CBD apartment market off to a solid start with three out of five selling under the hammer at the first major apartment auction of 2017

This 28 square metre studio sold for $291,000.

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.

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