Archive | CBD and fringe

Queen’s Lodge apartment passed in

The one apartment auctioned at Barfoot & Thompson’s city office today, in the Queen’s Lodge building in Newmarket, was passed in although the vendor reduced their reserve during the auction.

Isthmus east

Newmarket

Queen’s Lodge, 176 Broadway, unit D710:
Features: 64m², 2 bedrooms, 2 bathrooms, carport
Outgoings: body corp levy $2630/year
Outcome: passed in at $698,000
Agent: Yuyu Cao

Attribution: Auction.

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Buyers hold back from new-build apartment

A unit in the Skyview apartment building under construction on Scotia Place, at the top of Queen St in central Auckland, failed to attract a bid at City Sales’ auction yesterday.

CBD

Uptown

Skyview, 7 Scotia Place, unit 4B:
Features: 53m², one bedroom, study
Outgoings: rates about $1800/year including gst; body corp levy about $2900/year
Outcome: no bid
Agent: Michael Jackson

Attribution: Auction.

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Albany townhouse sells

An Albany townhouse was sold at Bayleys’ city residential auction yesterday, and a Vinegar Lane apartment & a Mt Albert unit were passed in.

CBD

Quay Park

Scene 1, 2 Beach Rd, unit 1510:
Features: leasehold, 2-level penthouse, 3 bedrooms, 2 bathrooms, 2 balconies, 3 parking spaces, remedial work pending
Outcome: sold for $359,000 in July, new auction deferred until Wednesday 1 November
Agents: Marcus Fava & Paul Sissons

Isthmus west

Grey Lynn

11 Vinegar Lane, 501 Aria Apartments:
Features: 2 bedrooms, 2 bathrooms, top floor, vaulted ceilings, tandem basement parking
Outgoings: body corp levy $5179/year
Outcome: no bid
Agent: Blair Haddow

Mt Albert

35 St Lukes Rd, unit 4:
Features: 2-bedroom end unit, conservatory, carport
Outgoings: body corp levy $2465/year
Outcome: passed in at $565,000
Agents: Clive Lay, Rachel Fei & Kalala Bowden

North-east

Albany

41D The Avenue:
Features: 3-bedroom Tuscan-style townhouse, 2 bathrooms, garage
Outcome: sold for $731,000
Agent: Shona Jurlina

Attribution: Auction.

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Record apartment supply looming

A record 11,000 apartments are due to be completed in Auckland over the next 3 years, according to Colliers’ half-yearly residential development report, out yesterday.

Alan McMahon.

Research & consulting national director Alan McMahon said 5033 units in 75 projects were due for completion in 2017-18, and 5922 units in 62 projects in 2019-20.

Those levels are higher than the previous apartment supply peak in 2005, which was followed by a 5-year slowdown.

Mr McMahon said Aucklanders would continue to pay a premium for newly built houses & apartments despite the overall residential market softening: “Prices may have stabilised and sales slowed, but homebuyers still seem to be prepared to pay a premium for a new home.

“New-build prices/m² have increased since our last report. For a new apartment, the average price in individual projects ranges from $9222-13,435/m², and for a new terraced & detached dwelling the prices range from $5787-10,773/m², depending on typology & location.

“A key driver is the Auckland public’s wariness of poor quality home environments and sometimes poor quality construction.

“The apartments being built or planned at present tend to be larger and of higher quality than those built around the 2005 peak – the era of smaller, typically lower quality ‘shoebox’ apartments.”

Mr McMahon said Auckland’s rapidly maturing infrastructure had also made many new projects more desirable: “In the period since our last residential report, we’ve seen good progress on city rail link construction and the opening of the Waterview tunnel.

“Once completed, the rail project will increase the desirability of apartments near train stations in areas such as Mt Eden & Onehunga, while the Waterview tunnel makes it easier to travel to & from north-western suburbs like Hobsonville Pt.”

The how-to of cheaper housing

Mr McMahon said slowing sales didn’t indicate reduced demand, because the population continued to grow apace, and immigration policy changes were unlikely to significantly reduce demand from buyers.

“The residential slowdown is less about base demand than pricing. We do think the median house price will reduce eventually – but by building less expensive homes at scale, not by price reduction of existing properties.

“How to increase that supply significantly when funding is tight, materials & other costs of construction are high, and all the larger builders are at capacity already, is the problem.

“New construction firms & techniques as well as new institutional private renters will be required, along with some imaginative thinking around policy, tenure & finance.”

Attribution: Agency release.

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4 apartments sell at Ray White auction

4 of the 6 apartments & townhouses auctioned at Ray White City Apartments yesterday were sold under the hammer.

CBD

Learning Quarter

Connaught, 14 Waterloo Quadrant, units 5A & 5L:
Features: 130m², 2 bedrooms, 2 bathrooms, balcony, 2 storage lockers, secure parking space
Outgoings: rates $2539/year including gst; body corp levy 5A $5245/year, 5L $5032/year (currently includes 2 parking spaces)
Income assessment: $850-895/week furnished, $2100/week furnished & serviced
Outcome: sold for $1.25 million
Agents: Adele Keane & Dusan Valenta

Uptown

Verandahs, 36 Boardman Lane:
Features: 55m², 2 bedrooms, deck, parking space
Outgoings: rates $1214/year including gst; body corp levy $4790/year
Outcome: sold for $425,000
Agents: Adele Keane & Dusan Valenta

Victoria Quarter

Ascent, 149 Nelson St, unit 515:
Features: 39m², one bedroom, parking space; code compliance certificate awaited following remediation, stage 2 remedial works due to start
Outgoings: rates $1007/year including gst; body corp levy $3064/year
Income assessment: $410/week, fixed until April
Outcome: sold for $255,000
Agents: Damian Piggin & Daniel Horrobin

Isthmus east

Parnell

Quest Parnell, 6-8 Heather St, unit 310:
Features: 30m² studio, leased to Quest Hotel until 2023
Outgoings: rates $4461/year including gst; body corp levy $2552/year
Income assessment: $17,640/year including gst, review due April 2018
Outcome: passed in, back on market at $235,000 + gst
Agent: Susanne Bussell

Isthmus west

Eden Terrace

70 Randolph St, unit 3:
Features: 80m², renovated 2-bedroom townhouse, internal-access parking space
Outgoings: rates $1542/year including gst; body corp levy $2403/year
Income assessment: $650-700/week furnished
Outcome: sold for $642,000
Agents: Mitch Agnew & Krister Samuel

Mt Eden

42 Harold St:
Features: 120m², 2 bedrooms, study, double garage
Outgoings: rates $1804/year including gst; body corp levy $3277/year
Income assessment: $700-750/week furnished
Outcome: no bid
Agent: Krister Samuel

Attribution: Auction.

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Quay West & Metropolis apartments & Onehunga warehouse sell

The cranes for the 39-storey Commercial Bay office tower across the road are encroaching on Quay West harbour views, but the apartment block at the foot of Albert St still carries prestige.

A 12th-floor unit which will retain its north-westerly views across the Wynyard Quarter sold for about $9000/m² (net of an allowance for parking) at Barfoot & Thompson’s city auction today.

A smaller Metropolis apartment also sold, and a small Onehunga warehouse sold for $3661/m² (consented space).

Apartments

CBD

Albert St

Quay West, 8 Albert St, unit 1204:
Features: 132m² north-west corner, air-conditioned, 2 bedrooms, 2 bathrooms including ensuite with a bath, wraparound balcony, secure parking space
Outgoings: body corp levy $12,747/year
Income assessment: $830/week, fixed until January
Outcome: sold for $1.285 million
Agent: Belinda Illingworth

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2615:
Features: one bedroom
Outgoings: body corp levy $4909/year
Outcome: sold for $401,000
Agent: Estee Zeng

Commercial

Isthmus east

Onehunga

10C Hill St:
Features: 183m² roadfront warehouse unit – 168m² warehouse, 15m² ground-floor office plus unconsented 20m² mezzanine, 3.5m stud height, 3-phase power & container access, 2 parking spaces         
Outcome: sold vacant for $670,000
Agents: Nick Wilson & James Marshall

Attribution: Auction.

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3 Howick units sell

3 brick & tile units in Howick, 2 of them on one section, were sold at Bayleys’ East Tamaki residential auction on Tuesday.

South

Howick

71 O’Halloran Rd, units 1 & 2:
Features: 822m² section, units 80m² each, 2 bedrooms each, garage each; unit 1 tenanted, has basement storage; unit 2 vacant, also has carport & basement storage
Outcome: sold for $1.44 million
Agent: Clare Nicholson

50 Wellington St, unit 2:
Features: 2-bedroom unit, garage
Outcome: sold for $800,000
Agents: Gary Robertson & Roger Sumich

Attribution: Agency release.

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Bidding war for Lighter Quay investment

Competition was tough at Ray White City Apartments’ auction today for a Lighter Quay Pavilion (pictured) leasehold unit, which has a record of high returns from short & medium-stay rents.

An Eden Terrace apartment was passed in.

CBD

Wynyard Quarter

Lighter Quay Pavilion, 79 Halsey St, unit 215:
Features: leasehold, 58m², one bedroom, secure basement parking space
Outgoings: rates $1656/year including gst; body corp levy $3100/year, ground rent $2920/year
Income assessment: $155/night shortstay currently; appraisals $155-170/night shortstay, $530-570/week long-term stay
Outcome: sold for $235,000
Agent: Krister Samuel

Isthmus west

Eden Terrace

Newton Rise, 121 Newton Rd, unit 3A:
Features: 93m², 2 bedrooms, balcony, parking space
Outgoings: rates $1545/year including gst; body corp levy $4772/year
Outcome: passed in at $600,000
Agents: Jean Ooi

Attribution: Auction.

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Half Moon Bay unit sells, Shelly Beach Rd passed in

A Half Moon Bay unit in walking distance from the ferry was sold under the hammer at Bayleys’ suburban residential auctions last week.

2 units up from the harbour bridge on Shelly Beach Rd, St Marys Bay, were passed in when offered together & separately.

The agency did well at its city branch auction on Wednesday, selling 4 of the 6 apartments offered.

Isthmus west

St Marys Bay

20 Shelly Beach Rd, units 1 & 16:
Features: 2 2-bedroom apartments, each with 2 parking spaces
Outcome: both units passed in
Agents: John Howard & Margaret Politis

South

Half Moon Bay

121 Prince Regent Drive, unit 1:
Features: 2-bedroom unit, study area, internal-access garage, walk to ferry
Outcome: sold for $750,000
Agent: Odelle Cornes

Earlier story:
5 October 2017: 4 apartments out of 6 sell at auction

Attribution: Agency auctions release.

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One unit out of 5 sells at Barfoot auctions

One suburban unit sold post-auction out of 5 offered at 3 sessions at Barfoot & Thompson’s city office last week.

The unit sold was in Greenlane. A SugarTree apartment in the city centre didn’t receive a bid.

In the agency’s Thursday morning apartments auction session, one of the 2 units sold under the hammer.

CBD

Victoria Quarter

SugarTree, 27 Union St, unit 514:
Features: 49m², one-bedroom apartment, study, balcony, parking pace
Income assessment: $500/week + $70/week for parking, fixed until February
Outcome: no bid
Agents: Ivy Ong & Tom Chiu

Isthmus east

Greenlane

30 Garland Rd, unit 2:
Features: 2-bedroom unit, deck, double garage
Outcome: sold post-auction
Agents: Helen Lam & Wendy Sadd

Isthmus west

Mt Roskill

1542 Dominion Rd Extension, unit 2:
Features: 3-bedroom unit, study, internal-access garage
Outcome: no bid
Agents: Eric Xie & Lindsay Hooke

24 Princes Avenue, unit 3:
Features: 67m², 2-bedroom unit, garage
Outcome: passed in at $710,000, back on market at $839,000
Agent: Dee Brennan

North-west

Te Atatu South

35A Coniston Avenue, unit 1:
Features: 2-bedroom unit, internal-access garage
Outcome: passed in
Agents: Fleur Reece & Angela Light

Attribution: Auctions.

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