Competitive bidding at latest Ray White City Apartments auction – even for units with remediation issues

A two bedroom apartment in the Volt complex sold for $422,000.

There was a good turn out of potential buyers and some lively bidding at the first Ray White City Apartments auction since the Reserve Bank announced it was considering reducing the amount residential property investors can borrow to 60% of a property’s valuation.

Of the eight apartments on offer, five were sold under the hammer and three were passed in for sale by negotiation.

Two of the five that were sold were in buildings with remediation issues, but that obviously didn’t deter some bidders, who possibly saw an opportunity to buy at a lower price and benefit from a lift in equity once remediation work is completed, and both attracted multiple bids.

To see the full results of the auction go to our Auction/Sales Results page, which also has details of the latest commercial property sales from Bayleys and Colliers.

To view the results you can either click on the property tab which is just under the banner at the top of this page and select “Auction/Sales Results” from the drop down menu, or you can click on this link.

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