A buyer was so keen to purchase an apartment at auction that he was making bids before finding out what it was like

This apartment in the Federal City building sold for $425,000.

Ray White City Apartments packed them in again for this week’s Auckland apartment auction, and there was spirited bidding on all all four units on offer, with two selling under the hammer and two being passed in for sale by negotiation.

One phone bidder appeared to be trying to purchase apartments he hadn’t seen, with the agent that was taking his bids overheard telling the hopeful buyer during a lull in the bidding: “it’s smaller than the other one but has two bathrooms.”

That was enough to spur the bidder on to ever higher prices but he eventually lost out to an Asian gentleman who was taking instructions from another phone bidder.

See below for the full results from this week’s auction:

  • 306/155 Beach Rd. Cube Apartments. A 57 square metre, two bedroom apartment with balcony. Rented at $420 a week. Passed in for sale by negotiation at $385,000. Rates were $959 and the body corporate levy was $2297. According to QV.co.nz the property was last sold in 2005 for $312,500. The agent was Dusan Valenta.
  • 11J/23 Emily Place. Silo Apartments. A 53 square metre, two bedroom apartment with a car park. Rented at $590 a week. Passed in for sale by negotiation at $480,000. Rates were $1233 and the body corporate levy $7834. According to QV.co.nz the property was last sold in 2006 for $315,000. The agent was Gillian Gibson.
  • 703/85 Beach Rd. The Beach building. A 51 square metre, fully furnished, one bedroom unit with balcony. Rented at $400 a week. Sold under the hammer for $352,000. Rates were $1088 and the body corporate levy $3632. The gross rental yield was 5.9% but when the body corporate levy and rates were allowed for the yield was reduced to 4.6%. The agent was Adele Keane.
  • 204/207 Federal St. Federal City building. A 58 square metre, two bedroom, two bathroom apartment with balcony. Rented at $500 a week. Sold for $425,500. This provided  a gross rental yield of 6.1%, which reduced to 4.8% when rates of $1185 and and the body corporate levy of $4440 were allowed for. The agents were James Mairs and Aled Luffman. 

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