A 42 square metre student flat with three bedrooms sells for $140,000, 18 square metre studio is passed in

An apartment in the Regatta Court building sold for $328,000.

A common feature of all four apartments offered at this week’s City Sales apartment auction was that all four had been owned by the vendors for more than 10 years, with QV.co.nz’s records showing they had all been purchased between 2002 and 2004.

All four of them also received multiple bids from competing purchasers with three being sold under the hammer and one being passed in for sale by negotiation.

The smallest unit offered was an 18 square metre studio, the largest was a 61 square metre unit with two bedrooms and the one with the most compact layout was a 42 square metre unit with three bedrooms shoehorned into it.

See below for the full results:

  • 11E/15 Whitaker Place. Columbia building. A 42 square metre, fully furnished, three bedroom unit in a managed student complex. Leased to the building’s management company. Returning a net income of approximately $700 a month (plus GST). Sold for $140,000 plus GST, providing a net yield of approximately 6%.  According to QV.co.nz the last sale of the property was in 2002 when it sold for $204,000. The Agent was Lucy Piatov.
  • 2009/11 Liverpool St. CityZone building. An 18 square metre, fully furnished studio. Vacant. Passed in with a highest bid of $160,000. Rates were $781 and the body corporate levy $2017. According to QV.co.nz it was last sold for $159,000 in 2004. The agent was Georgia Featherstone.
  • 207/184 Symonds St. Citta building. A 61 square metre, two bedroom apartment with a tandem car park. Rented for $480 a week. Sold for $493,000, achieving a gross rental yield of 5.1%, reducing to 4% once rates of  $1249 and the body corporate levy of $3910 were allowed for. According to QV.co.nz the unit was last sold for $330,000 in 2003. The agent was Gabrielle Hoffman.
  • 3C/92 Nelson St. Regatta Court building. A 43 square metre, fully furnished, one bedroom unit with balcony. Vacant. Sold for $328,000. Rates were $986 and the body corporate levy $3590. According to QV.co.nz the unit was last sold for $275,000 in 2003. The agent was Habeeb Urrahman.

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