Leasehold units were popular at the latest Auckland apartment auctions but their prices have taken a hammering

An apartment in the Q City building sold for $86,000.

There was a good selection of properties on offer at this week’s main Auckland apartment auctions, but buyers remained a bit on the cautious side.

Barfoot & Thompson had seven apartments up for grabs at their regular apartment auction, held at their Shortland Street rooms in Auckland’s CBD.

Two were sold under the hammer and of the five that were passed in, two did not receive any bids, there was just one bidder for another, and two attracted multiple bids.

Two industrial properties, one at Onehunga and the other at Penrose, were also offered at the same auction but both were passed in.

Ray White City Apartments also had seven apartments on offer at their regular mid-week auction and sold three of them under the hammer.

Of the four that were passed in, there were multiple bidders on two of them and the remaining two properties attracted a single bid each.

Two of the apartments that sold were on leasehold titles.

One was a 40 square metre, one bedroom furnished unit in the Q City building on City Road, which runs between Symonds St and the top end of Queen St.

It had current outgoings including ground rent of $10,676 a year and and sold for $86,000, with the ground rent reviewed every five years and the next review scheduled for December next year,

According to QV.co.nz, the unit had originally been purchased for $163,000 in 2002 and resold for $72,000 in 2013.

The other leasehold sale was a 77 square metre, one bedroom apartment with a car park and harbour views in the Scene Three building on Beach Rd down by the waterfront.

It had total outgoings of $19,173 a year and sold for $151,000.

According to QV.co.nz it had originally been purchased for $420,000 in 2003 and resold for $360,000 in 2007.

The latest results suggested buyers are being much more cautious on price and while they are still active in the market, they are prepared to stick to their guns on price and take their chances on losing a property to an unconditional buyer after it is passed in.

Results of most of the residential property auctions conducted by Ray White City Apartments, Barfoot & Thompson, Harcourts, Bayleys and City Sales, are available on our Auctions Results page.

You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don’t share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to “Property email newsletter”and enter your email address.