Archive | CBD and fringe

One apartment & block of 3 units sold at Ray White auction, 5 passed in

Amid theories that the Reserve Bank’s new deposit rules were/were not affecting the housing market already, the apartment market is a quite different commodity – but still had a quiet day at the regular Ray White Apartments auction this afternoon.

Occasionally intending owner-occupiers make an appearance in the auction room, but mostly this is a venue for investors, including regular bidding from new immigrants.

CBD

Learning Quarter

Longview, 6 Whitaker Place, unit 5B:
Features: 78m², fully furnished 2 bedrooms, 9m² deck, secure basement parking & large storage locker
Outgoings: rates $1386/year including gst; body corp levy $6336/year
Income assessment: $525/week
Outcome: no bid
Agent: Keisha Gutierrez

Tower Hill, 1 Emily Place, unit 3D:
Features: 54m², one bedroom
Outgoings: rates $1107/year including gst; body corp levy $2987/year
Income assessment: $400/week fixed until March 2014
Outcome: sold for $323,200
Agents: Damian Piggin & Daniel Horrobin

Queen St valley

HarbourCity, 16 Gore St, unit21i:
Features: 38m², vacant one bedroom
Outgoings: commercial rates of $2354/year including gst, will drop to residential rates of about $1000/year in June 2014; body corp levy $2957/year
Income assessment: not given
Outcome: passed in at $262,500
Agent: Victor Liu

Victoria Quarter

Alpha, 17 Vogel Lane, unit 908:
Features: 32m², fully furnished, vacant studio, parking space
Outgoings: rates $952/year including gst; body corp levy $2773/year
Income assessment: $300/week
Outcome: no bid
Agent: Krister Samuel

H47, 47 Hobson St, unit G2:
Features: 70m², 2 bedrooms, 50m² patio facing north-west
Outgoings: rates $1371/year including gst; body corp levy $5072/year
Income assessment: $550/week
Outcome: passed in at $450,000
Agents: James Mairs & Marcus Fava

Hobson Heights, 208 Hobson St, unit 5D:
Features: 40m², 2 bedrooms, deck
Outgoings: rates $852/year including gst; body corp levy $4596/year
Income assessment: $305/week fixed until 31 March, under 15-year management lease
Outcome: passed in at $173,000
Agents: Judi & Michelle Yurak

South

Manurewa

Hill Park, 15 Freshney Place, units 1, 2 & 3:
Features: 3 brick & tile units, 2 of 2 bedrooms, one of one bedroom, total 181m², on 1110m² section, 3 parking spaces
Outgoings: rates $3278/year including gst; body corp levy $/year
Income assessment: $44,720/year now – 2 units at $290/week, one at $280/week
Outcome: sold for $780,000
Agent: Cameron Brain

Attribution: Auction.

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Updated: 2 sold post-auction after all 5 apartments passed in at City Sales auction

An apartment requiring remedial work, carrying a declared reserve but passed in at auction $2000 short of that figure, was sold a short time later for the top bid at City Sales yesterday. All 5 apartments offered at the auction were passed in after only a handful of bids across the whole collection, but another one of them was sold on Thursday.

CBD

Learning Quarter

The Statesman, 1 Parliament St, unit 208:
Features: 65m², 2 bedrooms, 27m² deck, parking space
Outgoings: rates $1681/year including gst; body corp levy $4988/year after 10% discount
Income assessment: not given
Outcome: passed in at vendor bid of $480,000
Agent: Georgia Featherstone

Queen St valley

Updated: Metropolis, 1 Courthouse Lane, unit 1610:
Features: 45m², furnished one bedroom
Outgoings: rates $1075/year including gst; body corp ordinary levy $4900/year, $5642 special maintenance levy
Income assessment: $425/week
Outcome: passed in at $250,000, sold the next day for $262,000
Agent: Lucy Piatov

Uptown

Updated: 508 Queen St, unit 1L:
Features: 28m², one bedroom, deck
Outgoings: rates $736/year including gst; body corp ordinary levy $2146/year, special levy $27,850, special levy for litigation $2229
Income assessment: not given
Outcome: declared reserve of $110,000, passed in at $105,000, sold post-auction for $108,000
Agent: May Ma & Mark Li

Victoria Quarter

Heritage Tower, 22 Nelson St, unit 1401:
Features: 116m², furnished 2 bedrooms, 2 bathrooms, deck, tandem parking for 2
Outgoings: rates $2023/year including gst; body corp levy $17,155/year
Income assessment: $1000/week fixed until 12 January
Outcome: passed in at $685,000
Agent: Georgia Featherstone

Isthmus west

St Lukes

St Lukes Gardens, 19 Morning Star Place, unit 1H:
Features: 81m², 3 bedrooms, deck, 2 parking spaces
Outgoings: rates $1340/year including gst; body corp levy $4848/year
Income assessment: $420/week
Outcome: passed in at $350,000
Agent: Susan Annett

Attribution: Auction.

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Parking spot sells on 1.5% yield

An apartment parking spot taken to auction with a $1 reserve was sold for $43,500 at Ray White City Apartments’ auction today. One apartment was also sold and 2 others passed in.

Bidding on the parking spot, first on the auction list, started at the reserve – $1 – but was quickly into more realistic territory before it was sold under the hammer. The sale price was $7500 above the figure achieved in early 2010, when it was part of a mortgagee’s portfolio selldown, but as a standalone investment it looks a dubious proposition. At a rental of $50/week, it only clears its body corporate & rates bills by about $650/year if it’s fully occupied – a 1.5% return.

CBD

Learning Quarter

Focus on Anzac, 99 Anzac Avenue, unit 5C:
Features: 57m², 2 bedrooms,
Outgoings: rates $1023/year including gst; body corp levy $4132/year
Income assessment: $450/week
Outcome: passed in at $255,000
Agents: Krister Samuel & Adele Keane

Quadrant, 10 Waterloo Quadrant, unit EC216, parking space:
Features: Garage space on own title
Outgoings: rates $795/year including gst; body corp levy $1156/year
Income assessment: $50/week
Outcome: sold for $43,500
Agents: Damian Piggin & Daniel Horrobin

Victoria Quarter

Heritage Tower, 22 Nelson St, unit 908:
Features: 70m², furnished one bedroom, deck, parking space
Outgoings: rates $3962/year including gst; body corp levy $9467/year + gst
Income assessment: $600-650/week
Outcome: sold for $415,000
Agents: James Mairs & Marcus Fava

Isthmus west

The Ariki apartment building on Great North Rd.

The Ariki apartment building on Great North Rd.

Grey Lynn

Ariki, 221 Great North Rd, unit 3F:
Features: furnished 2 bedrooms, 2 bathrooms, 2 tandem parking spaces
Outgoings: rates $1774/year including gst; body corp levy $4588/year
Income assessment: $650/week
Outcome: no bid
Agent: Bain Duigan

Attribution: Auction.

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Apartments and shop with residences above all passed in at Bayleys

2 apartments offered at Bayleys’s residential auction today were passed in without a bid on either. A shop in Mt Eden with 2 flats above it, all leased, fared a little better, attracting bidder interest but no sale. In comparison, half the stand-alone homes up for auction sold under the hammer.

CBD

Uptown

Bianco off Queen, 2 White St, unit 1F:
Features: 3 bedrooms, 3 parking spaces, 2 storage rooms
Income assessment: leased for 30 years to the body corporate as manager’s unit, net rent $48,820/year + annual CPI rent reviews
Outcome: no bid
Agent: Mike Woods

Isthmus east

Mission Bay

97B Selwyn Avenue:
Features: 111m², 2 bedrooms, 2 offstreet parking spaces
Outgoings: rates $2198/year including gst
Outcome: no bid
Agent: Trent Quinton & Julie Prince

Isthmus west

Mt Eden

545 Mt Eden Rd:
Features: shop + 2 upstairs flats, fully leased
Income assessment: $56,809/year net
Outcome: passed in at $730,000
Agents: Alan & Phil Haydock

Attribution: Auction.

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3 apartments sell at Bayleys auction

3 apartments were sold under the hammer at Bayleys’ residential auction yesterday, with no bid on a fourth.

I’m constantly quizzed about where the apartment market’s going and the answer is: Everywhere. When a cottage in Sandringham, apparently without a kitchen but on a large section and with a good garage, sells at auction for $943,000 and a 4-bedroom Stonefields terrace rises by $315,000 in 4 years to $890,000, the apartment market – with far more investors than those residential areas have – looks a tough call.

Apartment prices have been rising for 2 years, but a large supply of new stock is also being marketed. The questions are numerous: Will the new stock reduce interest in older apartments? Will buyers pay closer attention to price points? Will vendors of old stock cut their aspirations in light of the new stock? Will this create a stronger investor market for freshening up old units? Auction results:

CBD

Learning Quarter

Carlisle building, 7 Emily Place, unit 2H:
Features: 52m², furnished one bedroom, high ceilings, Juliet balconies
Outcome: sold for $335,000
Agents: Diane Jackson & Julie Prince

Queen St valley

Lorne St Lofts, 4 Lorne St, unit 3A:
Features: 52m², fully furnished one bedroom
Outgoings: rates $1392/year including gst; body corp levy $5226/year
Income assessment: not given, vacant
Outcome: no bid
Agents: Julie Prince & Diane Jackson

Victoria Quarter

Heritage Farmers, 35 Hobson St, unit 301:
Features: 61m², fully furnished one bedroom
Outgoings: rates $1293/year including gst; body corp levy not given
Income assessment: not given
Outcome: sold for $350,000
Agents: Julie Prince & Diane Jackson

Isthmus west

Freemans Bay

Highgate, 8 Howe St, unit 5A:
Features: 3 bedrooms, 2 bathrooms, 2 secure side-by-side parking spaces
Outgoings: rates $2798/year including gst; body corp levy $7830/year
Income assessment: not given
Outcome: sold for $1.125 million
Agent: Blair Haddow

Attribution: Auction.

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Seaview penthouse sells but vendor bids dominate rest of auction

The Seaview penthouse on the Auckland cbd’s eastern fringe was one of just 2 properties sold at Ray White City Apartments’ auction today as the other 6 were passed in, 2 at vendors’ bids.

The nature of the purchase was also very obviously different from most: as soon as the hammer went down, Seaview owners gathered around to congratulate their new neighbour. The other sale was also on the eastern fringe a studio at The Beach.

It’s a couple of years since vendors’ bids became prevalent to mark their minimum in a falling market. Today, vendors’ bids were prevalent again as auctioneer Ted Ingram noted that vendors’ expectations may have strayed in what has been a rising market.

CBD

Learning Quarter

Cambridge, 43 Anzac Avenue, unit A1:
Features: 211m² – 50m² of apartment + 2 accessory units, one bedroom,
Outgoings: rates $1624/year including gst; body corp levy $14,400/year including power & water
Income assessment: apartment let at $300/week fixed until April 2015, accessory units rented to body corporate on casual basis at $565.46/month including gst
Outcome: passed in at $121,000
Agent: Tim Warmington

Seaview, 4-8 Short St, unit 15A:
Features: 133m², 3 bedrooms, 2 bathrooms, high stud, 12m² of balconies, 2 adjoining parking spaces
Outgoings: rates $2369/year including gst; body corp levy $8356/year
Income assessment: not given; the building has a high proportion of owner-occupiers
Outcome: sold for $827,000
Agents: Judi & Michelle Yurak

The Beach, 85 Beach Rd, unit 501:
Features: fully furnished 35m² studio
Outgoings: rates $853/year including gst; body corp levy $2321/year
Income assessment: $320-350/week
Outcome: sold for $320,000
Agents: Damian Piggin & Daniel Horrobin

Queen St valley

Altitude, 34 Kingston St, unit 7B:
Features: 37m², 2 bedrooms
Outgoings: rates $841/year including gst; body corp levy $3745/year
Income assessment: $400-420/week, current rent $350/week
Outcome: passed in at $190,100
Agents: Damian Piggin & Daniel Horrobin

The Federal, 207 Federal St, unit 205:
Features: 48m², 2 bedrooms, deck
Outgoings: rates $968/year including gst; body corp levy $3817/year
Income assessment: $420/week fixed until February 2014
Outcome: passed in at vendor bid of $220,000
Agents: Damian Piggin & Daniel Horrobin

Uptown

Bianco off Queen, 8 White St, unit 5E:
Features: 82m², fully furnished 2 bedrooms + studio, 2 bathrooms, parking space
Outgoings: rates $5532/year including gst; body corp levy $9495/year
Income assessment: vacant
Outcome: passed in at vendor bid of $420,000
Agent: Donald Gibbs

Bianco off Queen, 2 White St, unit 8A:
Features: 61m², 2 bedrooms, 9m² deck
Outgoings: rates $4233/year including gst; body corp levy $5481/year
Income assessment: vacant
Outcome: passed in at $340,000
Agent: Donald Gibbs

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 403:
Features: 57m², one bedroom, parking space
Outgoings: rates $1216/year including gst; body corp levy $4330/year
Income assessment: $500-550/week
Outcome: passed in at $381,000
Agents: James Mairs & Marcus Fava

Attribution: Auction.

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Propbd on Q, cut fresh – Tuesday 17 September 2013

3pm:
Seaview penthouse sells but vendor bids dominate

The Seaview penthouse on the Auckland cbd’s eastern fringe was one of just 2 properties sold at Ray White City Apartments’ auction today as the other 6 were passed in, 2 at vendors’ bids.

The nature of the purchase was also very obviously different from most: as soon as the hammer went down, Seaview owners gathered around to congratulate their new neighbour. The other sale was also on the eastern fringe a studio at The Beach.

It’s a couple of years since vendors’ bids became prevalent to mark their minimum in a falling market. Today, vendors’ bids were prevalent again as auctioneer Ted Ingram noted that vendors’ expectations may have strayed in what has been a rising market. Auction results:

Altitude, 34 Kingston St, unit 7B, passed in at $190,100, sales agents Damian Piggin & Daniel Horrobin

Grand Chancellor, 1 Hobson St, unit 403, passed in at $381,000, James Mairs & Marcus Fava

Bianco, 8 White St, unit 5E, passed in at vendor bid of $420,000, Donald Gibbs

Seaview, 4-8 Short St, unit 15A, sold for $827,000, Judi & Michelle Yurak

Bianco, 2 White St, unit 8A, passed in at $340,000, Donald Gibbs

Cambridge, 43 Anzac Avenue, unit A1, passed in at $121,000, Tim Warmington

The Federal, 207 Federal St, unit 205, Passed in at vendor bid of $220,000, Damian Piggin & Daniel Horrobin

The Beach, 85 Beach Rd, unit 501, Damian Piggin & Daniel Horrobin, sold for $320,000

Background

A new page introduced to The Bob Dey Property Report last year, Propbd on Q has resumed appearing daily, hence fresh cut. It will, in essence, be a running commentary on the day’s news – focusing on property & business around Auckland, NZ securities and emanating from Auckland Council.

Items will be brief, with links to outside sources where quickly available, and with links to previous stories on this site. Many of the items will take the place of stories (which have frequently ended up uncompleted); some will link to stories the same day and some, such as auctions & court liquidations, will be expanded into more detailed stories.

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Apartment sells at $50,000 mark-up from bottom of cycle

A 43m² apartment in the Fiore on Hobson St (pictured above, up Hobson St from the Skytower), with 2 parking spaces, has sold pre-auction at a $50,000 mark-up from the price it achieved at the bottom of the market in 2011. The rent has gone up just $10/week to $475/week since that $261,000 sale in December 2011.

Another 2 apartments were sold under the hammer at Ray White City Apartments today.

CBD

Victoria Quarter

Aura, 53 Cook St, unit 612:
Features: 49m², vacant furnished 2 bedrooms, parking space
Outgoings: rates $1014/year including gst; body corp levy $4784/year
Income assessment: previous rent $420/week, previous parking rent $50/week
Outcome: sold for $270,000
Agent: Damian Piggin & Daniel Horrobin

Fiore, 152 Hobson St, unit 411:
Features: 43m², part-furnished one bedroom, 2 parking spaces & 2 storage lockers
Income assessment: $475/week
Outcome: sold prior for $312,250
Agent: Victor Liu

Isthmus west

Grey Lynn

Ariki, 221 Great North Rd, unit 3D:
Features: 50m², furnished one bedrooms
Outgoings: rates $1433/year including gst; body corp levy $2833/year
Income assessment: $390/week
Outcome: sold for $318,000
Agent: Keisha Gutierrez

Attribution: Auction.

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6 apartments sell under hammer, one prior at Bayleys

6 apartments were sold under the hammer in Bayleys’ Big Call auction yesterday, and one before auction, leaving 2 to be passed in.

CBD

Learning Quarter

Icon Central, 2 St Martins Lane, unit 7B:
Features: 2 bedrooms, 2 bathrooms, 2 parking spaces
Outcome: sold prior for $775,000
Agent: Blair Haddow

Queen St valley

Dilworth, 22 Queen St, unit 7E:
Features: 71m², 2 bedrooms, high stud
Outgoings: rates $1742/year including gst; body corp levy $5683/year, exterior maintenance levy $3061
Income assessment: not given
Outcome: passed in
Agents: Diane Jackson & Julie Prince

St James (in photo above), 36 Wellesley St, unit 1G:
Features: 48m², one bedroom, high stud
Outgoings: rates $1393/year including gst; body corp levy $3304/year
Income assessment: not given
Outcome: sold for $340,000
Agents: Diane Jackson & Julie Prince

Uptown

Newton, 31 St Benedicts St, unit 9:
Features: 66m², one bedroom, high stud, balcony, parking space, storage
Outgoings: rates $1648/year including gst; body corp levy $5248/year
Income assessment: not given
Outcome: sold for $420,000
Agents: Julie Prince & Diane Jackson

Victoria Quarter

Heritage Auckland, 35 Hobson St, unit 717:
Features: one bedroom, basement parking space
Outcome: sold for $270,000
Agent: Harry Cheng

Heritage Tower, 22 Nelson St, unit 810:
Features: 88m², 2 bedrooms, basement parking space
Outcome: passed in
Agent:  Harry Cheng

Isthmus east

Parnell

5 Cheshire St, unit 3D:
Features: 74m², 2 double bedrooms, high stud, secure parking space, storage
Outcome: sold for $425,500
Agent: Amy Hain

387 Parnell Rd, unit 18:
Features: 174m², 3 bedrooms, 2.5 bathrooms, 2 secure parking spaces, New York loft style
Outgoings: rates $3153/year including gst; body corp levy $6990/year
Income assessment: not given
Outcome: sold for $1,415,000
Agents: Gary & Vicki Wallace

Remuera

Ascot Apartments, 8 Middleton Rd, unit 703:
Features: 138m², 2 bedrooms, 2 bathrooms, parking space
Outcome: sold for $985,000
Agents: David Rainbow & Joneen Smith

Attribution: Auction.

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5 apartments sold at City Sales

5 apartments were sold under the hammer at City Sales’ auction yesterday, including one discounted for remedial works. 2 others with remedial works to be undertaken were passed in.

CBD

Learning Quarter

The Statesman, 1 Parliament St, unit 314:
Features: 30m² fully furnished studio, deck
Outgoings: rates $860/year including gst; body corp levy $2308/year
Income assessment: $300/week fixed until February
Outcome: sold for $211,500
Agent: Lucy Piatov

The Statesman, 1 Parliament St, unit 5:
Features: 31m² studio with courtyard
Outgoings: rates $824/year including gst; body corp levy $2281/year
Income assessment: $320/week
Outcome: sold for $201,000
Agent: Lucy Piatov

Queen St valley

HarbourCity, 16 Gore St, unit 22G:
Features: 51m², 2 bedrooms, deck
Outgoings: rates $3198/year including gst; body corp levy $4166/year
Income assessment: not given
Outcome: sold for $320,000
Agent: Tony Kelly

Victoria Quarter

Victoria Apartments, 77 Victoria St West, unit 2E:
Features: 25m² furnished high-stud studio across the street from casino
Outgoings: rates $702/year including gst; body corp levy $2847/year
Income assessment: $265/week
Outcome: sold for $149,000
Agent: Susan Annett

Isthmus west

Eden Terrace

Washington, 21 Virginia St East, unit 3N:
Features: 42m², one bedroom, parking space, remedial work to be undertaken
Outgoings: rates $1030/year including gst; body corp levy $4173/year, special levy $4173
Income assessment: $320/week
Outcome: passed in at $150,000
Agent: Georgia Featherstone

Ponsonby

The Pulse, 80 Richmond Rd, unit 2J:
Features: 33m², one bedroom, deck, parking space, remedial work to be undertaken
Outgoings: rates $878/year including gst; body corp levy $3392/year, buyer responsible for $69,608 remedial levy
Income assessment: $320/week
Outcome: sold for $127,000
Agent: Mike Campbell

North-east

Albany

Masons, 60 Masons Rd, unit D12:
Features: 48m², fully furnished 2 bedrooms, deck, parking space, remedial work to be undertaken
Outgoings: rates $1353/year including gst; body corp levy $3420/year
Income assessment: $390/week fixed until February
Outcome: passed in at $230,000
Agent: Terry Doherty

Attribution: Auction.

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