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Barfoot sees residential sales lift

Auckland real estate agency Barfoot & Thompson lifted its residential sales in November, but both the average & median prices fell compared to the previous 3 months & November last year.

The 757 sales were up by 123 on October but down from 947 a year ago.

The average sale price of $913,244 was up $2700 from October but down $20,000 compared to a year ago.

The median sale price of $830,000 was $500 short of the October figure and $35,000 down compared to a year ago.

For agency director Kiri Barfoot, the lift in sales was a sign of the market stirring after a 2-month hibernation: “They were small signs, but it indicates the Auckland market is holding firm and buyers are returning. There are certainly no signs of a general market retreat,” she said yesterday.

“At 757 sales in the month, we had the highest number of monthly sales since August, and November’s sales were 9.7% higher than the average sales number for the previous 3 months.

“Both the average price at $913,244, and the median price at $830,000 were right in line with what we have been achieving over the previous 3 months.

“While those numbers are down on their equivalents in November last year, that was a time when the market was close to reaching its peak. This November’s trading is a sure sign that at current values buyers are returning to the market.

“New listings are continuing to reach the market, and during the month we listed 1955 properties, a third higher than the average over the previous 3 months. It brought the number of properties at month end to 4838, the highest number we have had in more than 5 years. There are now a quarter more properties on the market than at the same time last year.

“At the high end of the market, buyers are still seeing value in property at current prices, with a significant rebound in the number of properties sold for in excess of $1 million. In the month we sold 55 properties for in excess of $2 million and a further 262 for in excess of $1 million, the highest number of high-end property sales since May.

“Even during the height of activity in 2016, sales of 55 properties for in excess of $2 million would have been regarded as an excellent month.

“A similar pattern of activity was evident in the lifestyle & rural sectors, with sound sales numbers in Mangawhai & Wellsford in the north and in Pukekohe & Papakura to the south. Properties valued in excess of $2 million attracted strong interest.

“We sold 62 rural & lifestyle properties in November, the highest in a month since March, and during the month at a Pukekohe lifestyle property auction 50% of the properties sold on an unconditional basis.

“Interest from local developers & land bankers is returning, but there is still a degree of hesitancy as they await a clearer understanding of future Government policy.”

The figures:

Attribution: Agency release.

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Barfoots study finds residential rents up average 4.7%, double that in central areas

The average weekly residential rent in Auckland has risen by 4.7% in the last year, from $520 to $542/week for a 3-bedroom home, according to Barfoot & Thompson’s third quarter figures.

Director Kiri Barfoot, who oversees the company’s property management division, didn’t put a figure on how much landlords’ costs had risen, but did list several: “We are just coming out of winter, which is a maintenance-heavy period for rental properties. Add to that uncertainty around rates increases, increased insurance costs due to the fire service levy and the incoming Earthquake Commission levy, compliance costs for smoke alarms & insulation, and you can understand the context of rent increases.

“Many owners will be relieved at recent forecasts indicating that interest rates are likely to remain flat in the near future.”

She said the biggest average rent rise was in the central suburbs, up 6.2% in a year from $550 to $584/week.

“Demand for rentals in Ponsonby, Grey Lynn, Mt Eden, all the old Auckland City suburbs west of the Southern Motorway, is strong. The area boasts short commutes into the city, and the properties often have outdoor space, parking, and are close to shopping, dining & entertainment areas. At the same time, fewer new properties are being built because of high land costs when compared with other areas where denser residential developments can be constructed, or where land costs are lower.”

Ms Barfoot drew a distinction between movements in house prices & rents: “I wouldn’t expect rent to flatten out as house prices in Auckland have. Just as Auckland rents didn’t increase at double-digit rates along with house prices last year, or the year before.”

Would-be home buyers pushing up one-bedroom rent prices

In a comparison of the number of bedrooms, Ms Barfoot said the biggest suburban increase had been for one-bedroom homes, up 6% from $339 to $359. In the central suburbs, the average rise for one-bedroom rentals was 9%, from $339 to $370/week.

“Almost 60% of renters plan to buy a home in the next 2-5 years, but we know that saving for a 20% deposit and tough lending restrictions are delaying people from buying. In the meantime, people are taking an interim step – choosing to rent on their own in between flatting and the traditional first-home buying stage. They are prepared to pay a little bit more for privacy, and are fortunate to have plenty of new developments to choose from.

“In Auckland Central, where a large number of apartments have become available in the past couple of years, rent for one-bedroom properties has increased at the same rate as the city-wide average, showing that the demand is there. Many of these new apartments have been in the higher end and will appeal to people moving on from a flatting situation, but who are yet to buy a place of their own.”

Attribution: Agency release.

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Barfoots chief says most home buyers & sellers being realistic about changed market

Barfoot & Thompson managing director Peter Thompson reckons most home buyers & sellers have been realistic over the last few months, when sales have dropped away.

He said yesterday sales by the agency were down by two-thirds compared to a year ago, but buyers & sellers who accepted that change were still doing deals.

“For the past 6 months there have been only minor variations in the pattern of lower sales numbers & prices remaining firm. Both average & median sale prices were up from July but down from the average of the previous 3 months.

“Those who are looking to get a bargain, or selling at way above market, are missing out.

“The current market is having only a modest impact on the top & lower ends of the market. In spite of claims that there are few homes for sale in Auckland at under $500,000, in August we sold 90 properties in this price category, representing 11.6% of all sales for the month. High-end properties continued to sell well with 276 sales, or 35.5% of all sales, being for in excess of $1 million.

“There was no shortage of new property reaching the market, with 1260 new listings in August. While down 15.5% on the average number for the previous 3 months, this is not unexpected one month out from a general election.

“At month end we had 3993 properties on our books, the lowest number for the past 6 months but still more than a quarter higher than at this time last year. It means we enter the general election month with the highest number of properties at the start of a September for 6 years.

“It provides a good platform for the market to operate from once the election is behind us. With a well performing economy, relatively low mortgage interest rates & strong population growth, there is every reason to anticipate over the medium term the housing market will retain people’s confidence.

Rural activity

“Prices for rural property in Warkworth & Wellsford to the north of Auckland and in Drury & Pukekohe to the south remain stable, with limited listings holding back sales numbers. The normal spring demand for rural properties is anticipated to return once the election is over. Demand remains from active, well financed investors for rural development land.”

The figures, with the percentage change to August in brackets:

Average price: August $918,926, July $908, 319 (1.2%), average over 3 months May-July $921,547 (-0.3%), August 2016 $906,560 (1.4%)
Median price: August $820,000, July $810,000 (1.2%), average over 3 months May-July $832,000 (-1.4%), August 2016 $850,000 (-3.5%)
Sales: August 777, July 747 (4%), average over 3 months May-July 829 (-6.3%), August 2016 1003 (-22.5%)
New listings: August 1260, July 1173 (7.4%), average over 3 months May-July 1492 (-15.5%), August 2016 1706 (-26.1%)
Month-end available stock: August 3993, July 4088 (-2.3%), average over 3 months May-July 4227 (-5.5%), August 2016 3151 (26.7%)

Attribution: Agency release.

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9 Manukau residential sales & 4 at city auction for Barfoots

Anyone looking for trends in the residential auctionrooms at the moment is likely to be bamboozled – lots of sales one day, none the next.

Barfoot & Thompson’s had some quiet days at its Manukau auctions recently, but started its auction programme for this week with 7 sales under the hammer & 2 sold prior out of 21 listed.

At the city auction on Tuesday, 4 homes were sold – including a townhouse at New Lynn – 6 were passed in and 2 were withdrawn from auction.

North-west

New Lynn

3 Ambrico Place, unit 21:
Features: 2-bedroom townhouse, balcony, 2 parking spaces
Outcome: sold for $500,000
Agents: Aken Yuan & Michelle Zhou

Manukau auction sales

At the Manukau auction on Tuesday, the agency sold 7 homes under the hammer & 2 prior out of 21 listed.

The sales included a Dannemora apartment & 2 units on one title in Papakura.

South

Dannemora

Botany Palms, 2 Armoy Drive, unit 136:
Features: one-bedroom apartment, balcony, garage
Outcome: sold for $400,000
Agents: Bob Adler & Anna An

Papakura

27 Alma Crescent:
Features: 1042m² section, 2 2-bedroom flats, carport each
Income assessment: $420/week & $415/week current
Outcome: sold for $891,000
Agent: Lloyd Singh

Attribution: Auctions.

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From the Barfoots auctions: Is there a trend?

The constant question in the auctionrooms, now that the extreme price escalation of the last couple of years is over, is: Is there a trend?

And the answer is ‘No’. After a hard push in one direction, forcing some regulatory or finance action, a lull is a reasonable expectation. But there will still be outliers – a property that’s a special attraction, something that brings 2-3 bidders up against each other whereas, for many properties, if the first hope is missed the next might do just as well.

One of the 2 apartments auctioned at Barfoot & Thompson’s city auction on Thursday was sold under the hammer. The other, in Stonefields, was passed in. A commercial property in Panmure, with vacant upstairs space, was also passed in.

In the agency’s city auctions on Wednesday, both apartments – in Parnell & St Marys Bay – were passed in.

Among the other offerings that I classify as intensive – suburban units, the occasional townhouse and the many cross-leases – 10 were sold and 4 passed in.

The auctionroom was crowded for a time on Wednesday, sparsely populated for the specialist offerings on Thursday morning.

Vendors continue to have to adjust their aspirations downward, but that downward pressure is less evident when what’s on offer is a cross-lease – in many instances, a cheaper entry point to a more exclusive suburb.

The 19 properties listed below include 4 apartments & one commercial property and are mostly on the east of the isthmus. As usual I’ve ignored the main stream of standalone residential offerings.

Thursday auction – apartments

CBD

Learning Quarter

Darlinghurst, 50 Eden Crescent, unit 2H:
Features: 60m², 2 bedrooms, high stud, storage locker & parking space on separate title nearby
Outgoings: body corp levy $284/year
Outcome: sold for $581,000
Agent: Aaron Cook

Isthmus east

Stonefields

Illico Apartments, 4 Bluegrey Avenue, unit 405:
Features: one bedroom, balcony, allocated parking space + guest parking
Outgoings: body corp levy $3024/year
Outcome: passed in at $500,000
Agent: Thelina Nuval

Wednesday auctions – suburban units, cross-leases & apartments:

Isthmus east

Epsom

6 Empire Rd, unit 3:
Features: 2-bedroom unit, internal-access garage
Outcome: sold for $1.166 million
Agents: Derek Helliwell & Cathy Giles

510C Manukau Rd:
Features: 3-bedroom townhouse, 3 bathrooms, double garage
Outgoings: body corp levy $4896/year
Outcome: passed in
Agents: George Fong & Laura McAuley

46 The Drive, unit 3:
Features: cross-lease, 1/3 share in 814m², 2-bedroom unit, garage
Outcome: sold for $953,000
Agent: Maria Lambert

Greenlane

20A Matai Rd, unit 1:
Features: cross-lease, half share in 1257m², 4 bedrooms, double garage
Outcome: sold for $1.32 million
Agents: Paul Robertson & Maree Currie

Mt Wellington

10 Alana Place, unit 2:
Features: cross-lease, 1/7 share in 2625m², 2-bedroom unit, garage
Outcome: sold for $650,000
Agent: Stephen Rendell

One Tree Hill

191A Campbell Rd:
Features: cross-lease, 1/3 share in 1717m², 4 bedrooms, 2 bathrooms, study, double garage
Outcome: no bid
Agents: Andre Bodde & Paul Hodgman

56 Rawhiti Rd, unit 1:
Features: cross-lease, half share in 938m², 2-bedroom cottage, internal-access garage
Outcome: sold for $1.15 million
Agents: Alex Baker & Julie Fitzpatrick

Parnell

29C Bath St:
Features: 2-bedroom apartment, deck, offstreet parking
Outgoings: body corp levy $5809/year
Outcome: passed in
Agent: Linda Galbraith

Remuera

22B Peach Parade:
Features: cross-lease, quarter share in 1449m², 3 bedrooms, double carport
Outcome: sold for $1.02 million
Agents: Stanley & Barbara Armon

18 Rotomahana Terrace, unit 1:
Features: cross-lease, 1/3 share in 1014m², 2-bedroom unit, garage, storage
Outcome: sold for $835,000
Agent: Steve Hood

St Heliers

37C The Parade:
Features: cross-lease, 1/3 share in 1012m², 2 bedrooms, garage
Outcome: sold for $912,500
Agents: Helen McVicar & Helen Clelland

St Johns

69 & 71 Swainston Rd:
Features: cross-lease – No 69: 2 half shares in 607m², 2 2-bedroom units; No 71: 802m², 2 2-bedroom units
Outcome: passed in when offered together & separately
Agent: Helen McVicar

St Johns Park

38 Pyatt Crescent:
Features: cross-lease, half share in 828m², 3 bedrooms, study, garage
Outcome: sold for $1.252 million
Agent: Michael Ataman

Isthmus west

Mt Eden

51 Grange Rd:
Features: cross-lease, quarter share in 1637m², 4-bedroom villa, 2 bathrooms, 2 lounges, study, double garage
Outcome: passed in
Agents: Frank Excell & Ketiesha Elliott

114 Landscape Rd, unit 2:
Features: cross-lease, half share in 688m², 3 bedrooms, 2 bathrooms, garage
Outcome: sold for $1.189 million
Agents: Paul Donovan & Sharon Walls

St Marys Bay

12 New St, unit 7:
Features: one-bedroom apartment
Outgoings: body corp levy $2749/year
Income assessment: $460/week current
Outcome: passed in
Agent: Louise Stringer

Commercial

Isthmus east

Panmure

7-9 Basin View Lane:
Features: 245m² site, 430m² floor area, 3 tenancies on 2 levels, 220m² upstairs space vacant
Rent: $31,812.50/year net + gst + outgoings
Outcome: passed in at $785,000
Agent: Jane Chen

Attribution: Auctions.

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Grey Lynn retail property sells

A Grey Lynn property containing 4 shops plus upstairs space was sold under the hammer at Barfoot & Thompson’s city commercial auction today. A Newmarket shop was passed in.

Isthmus east

Newmarket

33D Remuera Rd:
Features: 82m² shop
Rent: $38,250/year net + gst, lease up for renewal in 12 months
Outcome: passed in at $790,000
Agents: Kim Loo & Rex Fowler

Isthmus west

Grey Lynn

596-602 Great North Rd:
Features: 488m² section, 357m² floor area on 2 levels, 4 shops + upstairs accommodation or office
Outcome: sold for $2.38 million
Agents: Chris Peterson

Attribution: Auction.

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6 intensive homes sell at Barfoots

6 of the 12 intensive homes (apartments, suburban units & cross-leased houses) auctioned at Barfoot & Thompson’s city office on Wednesday were sold under the hammer.

17 of the 38 residential properties auctioned in the day’s 2 sessions were sold under the hammer or shortly after.

CBD

Learning Quarter

Waldorf Bankside, 8 Bankside St, unit 8C:
Features: one-bedroom apartment
Income assessment: $400/week current
Outcome: sold for $288,000
Agents: Rain Diao & Beili Yi

Isthmus east

Grafton

49I Seafield View Rd:
Features: one-bedroom apartment, carport
Outcome: sold for $300,000
Agent: Alex Baker

One Tree Hill

55 Rawhiti Rd, unit 4:
Features: cross-lease, 1/5 share in 981m², 2-bedroom unit
Outcome: passed in at $660,000, sold shortly after auction
Agents: Cici Wang & Helen Lin

Panmure

30 Ireland Rd, unit 1:
Features: 2-bedroom unit, internal-access garage
Outcome: sold for $656,000
Agents: Margaret Johnston & Phyllis Brooks

Remuera

658 Remuera Rd, unit 2:
Features: 2-bedroom unit, deck, 2 garages
Outcome: sold for $1.08 million
Agents: Paul Robertson & Maree Currie

Isthmus west

Herne Bay

24A Hamilton Rd, unit 3:
Features: 2-bedroom unit, balcony, courtyard, carport
Outgoings: body corp levy $3892/year
Outcome: sold for $700,000
Agent: Felicity Scott

Mt Albert

103A St Lukes Rd, units 1-6:
Features: 1590m² section, 6 remodelled 3-bedroom units, offstreet parking
Outcome: passed in
Agents: George Fong & Laura McAuley

Mt Eden

13 Bank St:
Features: cross-lease, half share in 1387m², 3-bedroom bungalow
Outcome: no bid
Agents: Vern Hines & Sara Knight

11B Horeka Avenue:
Features: cross-lease, 1/3 share in 1283m², 3-bedroom house, garage
Outcome: passed in
Agents: Leonie Stabler & Di Lynds

Pt Chevalier

10 Walmer Rd:
Features: cross-lease, half share in 695m², 3-bedroom bungalow, garage
Outcome: no bid
Agent: Travis Nicholls

Westmere

11D Garnet Rd:
Features: 2-bedroom apartment, balcony, secure internal-access double garage
Outcome: sold for $1.01 million
Agents: Carl & Roseanne Madsen

South

Manurewa

144, 144A & 144B Browns Rd:
Features: 2939m², 3 homes on separate titles, consent for 12 dwellings
Income assessment: $68,000/year current
Outcome: no bid
Agents: Thomas & Helen Weber

Attribution: Auctions.

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Otahuhu commercial unit & 3 apartments sell

A ground-floor commercial unit in Otahuhu attracted strong bidding at Barfoot & Thompson’s city auction today. Along with that sale, 3 of the 6 cbd apartments on the list also sold, including a penthouse in The Peaks (pictured) sold for just over $1.3 million.

Apartments

CBD

Queen St

Queen Victoria, 6 Victoria St East, unit 6M:
Features: 62m² + mezzanine 16m², 2 bedrooms
Outgoings: body corp levy $6616/year + $2493 special levy for exterior painting
Income assessment: $450/week
Outcome: passed in at $530,000
Agents: Zoran Farac & Stephen Shin

Uptown

Bianco off Queen, 2 White St, unit 12A:
Features: 61m², 2 bedrooms, balcony, out of hotel management
Outgoings: body corp levy $5718/year
Outcome: sold for $570,000
Agents: Selina Zheng & Tommy Zhang

Victoria Quarter

Auckland City Oaks, 188 Hobson St, unit 609:
Features: fully furnished one bedroom, parking space
Outgoings: body corp levy $6208/year
Outcome: no bid
Agents: Wendy Feng & Jack Li

Hobson Gardens, 205 Hobson St, unit 4G:
Features: 163m², 3 bedrooms, 2 bathrooms, balcony off lounge + bedroom balconies, parking space
Outgoings: body corp levy $6052/year + water
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Wiltshire, 89 Victoria St West, unit 10C:
Features: 2 bedrooms, 2 bathrooms, balcony, parking space will be removed from the title
Outgoings: body corp levy $4572/year
Outcome: sold for $670,000
Agents: Fiona Lee

The Peaks, 117 Victoria St West, unit 14D:
Features: 177m², 3-bedroom penthouse, 2 bathrooms, balcony, 2 parking spaces, storage locker
Outgoings: body corp levy $8923/year
Outcome: sold for $1.316 million
Agents: Livia Li & Alan Guo

Commercial

Isthmus east

Otahuhu

632 Great South Rd, unit 5:
Features: 195m², ground-floor unit, 5 parking spaces
Outcome: sold for $700,000
Agents: Grant Magill & Errol Rudman

Attribution: Auction.

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3 intensive suburban homes sold of 14 auctioned

3 intensive suburban homes – apartments, units & cross-leases – were sold under the hammer out of 14 auctioned at Barfoot & Thompson’s city office on Tuesday & Wednesday.

Of the 57 residential properties auctioned at 3 sessions, 20 were sold under the hammer.

Isthmus east

Mission Bay

30 Patteson Avenue, unit 3:
Features: 2-bedroom unit, garage
Outcome: passed in
Agent: Mark Edmonds

29 Tamaki Drive, unit 3:
Features: 227m², refurbished 3-bedroom apartment, 2 bathrooms, terrace, double garage
Outcome: no bid
Agent: Karin Cooper

Mt Wellington

40 Rutland Rd, unit 3:
Features: cross-lease, quarter share in 1067m², 2-bedroom unit, carport
Outcome: no bid
Agent: Sylvia Lu

Onehunga

69 Mays Rd:
Features: cross-lease, half share in 761m², 3 bedrooms,
Outcome: passed in at $860,000
Agents: Neil Dayal & Grant Rutherford

Parnell

25 Cheshire St, unit C5:
Features: one-bedroom apartment, secure internal-access parking space
Outcome: passed in
Agent: Cindy Yu

Remuera

109 Abbotts Way, unit 1:
Features: cross-lease, half share in 920m², 3 bedrooms
Outcome: sold for $1.086 million
Agent: Kelly Zhang

43A Richard Farrell Avenue:
Features: cross-lease, half share in 1042m², 2-storey 6-bedroom house, internal-access garage
Outcome: no bid
Agents: Trevor Edwards & Jacinta Kerrigan

Isthmus west

Avondale

2 Alanbrooke Crescent, unit 1:
Features: 2 bedrooms, secure parking space
Outcome: no bid
Agents: Bella Stefano & Sherry Shao

Blockhouse Bay

99 Boundary Rd:
Features: cross-lease, 1/7 share in 3980m², 3 bedrooms, patio, double internal-access garage
Outcome: sold for $861,000
Agents: Ross & Joss Goodall

80A Connell St:
Features: 3-bedroom unit, deck
Outgoings: body corp levy $2033/year
Outcome: no bid
Agent: Daryll Roberts

103A Taylor St:
Features: cross-lease, half share in 1320m², 3 bedrooms, garage
Outcome: no bid
Agent: Zaki Murumkar

Mt Eden

70B Marsden Avenue:
Features: cross-lease, half share in 1495m², 4 bedrooms, double garage
Outcome: no bid
Agent: Robert Thompson

20 Peary Rd, unit 4:
Features: cross-lease, 1/5 share in 1242m², 2-bedroom unit, garage
Outcome: sold for $730,000
Agent: Margaret Chen

Sandringham

307 Mt Albert Rd:
Features: cross-lease, half share in 842m², 3 bedrooms
Outcome: passed in at $850,000
Agent: Kelly Zhang

Attribution: Auctions.

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Panmure shops & 2 apartments sell

2 shops on Panmure’s main street and 2 of the 6 apartments sold at Barfoot & Thompson’s city auction this morning.

One of the apartments sold was in the converted former Beca Ltd headquarters (pictured) on Vincent St. Another apartment in that building didn’t attract a bid.

 

Apartments

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1312:
Features: fully furnished, air-conditioned 2 bedrooms, balcony, storage locker, secure parking space
Outgoings: body corp levy $7916/year
Outcome: sold for $772,000
Agents: Betty Shao & Aaron Cook

Learning Quarter

Celestion Waldorf, 19 Anzac Avenue, unit 1702:
Features: 2 bedrooms, sub-penthouse with large balcony
Outgoings: body corp levy $8127/year
Outcome: no bid
Agents: Stephen & Leo Shin

Argent Hall, 2 Eden Crescent, unit 7B:
Features: 48m², one bedroom
Outgoings: body corp levy $4544/year
Outcome: passed in at $499,000
Agents: Stephen & Leo Shin

Uptown

132 Vincent St, unit GB:
Features: 104m², 2 bedrooms, 2 bathrooms, 2.7m stud, 20m² courtyard, storage unit, parking space
Outgoings: rates $2406/year including gst for unit, $165/year for parking; body corp levy $7481/year total
Outcome: no bid
Agent: Aaron Cook

132 Vincent St, unit 5J:
Features: 70m², air-conditioned one bedroom, 8m² balcony, parking space
Outcome: sold for $751,000
Agent: Aaron Cook

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 117:
Features: 51m², 2 bedrooms, 2 bathrooms, balcony, separate storage
Outgoings: body corp levy $1958/year
Income assessment: $500/week current
Outcome: no bid
Agents: Johnson Chen & Emily Chen Ye

Commercial

Isthmus east

Panmure

129-131 Queens Rd, Panmure, outlined & arrowed.

129-131 Queens Rd:
Features: 263m² site, 201m² floor area, 2 shops on one title
Rent: $17,025/year + gst + outgoings from 70m² shop, 131m² shop vacant but has rent appraisal of $26,025/year + gst + outgoings
Outcome: sold for $645,000
Agents: Jane Chen & Sue Ma

Attribution: Auction.

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