The price of a pimped up apartment given a quick flick increases by $150,000 in three months

The lounge of a 50 square metre apartment that sold for $370,000.

Capital gain is the name of the game and there was plenty of capital being gained at this week’s Ray White City Apartments auction in Auckland’s CBD, with a 50 square metre unit increasing in price by $150,000 in three months.

According to QV.co.nz the two bedroom unit (pictured) in The Crescent apartment building on Eden Cres near the Auckland High Court, came with its own 10 square metre courtyard (pictured below) and had been purchased for $220,000 in April. Since then it had been refurbished and was also offered with a new furniture package.

The vendor may have been happy with the opening bid of $300,000, but there were several keen bidders and by the time they had finished it sold under the hammer for $370,000.

Several other apartments which had been owned for longer periods of time also showed impressive price gains, with one that had been purchased for $190,000 in September 2012 selling for $316,000.

There was competitive bidding on all five of the apartments offered at this week’s auction with four selling under the hammer and one being passed in for sale by negotiation.

The full results are below:

  • 101/36 Eden Crescent. The Crescent building. A 50 square metre, fully furnished, two bedroom apartment with a 10 square metre courtyard (pictured below). Vacant. Sold for $370,000. Rates were $836 and the body corporate levy $4710. According to QV.co.nz the unit had been purchased for $220,000 in April this year. The agents were Krister Samuel and Mitch Agnew.
  • 1102/53 Cook St. The Aura building. A 49 square metre, two bedroom furnished apartment with harbour and city views. Rented at $470 a week. Passed in with a highest bid of $351,000. The agents were Daniel Horrobin and Damian Piggin.
  • 8H/34 Kingston St. The Altitude building. A 40 square metre, two bedroom, furnished apartment located just around the corner from Sky City. Sold for $316,000. Rates were $1113 and the body corporate levy $3574. According to QV.co.nz it had been purchased for $190,000 in 2012. The agent was Leo Zhu.
  • 602/152 Hobson St. Fiore building. A 47 square metre, one bedroom apartment with a car park, storage locker and balcony and just up the road from the City Mission. Vacant. Sold for $409,000. Rates were $1212 and the body corporate levy $2663. According to QV.co.nz it had been purchased in 2009 for $320,000. The agent was Aileen Wu.
  • 1318/10 Waterloo Quadrant. A 22 square metre, furnished studio under management contract to the Quadrant Hotel until July 2016. Sold for $280,000. According to QV.co.nz the unit had been purchased for $160,000 in 2006. The agents were May Ma and Mark Li.

Pictured below: the courtyard of the apartment that sold for $370,000.


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