Tag Archives | City Sales

3 apartments sell at City Sales auction

3 of the 6 apartments auction at City Sales yesterday were sold under the hammer – a leasehold unit in Hudson Brown, a large unit in the Mews in Eden Terrace and one of 2 units on offer in the Spencer on Byron, Takapuna. One Spencer on Byron unit with a parking space was passed in, one without parking was sold.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1415:
Features: 35m², one bedroom
Outgoings: rates $1214/year including gst; body corp levy $4074/year
Outcome: passed in at $385,000
Agents: Tricia Carlson

Quay Park

Hudson Brown, 57 Mahuhu Crescent, unit 216:
Features: leasehold, 68m², 2 bedrooms, parking space
Outgoings: rates $1513/year including gst; body corp levy $9415/year including $5434 ground rent
Outcome: sold for $243,000
Agent: Tony Kelly

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 17:
Features: 111m², 3 bedrooms, 2 bathrooms, deck, 2 parking spaces
Outgoings: rates $1986/year including gst; body corp levy $4858/year
Outcome: sold for $1.05 million
Agents: Tanya Rotherham

Grey Lynn

Mediterranee, 10 Crummer Rd, unit 1D:
Features: 46m², 2 bedrooms, patio, parking space
Outgoings: rates $1311/year including gst; body corp levy $3176/year
Income assessment: $520/week current
Outcome: passed in at $460,000
Agents: Nicola Hunt & Gabrielle Hoffmann

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1709:
Features: 29m² studio, deck, parking space
Outgoings: rates $1048/year including gst; body corp levy $2286/year + gst
Outcome: passed in at $240,000 + gst
Agents: Gabrielle Hoffmann & Nicola Hunt

Spencer on Byron, 9-17 Byron Avenue, unit 1802:
Features: 29m² studio, deck
Outgoings: rates $1009/year including gst; body corp levy $2115/year + gst
Outcome: sold for $220,000 + gst
Agents: Gabrielle Hoffmann & Nicola Hunt

Attribution: Auction.

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4 apartments sell through City Sales auction

3 of the 8 apartments auctioned at City Sales yesterday were sold under the hammer, and a fourth sold later in the day.

Agents Steve Kirk & Habeeb Urrahman marketed 3 apartments with remedial issues, and one of those sold.

CBD

Learning Quarter

96 on Symonds, 96 Symonds St, unit 303:
Features: 36m², 2 bedrooms, deck, subject to managed apartment lease
Outgoings: rates $1188/year including gst; body corp levy $3941/year
Income assessment: $550-600/week
Outcome: sold for $220,000
Agents: Michael Jackson

Cintra, 3 Whitaker Place, unit 7A:
Features: 57m², one bedroom; remediation works identified, not yet complete; the vendor sought release from warranties & future special levies
Outgoings: rates $903/year including gst; body corp levy $4155/year
Income assessment: $/week
Outcome: passed in at $176,000
Agents: Steve Kirk & Habeeb Urrahman

Uptown

C Vu, 36 Day St, unit 9K:
Features: 42m², 2 bedrooms, deck, parking space, remediation works identified, not yet complete
Outgoings: rates $1123/year including gst; body corp levy $4455/year + remediation levy $65,627
Income assessment: $530-560/week
Outcome: sold for $432,000
Agents: Steve Kirk & Habeeb Urrahman

Dynasty Gardens, 135 Vincent St, unit 605:
Features: 47m² including balcony, 2 bedrooms
Outgoings: rates $1183/year including gst; body corp levy $2498/year
Income assessment: $450/week, fixed until June
Outcome: sold for $390,000
Agents: Steve Kirk & Habeeb Urrahman

Victoria Quarter

Zest, 70-72 Nelson St, unit 1022:
Features: 37m², 2 bedrooms, deck
Outgoings: rates $1149/year including gst; body corp levy $3899/year
Outcome: passed in at $280,000
Agents: Maryanne Wong & Dahui Chen

Isthmus east

Grafton

Luna, 16 Burton St, unit 2P:
Features: 80m², 2 bedrooms, deck, parking space; remediation works identified, not yet complete, and vendor sought release from warranties relating to such works & any further special levies
Outgoings: rates $1791/year including gst; body corp levy $3866/year
Outcome: passed in after sole bid, from vendor, at $300,000
Agents: Steve Kirk & Habeeb Urrahman

Isthmus west

Ponsonby

29 Douglas St, unit 2:
Features: cross-lease, 1/8 share in 627m², 57m² internal, one bedroom, deck, onstreet parking
Outgoings: rates $1789/year including gst; body corp levy $130/month
Income assessment: $580-620/week
Outcome: passed in at $615,000, sold post-auction for an undisclosed price after multiple offers made
Agents: Anna Birkenhead & Tina Bartlett

North-west

New Lynn               

Merchant Quarter, 20 McCrae Way, unit 1110:
Features: 69m², 2 bedrooms, deck, parking space
Outgoings: rates $1684/year including gst for the unit, $611/year for parking; body corp levy $4310/year for unit, $316/year for parking
Income assessment: $530-580/week
Outcome: no bid
Agents: Trisha Shanaghan

Attribution: Auction.

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Updated: Vincent St & First Imperial apartments sell

Published 8 November 2017, updated 12 November 2017:
A large unit in the converted former Beca building on Vincent St and a studio in the First Imperial on Hobson St sold under the hammer at City Sales’ auction of central city apartments today. The other 4 apartments on the auction list were passed in, 2 without a bid and one with an indicative bid for the vendor.

A CityZone unit has since been sold, price not disclosed.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 913:
Features: 32m², one bedroom, deck
Outgoings: rates $1185/year including gst; body corp levy $3577/year
Income assessment: $440-460/week
Outcome: no bid
Agents: Maryanne Wong & Tina Bartlett

Uptown

Updated: CityZone, 11 Liverpool St, unit 1808:
Features: 48m², 2 bedrooms, deck, parking space
Outgoings: rates $1396/year including gst for unit, $130/year including gst for parking; body corp levy $4392/year for unit, $781/year for parking
Income assessment: $450/week current
Outcome: passed in at $400,000, sold Thursday, price not disclosed
Agent: Iona Rodrigues

132 Vincent St, unit GH:
Features: 100m² internal, 13m² deck, 3 bedrooms, 2 bathrooms, tandem parking
Outgoings: rates $3194/year including gst for unit + parking; body corp levy $8977/year for unit + parking
Income assessment: $850-900/week
Outcome: sold for $1.13 million
Agent: Susan Frear

Victoria Quarter

First Imperial, 125A Hobson St, unit 1A:
Features: 32m², studio
Outgoings: rates $994/year including gst; body corp levy $2492/year
Outcome: sold for $210,000
Agent: Tanya Rotherham

Sugartree Centro, 145-147 Nelson St, unit 903:
Features: 52m² internal, 5m² balcony, one bedroom + flexi
Outgoings: rates $423/year including gst; body corp levy $2916/year
Income assessment: $530-550/week unfurnished, $580/week furnished
Outcome: sole bid from vendor at $450,000, passed in
Agents: Tina Bartlett & Anna Birkenhead

Waterfront

Viaduct Point, 125 Customs St West, unit 316:
Features: leasehold, 101m², 2 bedrooms, 2 bathrooms, 2 decks, parking space
Outgoings: rates $2279/year including gst; body corp levy $18,064/year including ground rent $9349/year
Outcome: no bid
Agents: Gabrielle Hoffmann & Nicola Hunt

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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More apartments? Not under this tightening scenario

The political call is for housing that’s more affordable, and more of it. Construction costs militate against the first hope, and a combination of central bank constraints & tightening of commercial bank asset quality ratios is likely to deal with the second.

Auckland specialist apartment agency City Sales, headed by Martin Dunn, has produced its own research – out today – which indicates an easing in supply over the next 3 years and a sharp drop in supply in 2021.

The graph shows a dead market post-global financial crisis, returning to life in 2015 and growing strongly for the last 2 years. This year Mr Dunn expects close to 1500 completions, falling to a range of 1000-1300 over the next 3 years, then dropping sharply to fewer than 500 as regulatory constraints have their impact.

Off-plan stock unsold after regulatory changes

City Sales owner Martin Dunn.

Mr Dunn said the agency’s research was based on fact, not hope. Already, the agency has had parcels of unsold off-the-plans stock in new developments to take to the market after investors failed to proceed with their purchase.

Some had borrowed for their deposit and were unable to produce the balance. Others had to walk away because of the 40% equity ratio now required of investors.

He expects more of that as new developments are completed, and said this week the impact would result in a marked slowdown in development.

“The banks call the shots on supply,” Mr Dunn said in his latest market report.

The big 4 New Zealand banks are Australian-owned, and the Australian Prudential Regulatory Authority warned them at the end of July that it would require common equity tier 1 capital ratios of at least 10.5% to meet the authority’s “unquestionably strong” benchmark. That meant all had to tighten their lending and adjust the ratios for different market sectors.

Mr Dunn said City Sales had assessed proposed developments – many not yet unveiled – and determined the likelihood that they’d proceed.

One unknown at the moment is the amount of Chinese money available to China’s overseas developers. Already the screws have tightened on the availability of funds to individuals buying outside China for investment, but the position for developers has been varied.

There were some suggestions emanating from China this week that funding might be freed up, but I haven’t verified that yet.

Other market factors

Other market factors are the returns to investors – who have been integral to making any apartment development work, because they form about 80% of the market, but may have their domination reduced – and development costs.

According to City Sales’ market report – based on figures from its own transactions dating back to 2005, including sales of both new apartments & secondary stock, and from its property management business – average sale prices would continue upward: “Uber, electric cards, congestion & Boomer empty nesters are normalising Auckland central living and it’s an exciting moment. Have a look at K’ Rd these days.”

Mr Dunn said prices of the top secondary stock had eased recently, from $10,000/m² to about $8500/m² as sales volume dropped: “Uncertainty often ‘pumps the brakes’ on a largely investor-driven market, however City Sales sees activity returning to a familiar pace in the coming months.”

Finance, the investor as predator, contributing costs

The City Sales picture is accurate as the market stands. Politicians & bankers can change that overnight. They can also get things wrong, especially when they’re arguing for more supply but activating supply-reducing measures.

One of the ironies has been the clamour to lock investors out. Auckland would have no apartments in its city centre without investors, who were sought in presentations locally, in Singapore, Kuala Lumpur, Hong Kong & London over the last 20 years.

Investors in suburban homes have always made up a proportion of the market – as low as 30%, currently about 40%. Their presence has ensured there’s a stock of upgraded homes, something the management of Housing NZ by political windchange has ensured has not been the case with the state-owned stock.

The biggest change has come with the advent of the international investor, seeking to pop money into whichever market offers the best speculative opportunity. Auckland, Australia’s eastern state capitals & some Canadian cities have been prime targets.

That investment is easily regulated. Outside the investment in both new & existing stock, the other 2 cost issues are land price & construction cost. In Auckland, the greater ability to build more intensively through a wide swathe of suburbia will gradually change land costs, more than removing urban boundaries on the perimeters, where major infrastructure installation is required first.

And construction cost? Fletcher Building Ltd took the smart step long ago to create a vertical supply chain, something which makes it hard for any newcomer to match at any supply point. That vertical integration plus the lack of competition generally make it hard to lower material costs, while the construction sector has been slow to adapt to new ways.

Links:
City Sales
APRA benchmarks release, 19 July 2017

Attribution: Discussion, City Sales report, APRA.

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Ivory & Station R apartments attract no bid

2 apartments in 2 new developments – Conrad’s Ivory and Ockham’s Station R – attracted no bid at City Sales’ auction yesterday. Both developments were sold off the plans.

Isthmus east

Epsom

Ivory, 10 Lion Place, unit 405:
Features: 52m², one bedroom, flexi-room, deck, parking space
Outgoings: rates & body corp levy to be confirmed
Outcome: no bid
Agents: Alister Nichol

Isthmus west

Mt Eden

Station R, 11 Fenton St, unit 502:
Features: 79m², 2 bedrooms, study, 2 bathrooms, deck, parking space
Outgoings: rates $2402/year including gst; body corp levy $4343/year
Outcome: no bid
Agents: Trisha Shanaghan

Attribution: Auction.

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Vincent St apartment sells

A pet-friendly apartment, in the former Beca building up Vincent St from Aotea Square, was sold under the hammer at City Sales’ auction today, while the other 2 units on offer were both passed in.

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Uptown

CityZone, 11 Liverpool St, unit 1111:
Features: 18m² furnished studio,
Outgoings: rates $1019/year including gst; body corp levy $2017/year
Outcome: passed in after sole bid from the vendor at $180,000
Agent: Iona Rodrigues

132 Vincent St, unit 2F:
Features: 62m², 2 bedrooms, 9m² deck, parking space, pet-friendly
Outgoings: rates $1773/year including gst; body corp levy $5655/year
Income assessment: $650-700/week
Outcome: sold for $658,000
Agent: Tanya Rotherham

North-west

New Lynn

Merchant Quarter, 20 McCrae Way, unit 507:
Features: 55m², one bedroom + flexi room, deck, parking space on separate title
Outgoings: rates $1477/year including gst; body corp levy $2727/year, parking levy $321/year
Outcome: passed in after sole bid from the vendor at $450,000
Agents: Trisha Shanaghan

Attribution: Auction.

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One out of 4 apartments sold, another now conditional

The first apartment auctioned at City Sales yesterday, in the Pulse in Grey Lynn, was sold under the hammer and the other 3 were passed in on light bidding. One of those has subsequently been sold conditionally.

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 1:
Features: 111m², 3 bedrooms, 2 bathrooms, 34m² covered deck, parking space
Outgoings: rates $966/year including gst; body corp levy $6064/year including water & gas
Outcome: passed in at $715,000
Agents: Tanya Rotherham

Grey Lynn

The Pulse, 80 Richmond Rd, unit 2B:
Features: 45m², one bedroom, deck, parking space
Outgoings: rates $789/year including gst; body corp levy $3664/year
Outcome: sold for $550,000
Agents: Anna Birkenhead & Tina Bartlett

Kingsland

29 Rossmay Terrace, unit 15:
Features: 120m², 2 bedrooms + flexi-room, deck, parking space
Outgoings: rates $1843/year including gst; body corp levy $3263/year
Outcome: passed in at $625,000, sold conditionally post-auction
Agents: Habeeb Urrahman & Steve Kirk

North-west

New Lynn

10 Crown Lynn Place, unit 5B:
Features: 65m², 2 bedrooms, deck, parking space
Outgoings: rates $1191/year including gst; body corp levy $4980/year
Outcome: no bid
Agents: Habeeb Urrahman & Steve Kirk

Attribution: Auction.

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2 leasehold apartments sell at auction

The owner of 2 leasehold apartments in the Quay Park precinct one at Hudson Brown and the other at The Landings, sold both under the hammer at City Sales’ auction yesterday.

The third property up for auction, a New Lynn studio, was passed in.

CBD

Quay Park

Hudson Brown, 57 Mahuhu Crescent, unit 422:
Features: leasehold, 70m², 2 bedrooms, parking space
Outgoings: rates $1608/year including gst; body corp levy $10,004/year including ground rent
Income assessment: $580/week fixed until January
Outcome: sold for $220,000
Agents: Tony Kelly & Trisha Shanaghan

The Landings, 10 Ronayne St, unit 611:
Features: leasehold, 41m², 2 bedrooms
Outgoings: rates $873/year including gst; body corp levy $2799/year, ground rent $2297/year
Outcome: sold for $130,000
Agents: Tony Kelly & Trisha Shanaghan

North-west

New Lynn

10 Crown Lynn Place, unit 3E:
Features: 28m² studio, deck
Outgoings: rates $865/year including gst; body corp levy $2474/year
Outcome: no bid, back on the market at $230,000
Agent: Trisha Shanaghan

Attribution: Auction.

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One unit sells, 2 passed in well short of asking price

A vacant Quadrant apartment was sold under the hammer and 2 other city apartments were passed in at City Sales’ auction on Wednesday.

The pass-ins went back on the market at substantial premiums to the top bids. A 7th-floor Aura unit was passed in at 6939/m² internal, against $8673/m² sought subsequently. A CityZone unit was passed in at $7727/m² internal, against $9068 sought subsequently. Both had a deck, neither had parking.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1710:
Features: 42m², 2 bedrooms, 15m² deck
Outgoings: rates $1427/year including gst; body corp levy $5105/year
Outcome: sold for $485,000
Agents: Steve Kirk, Habeeb Urrahman & Chris Cairns

Uptown

CityZone, 11 Liverpool St, unit 2005 (20B):
Features: 44m², 2 bedrooms, deck
Outgoings: rates $1240/year including gst; body corp levy $3936/year
Outcome: passed in at $340,000, back on market at $399,000
Agent: Tony Kelly

Victoria Quarter

Aura, 53 Cook St, unit 702:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1227/year including gst; body corp levy $4738/year
Outcome: passed in at $340,000, back on market at $425,000
Agent: Tony Kelly

Attribution: Auction documents.

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