Apartments given a quick flick post huge price gains at latest Ray White auction

An apartment in the Marina Park complex sold for $507,000.

It was another packed auction room at this week’s auction of Auckland CBD apartments by Ray White City Apartments.

The number of Chinese investors buying Auckland residential properties has been very much in the news over the last few days and there was also a good turnout from the Chinese community at this week’s  auction, where at a rough count they probably made up around two thirds of those attending.

However that is not new.

Auckland’s CBD apartment market has always been dominated by investors and Chinese investors have always been well represented among them.

There were only three apartments offered for sale at this week’s auction and bidding on all three was ferocious, both from Chinese and other potential buyers.

By the end of the auction Chinese buyers had purchased two of the apartments and the third and largest of them had been purchased by a pakeha woman and her demeanor suggested she intended to live in herself.

The other two were probably purchased as investments but it was significant that the Chinese buyers who purchased them – and most of the underbidders who competed against them – were in the room.

Although there were some telephone bidders, most of the auction was from the auction room floor.

So although there was plenty of action from Chinese buyers, who competed fiercely for the properties, in the main they were here on the ground, not bidding remotely from overseas.

The other notable feature of the auction was that according to QV.co.nz, two of the apartments that went under the hammer had only been purchased within the last three months and both were resold this week for substantially higher prices.

The first lot on offer was an apartment in the Aura building, which according to QV.co.nz had been purchased for $300,000 in April and was resold at this week’s auction for $391,000,.

The second was an apartment in the Marina Park complex, which according to QV.co.nz had been purchased for $329,600 in April last year. It was resold at this week’s auction for $507,000, meaning its price had increased by $177,400 (54%) in 14 months.

However the Marina Park building has only recently had recladding work completed to address previous weather tightness issues and the completion of the work would be likely to have lifted the value of the property.

The third apartment on offer, in the Silo building off Emily Place, had been purchased for $333,000 in May and resold at this week’s auction for $377,900.

The full results are listed below:

  • 504/53 Cook St. Aura building. A 49 square metre, two bedroom apartment with harbour views. Vacant. Sold for $391,000. Rates were $1023 and the body corporate levy $4317. According to to QV.co.nz the property had been purchased in April this year for $300,000. Prior to that it sold for $279,000 in 2008. The agents were Mitch Agnew and Krister Samuel.
  • 37/146 Fanshawe St. Marina Park building. A 60 square metre, one bedroom/one bathroom unit with a second toilet and and a car park. Vacant. Sold for $507,000. Rates were $1228 and the body corporate levy was $3523. According to QV.co.nz the apartment had been purchased in May last year for $329,600 and prior to that had been purchased for $210,000 in 2002.
  • 3B/23 Emily Place. Silo building. A one bedroom apartment with a car park. Vacant. Sold for $377,900. According to QV.co.nz the apartment had been purchased in May this year for $333,000 and prior to that had been purchased in January 2014 for $285,000.

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