the busiest start to the year the rental management division had experienced, with up to 30 prospective tenants turning up to vacant apartment viewings.
The full results of this week's auction, with prices of the properties that sold and details of those that didn't, are available on our Auctions/Sales results page.
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter"and enter your email address.
13 Comments
Huff Po just did a feature on what US$300k can get you around the USA. Found a 350 sq ft apartment on Manhattan for their price. That's a 32.5sqm apartment in Auckland for NZ$410k.
Given the stratospheric upper limits of Manhattan apartments I'd never claim it's cheaper on average than Auckland.
So let me get this straight - when the data is good, the sales numbers under the hammer are available. But when the data is bad, the sales numbers under the hammer are not available, instead we get statistics of what sold the following day or the end of the week.
It would be great if articles could stick with what sold under the hammer.
Oh, how I miss those heady days of at least 10 serious bidders in the auction room for a property, with at least 3 of them on the phone overseas to a bidder, who is buying "sight unseen"..... the "Glory Days".
The way these RE agents talk, you would still think things are still like this. Why does the media take any notice of what the RE agents say ...... they will ALWAYS put a positive spin on ANY situation.
Do you "own homework" folks, ignore these RE media spiels and head out to the auctions and open homes - then the true picture will be revealed.
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.