Not a single sale under the hammer at this week's Ray White City Apartments auction and more than half had no bids at all

This apartment in the Citta building on the corner of Symonds St and Khyber Pass was passed in without a bid

All of the apartments at this week’s Ray White City Apartments were passed in without a single sale being made under the hammer.

There was a good mix of nine apartments on offer that would have appealed to both investors and owner-occupiers and there was a reasonable crowd in attendance, but they remained cautious and tended to keep their hands in their pockets.

Five of the apartments did not attract a single bid from potential buyers although the auctioneer was busy making vendor bids throughout the proceedings, but in most cases that wasn’t enough to encourage others to follow suit and make a bid of their own.

Even those apartments that did attract genuine bids were passed in when they failed to meet their vendors’ reserves.

Significantly five of the nine apartments had been purchased since July this year, meaning their vendors had owned them for a maximum of four months before putting them back on the market but all were passed in when they failed to meet their reserves.

That suggests the days of the quick flick for quick profit may be drawing to a close.

See below for the full results of this week’s Ray White City Apartments auction are below:

  • 6D/62 Queen St, Portland Towers. A 36 square metre, one bedroom furnished apartment with balcony facing directly on to Queen St. Rented at $375 a week. When there were no bids on the property the auctioneer opened with a vendor bid of $200,000 plus GST (if any) and when there were still no bids from the floor he increased the vendor bid to $240,000 plus GST. But when there were still no bids from any potential buyers it was passed in. According to QV.co.nz the unit had been purchased for $428,750 in 2006. The agent was Dominic Worthington.
  • 308/145 Symonds St. Madison House. A 64 square metre, two bedroom unit. Vacant. According to QV.co.nz the unit had been purchased in July this year for $398,000. The opening bid on the property was at this week’s auction was $350,000 and there were multiple bidders but it was passed in with a highest bid of $480,000. The agent was Dusan Valenta.
  • 4B/99 Anzac Ave, CBD. Focus on Anzac building. A 55 square metre, two bedroom unit. Vacant. According to QV.co.nz the unit had been purchased in September this year for $340,000. At this week’s auction the highest bid from a potential buyers was $390,000, which the auctioneer then trumped with a vendor bid of $400,000 and when there were no further bids it was passed in. The agents were Ryan Bridgman and Mitch Agnew.
  • 327/184 Symonds St. Citta building. A 51 square metre, two bedroom apartment with car park. Vacant. According to QV.co.nz the unit had been purchased in August for $450,000 but at this week’s auction there were no bids for it and it was passed in. The agents were Ryan Bridgman and Mitch Agnew.
  • 14H/15 Whitaker Place. Columbia on Whitaker building. Vacant. There were multiple bidders on the unit but it was passed in with a highest bid of $250,000. According to QV.co.nz it had been purchased for $208,000 in 2002.The agent was Sam Woods. 
  • 1F/2 Eden Cres. Argent Hall building. A 41 square metre, one bedroom unit with balcony. Vacant. When there were no bids from the floor the auctioneer opened the bidding with a vendor bid of $350,000 but when there were still no bids from potential buyers it was passed in. According to QV.co.nz the unit had been purchased for $92,800 in 2010. The agents were Judi and Michelle Yurak.
  • 9G/11 Howe St, Freemans Bay. Meridian building. An 85 square metre, two bedroom, two bathroom penthouse apartment on two levels, with extensive views of the harbour and city. Vacant. According to QV.co.nz the apartment was purchased for $602,000 in August this year. At this week’s auction there was an opening bid of $650,000 but when there were no further bids it was passed in.  The agents were Judi and Michelle Yurak.
  • 414/184 Symonds St. Citta building.  A 65 square metre, two bedroom apartment with a car park. According to QV.co.nz the unit was purchased for $550,000 in August this year. When there were no bids from the floor for it at this week’s auction the auctioneer opened with a vendor bid of $500,000 which he then increased to $550,000. But when there were still no bids from potential buyers it was passed in. The agents were Ryan Bridgman and Mitch Agnew. 
  • 1F/118 Gladstone Rd, Parnell. Gladstone Apartments. A 54 square metre, one bedroom apartment in a leaky building that requires significant remediation work. When there were no bids on the property the auctioneer made a vendor bid of $350,000, but when there no bids from potential buyers it was passed in.