There was something for everyone at the latest City Sales apartment auction with prices starting at $115,000 for student shoeboxes

Short headline: 
Apartment prices ranged from $115k-$780k at latest auction

An apartment in the upmarket Metropolis building was the star of the show at the latest City Sales Auckland apartment auction.

Ten properties were put up for sale with seven selling under the hammer and the two bedroom Metropolis apartment getting the top price of $780,000.

Prices for two vacant units in the Heritage Farmers building held up well despite the property needing extensive repairs to its historic facade and two units with excellent views in the landmark Madison building sold for $350,000 each, the one that was rented achieving a gross yield of 7.2% which came down to 5.4% once body corporate fees and rates were allowed for. 

At the bottom end of the market a couple of student shoe boxes on Symonds St went for $115,000 plus GST.

The full results of the auction are below:

  • 216/72 Nelson St. Zest building. A 20 square metre, fully furnished studio. Rented at $280 a week. Passed in for sale by negotiation with a highest bid of $140,000. Rates $765. Body corporate levy $1678. According to QV.co.nz the unit was last sold for $113,000 in 2011.
  • 707/145 Symonds St. Madison House. A 54 square metre, one bedroom apartment with a car park. fully furnished and rented at $485 a week. Sold for $350,000. Rates $1007. Body corporate levy $5172.  According to QV.co.nz the unit was last sold for $517,000 in 2007.
  • 301/37 Symonds St. Forte building. A 33 square metre, furnished, one bedroom unit in student central, rented at $335 a week. One hopeful buyer tried his luck with a bid from the floor of $20,000 which was not accepted by the auctioneer, who made a vendor bid of $190,000. When there were no further bids it was passed in for sale by negotiation. Rates $803. Body corporate levy $2140.
  • 2608/1 Courthouse Lane. Metropolis building. A 90 square metre, two bedroom, two bathroom, fully furnished apartment with excellent city and harbour views. Vacant. Sold for $780,000. Rates $2363. Body corporate levy $11,238. According to QV.co.nz the unit was originally purchased for $530,000 in 2007 then resold for $657,500 in 2010.
  • 408/145 Symonds St. Madison House. A 64 square metre, fully furnished, two bedroom unit. Vacant. Sold for $350,000.  Rates $991. Body corporate levy $4638. No sales history available.
  • 435/35 Hobson St. Heritage Farmers building. A 53 square metre, fully furnished, one bedroom unit. Vacant. Sold for $268,000. According to QV.co.nz it was last sold for $199,000 in 2011. Rates were $781 and the body corporate levy $4563.
  • 434/35 Hobson St. Heritage Farmers building. A 31 square metre, fully furnished studio. Vacant. Sold for $137,000. Rates $781. Body corporate levy $4563. According to QV.co.nz the unit was last sold for $87,250 in 2003.
  • 2203/74 Albert St. Barclay Suites . A 45 square metre, one bedroom unit, leased to the hotel and returning around $25,800  + GST  a year. There were no bids on the property and it was passed in for sale by negotiation.
  • 15A/30 Symonds St. Princeton building. A 27 square metre, two bedroom, furnished unit leased to Zeta Management. Sold for $115,000 plus GST. No sales history available.
  • 15B/30 Symonds St. Princeton building. A 27 square metre two bedroom, fully furnished unit, leased to Zeta Management. Sold for $115,000 plus GST. No sales history available.

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