An apartment in the Emily, just off Customs St East in downtown Auckland, was sold at Ray White City Apartments’ auction today. 3 others were passed in and the auction of another was postponed a week.
The auction opened with no bid on the first property up, in Nugent Rise, Mt Eden, followed by an auctioneer’s vendor bid putting the value at close to $10,000/m².
The one unit that was sold, in the Emily, went for just under $7400/m². The grand old building (pictured above) was converted from a warehouse to apartments 45 years ago.
At the Amora apartments hotel, at the top of Vincent St, a vacant studio had a lot of price tags put on it this month. The one offer at auction was about $10,000/m² for the internal space, excluding parking, but it was back on the market post-auction at about $11,000/m² internal.
At Nugent Rise in Mt Eden, the auctioneer’s indicator worked out at about $9250/m² internal, or about $1000/m² less if the loggia (internal balcony) is counted as internal space.
All these price variables can occur for a lot of reasons – age, condition (especially remediation & its potential cost), the price of parking, and the gap between new stock & established buildings.
In the decline of the market after the global financial crisis 7-10 years ago, the slide in prices was across the board. At the moment, reasons for price movement are less clear – the availability of finance, exit of Asian buyers and uncertainty about international politics & economics are harder reasons to put precise counts on.
Emily Apartments, 22 Emily Place, unit 5D:
Features: 71m², 2 bedrooms, the building has remediation issues
Outgoings: rates $1711/year including gst; body corp levy $8523/year including gst
Outcome: sold for $525,000 at $7394/m²
Agent: Gillian Gibson
Q Central, 11B City Rd, unit 7D:
Features: leasehold, 62m², 2-level 2-bedroom apartment, 2 parking spaces
Income assessment: $575/week current
Outcome: auction postponed to next Thursday, 6 December
Agent: Josh Muriwai
Amora, 100 Greys Avenue, unit 811 (8K):
Features: vacant 36m² studio + 3m² balcony, parking space
Outgoings: rates $1304/year including gst; body corp levy $6526/year including gst
Outcome: bid at $350,000, vendor bid at $400,000, passed in; the unit was bought by the vendor at the end of August for $390,000, was marketed this month with a price tag of $485,000 and was back on the market post-auction at $469,000
Agent: Damian Piggin
Mountview, 43 Mary St:
Features: 120m², 3-level 2-bedroom terrace, tandem parking; reclad completed in 2016 & new code compliance certificate issued
Outgoings: rates $2018/year including gst; body corp levy $2973/year including gst
Outcome: passed in at $670,000
Agent: Casey Chen
Nugent Rise, 6A Nugent St, unit 107:
Features: 67m² + 8m² loggia, one bedroom, study, parking space, storage locker
Outgoings: body corp levy $2932/year including gst, $195/year for parking
Outcome: no bid; vendor bid of $700,000 placed to indicate the minimum for a multi-offer backup sale process
Agent: Casey Chen