Latest results from Ray White City Apartments auctions – larger apartments prove popular

Short headline: 
Apartments achieve gross rental yields of 5% to 6.6%

There have been mostly larger, better quality apartments coming up for auction at Ray White City Apartments over the last couple of weeks.

That could see them appeal to owner-occupiers and investors and there were multiple bidders for most of the units on offer.

The most spectacular apartment on offer was in a converted office building on Quay St (pictured right) which had spectacular waterfront views, although it failed to sell on the day.

See below for the full results of the last two weeks' auctions at Ray White City Apartments.: 

  • 507/207 Federal St. The Federal building. A 62 square metre, fully furnished, two bedroom unit rented at $490 a week. Sold for $387,000, giving a gross yield of 6.6%. Rates were $1185 and the body corporate levy $4757, which would reduce the yield to 5.1%. According to QV.co.nz the unit was previously sold for $379,000 in 2007. The agent was Dominic Worthington.
  • 2i/148 Quay St. Quay Regency building. A waterfront apartment conversion with striking views of the wharves and harbour in the former Customs office building. There was a single of $525,000 which the auctioneer trumped with a vendor bid of $600,000 and when there were no further bids it was passed in for sale by negotiation. According to QV.co.nz the unit was last sold for $645,000 in February last year. The agents were Damian Piggin and Daniel Horrobin.
  • 2a/4 Lorne St. Lorne Street Lofts building. A 72 square metre, one bedroom apartment on two levels, with plenty of character features such as high stud living areas, exposed brickwork and polished timber floors. Vacant. Sold for $416,000. Rates were $1471 and the body corporate levy was $5743. A sales history was not available. The agent was Donald Gibbs.
  • 307/17 Vogel lane. Alpha building. A 63 square metre, two bedroom apartment with a car park. Vacant. Sold for $374,000. Rates were $1088 and the body corporate levy $3260. The agent was Ellen Sparnon.
  • 9/332 Great North Rd. The Aston building (pictured below) . A 108 square metre, two bedroom, two bathroom apartment with a car park. Rented at $560 a week. Sold for $580,000 , providing a gross yield of 5%. Rates were $1911 and the body corporate levy $4135, which would reduce the yield to 4%. According to QV.co.nz the unit was last sold for $435,000 in 2009. The agent was Victor Liu. 


Our free Property email newsletter brings you all the stories about residential and commercial property and the forces that move these huge markets. Sign up here.

To subscribe to our Property newsletter, enter your email address here. It's free.

Email: