Tag Archives | Ray White

Strong price on studio as 2 apartments sell

Both apartments auctioned at Ray White City Apartments today were sold under the hammer.

One is under hotel management at the Quadrant, where some building performance issues are being investigated. The other, a small studio in the Precinct on Lorne St, took 35 bids to get a result and sold at $14,550/m².

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Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1904:
Features: 32m², fully furnished one-bedroom corner unit, double balconies; some building performance issues being investigated
Outgoings: rates $4714/year including gst; body corp levy $4309/year to be confirmed
Income assessment: in hotel pool
Outcome: sold for $310,000 + gst
Agents: Damian Piggin

Lorne St

Precinct, 6 Lorne St, unit 1301:
Features: 20m² studio, balcony
Outgoings: rates $1149/year including gst; body corp levy $2031/year
Income assessment: $380/week fixed until September; appraisal $400-420/week
Outcome: sold for $291,000
Agents: Josh Muriwai & Adam Gurr

Attribution: Auction.

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City apartments sell in $9-10,000/m² range at auction

An apartment on St Patrick’s Square (building pictured) and another at the top of the Auckland cbd, in Scotia Place, sold under the hammer at Ray White City Apartments’ auction yesterday. 3 others were passed in at an auction which attracted multiple bidders on 2 properties, none on another.

Assuming a 5% return on current parking price, the 1950s Madison on the Square apartment – across the square from the brand-new Park Residences – was priced at about $9750/m².

At the top of the hill, the Nova en Scotia apartment, with no parking, was priced at $9000/m².

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Federal St

Madison on the Square, 37 Federal St, unit 3D:
Features: 44m², one bedroom, secure basement parking space
Outgoings: rates $1526/year including gst; body corp levy $4668/year
Income assessment: $435/week current, parking $60/week fixed until 23 August; apartment appraisal $500-600/week fully furnished
Outcome: sold for $491,500
Agent: Krister Samuel

Uptown

Volt, 430 Queen St, unit 1607:
Features: 72m², 3 bedrooms, 2 bathrooms, balcony, secure basement parking space
Outgoings: rates $1669/year including gst for apartment, parking $182/year; body corp levy $8383/year including hot & cold water
Income assessment: $650-700/week furnished
Outcome: passed in at $640,000
Agents: Judi & Michelle Yurak

Nova en Scotia, 18 Scotia Place, unit 7G:
Features: 50m², 2 bedrooms
Outgoings: rates $1396/year including gst; body corp levy $4049/year
Income assessment: $490/week current
Outcome: sold for $452,000
Agent: Bain Duigan

Isthmus east

Grafton

Bridgeside, 127 Grafton Rd, unit P1:
Features: 65m², one bedroom, 2 separate basement parking spaces, storage locker
Outgoings: rates $1519/year including gst; body corp levy $5478/year
Outcome: passed in at $535,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Eden Terrace

Memphis, 4 Rendall Place, unit 4A:
Features: 66m², 2 bedrooms, 3 parking spaces, storage locker
Outgoings: rates $1454/year including gst; body corp levy $5488/year
Outcome: no bid
Agent: Anna Birkenhead

Attribution: Auction.

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Stamford Residences unit sells, Eclipse unit passed in

A large apartment in the Stamford Residences, built above the Stamford Plaza Hotel in downtown Auckland (pictured), was sold at Ray White City Apartments’ auction yesterday after the vendor twice cut the sale price.

Even then, a sale wasn’t guaranteed. After auctioneer Ted Ingram disclosed the reduced price the vendor was prepared to sell at – $1 million, when bidding had stalled at $985,000 – he commented: “If I could buy my way out of a multi-offer [process that sometimes follows when a property is passed in at auction] for $15,000, I’d go for it.” It took a flurry of 5 more bids to reach the new reserve, and a sale.

A unit in the uptown Eclipse building was passed in after one bid.

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Albert St

Stamford Residences, 26 Albert St, unit 1211:
Features: 104m², 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $2279/year including gst; body corp levy $7541/year
Outcome: sold for $1 million
Agent: Damian Piggin

Uptown

Eclipse, 156 Vincent St, unit 11B:
Features: 62m², fully furnished 2 bedrooms
Outgoings: rates $1539/year including gst; body corp levy $5503/year
Income assessment: $595/week, fixed until 18 October
Outcome: passed in at $500,000
Agent: Keisha Gutierrez

Attribution: Auction.

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Expectations margin wide as 2 out of 7 apartments sell

The margin between vendor expectations & buyer estimates of where the market has moved looked wide again at Ray White City Apartments’ auction yesterday, as just 2 of the 7 properties sold.

The first property listed, in the Siena Terraces in Grey Lynn, sold on a 5.2% gross yield on current rent after a contest between 4 bidders.

After bidding slowed on the second apartment, in Zest, up the street from the NZ International Convention Centre under construction, auctioneer Ted Ingram couldn’t budge bidders who’d stopped $10,000 short of the figure he said would buy the unit.

The third property up, in the Endean Building on Quay St & the foot of Queen St, showed how wide apart expectations can be. Offers rose from a start at $1 million to $1.4 million – “That’s where I thought we’d be starting,” Mr Ingram said. Another bid took the offers to $1.425 million, and the auctioneer closed with a vendor indicator bid at $1.6 million.

On another one-bedroom unit, in the Hobson Oaks – which Mr Ingram “thought would have gone past $200,000 easily” – he placed a vendor bid to lift bidding from $130,000 to $180,000. When the sale was agreed at $187,500, Mr Ingram commented to the 2 men making that offer: “Gentlemen, this look it’s Christmas time, early.”

On my observation, one couple buying yesterday were occupiers, and the rest of the bidders on all 7 apartments were investors or traders (one longer-term, the other lifting the property for short-term resale).

While investors have frequently been accused of keeping first-homebuyers out of purchases, in fact investors are far cagier, know their limits on rent & do-up costs and are far harder to budge.

That leaves an opening in the current market for owner-occupiers to enter the fray and take advantage of some vendor uncertainty – often, a need to sell rather than considering it just as an option. But buyers looking for their own home have been largely absent from this market for months, which you can put down to the inability to secure a mortgage.

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Lorne St

Precinct, 6 Lorne St, unit 1607:
Features: 44m² + balcony, one bedroom
Outgoings: rates $1474/year including gst; body corp levy $4277/year
Income assessment: $550-580/week furnished
Outcome: passed in at $535,000
Agents: Josh Muriwai & Adam Gurr

Quay Park

16 Cotesmore Way:
Features: leasehold, 115m² including garage, 3-bedroom terrace, 2 bathrooms, tandem garage, recladding completed & code compliance certificate issued
Outgoings: rates $1851/year including gst; body corp levy $3131/year, ground rent $7667/year
Outcome: passed in after bid at $140,000, vendor bid at $200,000
Agent: Andrew Bond

Queen St

Endean Building, 2 Queen St, unit 4C:
Features: 130m², one bedroom, 2 bathrooms, parking space
Outgoings: rates $2562/year including gst for apartment, $759/year for parking; body corp levy $8527/year apartment, $606/year parking
Outcome: passed in after bid at $1.25 million, vendor indicator bid at $1.6 million
Agent: Damian Piggin

Victoria Quarter

Hobson Oaks, 188 Hobson St, unit 808:
Features: 32m², fully furnished one bedroom in hotel lease
Outgoings: rates $4309/year including gst; body corp levy $5701/year
Income assessment: $1325/month
Outcome: sold for $187,500
Agent: Damian Piggin

Zest, 72 Nelson St, unit 1306:
Features: 37m², 2 bedrooms, secure parking space
Outgoings: rates $1188/year including gst; body corp levy $4723/year
Income assessment: $420/week current, appraisal $460-480/week for apartment, $50-60/week for parking space
Outcome: passed in at $370,000
Agents: Judi & Michelle Yurak

Victoria Residences, 75 Victoria St West, unit 305:
Features: 40m², one bedroom, 8m² balcony, opposite Sky Tower
Outgoings: body corp levy $2601/year
Outcome: passed in at $420,000
Agents: Lisa Zhang & Ron Yang

Isthmus west

Grey Lynn

Siena Terrace, 6 Burgoyne St, unit 1M:
Features: 60m² including patio, one bedroom, tandem garage
Outgoings: rates $1220/year including gst; body corp levy $3615/year
Income assessment: $495/week, fixed until yesterday
Outcome: sold for $495,000
Agent: Keisha Gutierrez

Attribution: Auction.

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Winsun Heights unit sells, Park Residences dual key gets one low bid

A Winsun Heights unit was sold but the other 4 apartments auctioned at Ray White City Apartments today were passed in.

A brand new dual-key unit in the Park Residences (pictured), comprising 2 studios, was passed in after one bid followed by a much higher vendor indicator bid. Park Residences, a Conrad Properties Ltd development, sits between St Patrick’s Square & Albert St, across the street from the ANZ Centre & diagonally opposite the Stamford Plaza Hotel.

CBD

Learning Quarter

Tetra House, 85 Wakefield St, unit 307:
Features: one bedroom, 2 bathrooms
Outcome: auction postponed
Agent: Ron Yang

Swanson St

Park Residences, 32 Swanson St, unit 608:
Features: dual-key apartment – 2 studios, 76m² including 2 balconies, 2 leased & allocated parking spaces in Farmers carpark available to continue to lease; each apartment has furniture package & storage locker
Outgoings: body corp levy $3428/year; leased parking at $299/month each
Income assessment: $1000-1100/week furnished; rental guarantee of $520/week on 608B can start on 28 May
Outcome: passed in after bid at $600,000 & vendor bid at $850,000
Agent: Steve King

Uptown

Volt, 430 Queen St, unit 602:
Features: 49m² + balcony, 2 bedrooms
Outgoings: rates $1370/year including gst; body corp levy $4969/year
Income assessment: $510/week, fixed until 23 August
Outcome: passed in at $410,000
Agents: Judi & Michelle Yurak

Winsun Heights, 113 Vincent St, unit 5E:
Features: vacant furnished one bedroom, balcony
Outgoings: rates $1107/year including gst; body corp levy $3409/year
Income assessment: $360-380/week furnished
Outcome: sold for $220,000
Agent: Liz McCarthy

Isthmus west

Grey Lynn

Turing building, 2 Ariki St, unit G01:
Features: 86m², 2 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $2545/year including gst; body corp levy $5277/year
Outcome: passed in at $850,000
Agents: Mitch Agnew & Ryan Bridgman

St Lukes

St Lukes Garden Apartments, 12 Morning Star Place, unit GF:
Features: 80m², 3 bedrooms, patio, 2 parking spaces; the building has comprehensive remedial issues relating to watertightness & structural soundness, along with matters pertaining to the Watercare Central Interceptor project
Outgoings: rates $1635/year including gst; body corp levy $4247/year
Income assessment: $575/week current, unfurnished, fixed until 28 October; appraisal $550-580/week unfurnished
Outcome: passed in at $200,000
Agents: May Ma & Mark Li 

Attribution: Auction.

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4 apartments out of 6 sell at Ray White auction

4 of the 6 apartments auctioned at Ray White City Apartments today were sold, one of them moments after the auction had closed.

That unit was one of 2 on offer in the Century on Anzac (pictured), which is entering a remediation period. The other unit was passed in.

Units in the Victopia & Volt in the cbd, and Spencer on Byron in Takapuna were also sold.

CBD

Learning Quarter

Century on Anzac, 100 Anzac Avenue, unit 2H:
Features: 31m² studio
Outgoings: rates $942/year including gst; body corp levy $2686/year + remediation investigation levies of $6086
Income assessment: $360/week fixed until 24 November, appraisal $350-375/week
Outcome: passed in at $160,000, sold immediately after auction for $165,000
Agent: Krister Samuel

Century on Anzac, 100 Anzac Avenue, unit 7F:
Features: 38m², one bedroom
Outgoings: rates $1058/year including gst; body corp levy $3680/year
Income assessment: $400/week current
Outcome: passed in at $165,000
Agents: Dominic Worthington & Ady Huang

Uptown

Volt, 430 Queen St, unit 1111:
Features: 41m² including balcony, 2 bedrooms
Outgoings: rates $1214/year including gst; body corp levy $4458/year
Outcome: sold for $395,000
Agent: Victor Liu

Victoria Quarter

Aura, 53 Cook St, unit 304:
Features: 49m², 2 bedrooms
Outgoings: rates $1175/year including gst; body corp levy $4303/year
Income assessment: $530-560/week furnished
Outcome: passed in at $370,000
Agents: May Ma & Mark Li

Victopia, 135 Victoria St West, unit 2L:
Features: 38m², furnished one bedroom
Outgoings: rates $1071/year including gst; body corp levy $1456/year
Income assessment: $400/week, fixed until 22 October
Outcome: sold for $215,000
Agents: James Mairs & Gillian Gibson

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 311:
Features: 59m², one bedroom, parking space; work on remediation has started
Outgoings: rates $1191/year including gst; body corp levy $3074/year
Outcome: sold for $330,000
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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Docks & Scotia Place units sell

A leasehold Docks apartment with remedial issues and a townhouse (building pictured) off the top of Queen St were both sold at Ray White City Apartments’ auction today.

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Quay Park

The Docks, 4 Dockside Lane, unit 215:
Features: leasehold, 30m², one-bedroom apartment, secure covered parking space; building has remedial issues and vendor won’t be liable for further levies
Outgoings: rates $1162/year including gst; body corp levy $5533/year, including $2379/year ground rent, next 7-yearly ground rent review this November
Income assessment: $440/week current
Outcome: sold for $128,500
Agents: Dominic Worthington & Ady Huang

Uptown

6D Scotia Place:
Features: 119m², 4-storey 3-bedroom townhouse, 2 bathrooms, internal-access garage
Outgoings: rates $1965/year including gst; body corp levy $3572/year
Income assessment: $740-780/week furnished
Outcome: sold for $660,000
Agents: May Ma & Mark Li

Attribution: Auction.

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Apartments in 2 leaky buildings sell

3 of the 4 apartments auctioned at Ray White City Apartments today were sold under the hammer, one with a condition on the transaction.

2 of the sold units have leaky issues, including one in HarbourCity, the one with a condition that the buyer’s solicitor check the contract. The building’s body corporate & majority of owners (excluding the owner of unit 22G at the top) filed a claim in 2014 against Auckland Council & 11 contractors alleging apartments were suffering from building defects that were causing leaks & damage to the units & common property.

The other leaky building, at St Lukes, has issues of leaks & structural soundness.

CBD

Fort St

HarbourCity, 16 Gore St (corner Fort St), unit 10L:
Features: 26m² studio
Outgoings: rates $3453/year including gst; body corp levy $1611/year excluding water & gas, special levy $8282
Income assessment: under Oaks Hotel management
Outcome: sold for $169,000, subject to buyer’s solicitor checking the contract
Agent: Damian Piggin

Uptown

Eclipse, 156 Vincent St, unit 6E:
Features: 41m², one bedroom
Outgoings: rates $1227/year including gst; body corp levy $3654/year
Outcome: passed in at $361,000
Agent: Sam Huang

Isthmus west

St Lukes

St Lukes Garden Apartments, 28 Morning Star Place, unit 1B:
Features: 2 bedrooms, parking space; the pre-contract disclosure statement notes that the building has comprehensive remedial issues relating to watertightness & structural soundness, along with matters pertaining to the Watercare Central Interceptor project
Outgoings: rates $1532/year including gst; body corp levy $4578/year
Outcome: sold for $217,000
Agent: Andrew Bond

North-east

Northcote Pt

67 Princes St, unit 14:
Features: 53m², one bedroom, parking space
Outgoings: rates $1516/year including gst; body corp levy $3930/year
Outcome: sold for $430,000
Agent: Damian Piggin

Attribution: Auction.

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7 out of 8 sell at Ray White apartments auction

7 apartments were sold at Ray White City Apartments’ auction today out of 8 on offer.

The sales included 2 leasehold units, one in Vibe at the Viaduct and the other in Lighter Quay in the Wynyard Quarter.

The one not sold, in the Ascent on Nelson St, attracted no bid.

CBD

Learning Quarter

Focus on Anzac, 99 Anzac Avenue, unit 6F:
Features: 60m², 2 bedrooms
Outgoings: rates $1409/year including gst; body corp levy $5150/year
Outcome: sold for $467,500
Agents: Dominic Worthington & Ady Huang

The Quadrant, 10 Waterloo Quadrant, unit 2207 & parking space G436:
Features: 65m², 2 bedrooms, separately titled secure & under-cover parking space, outside hotel management pool, sold with vacant possession
Outgoings: rates $1848/year including gst for apartment, parking $130/year; body corp levy $8002/year for apartment, parking $1196/year
Outcome: sold for $700,000
Agents: May Ma & Mark Li

Victoria Quarter

Stanford, 189 Hobson St, unit 8F:
Features: 41m², 2 bedrooms,
Outgoings: rates $1123/year including gst; body corp levy $3855/year
Income assessment: $450/week, fixed until 2 October
Outcome: sold for $280,000
Agents: Judi & Michelle Yurak

Zest, 72 Nelson St, unit 1504:
Features: vacant 37m² + balcony, furnished 2 bedrooms, secure parking space
Outgoings: rates $1227/year including gst; body corp levy $4487/year, hot & cold water not included in levy
Outcome: sold for $380,000
Agents: Judi & Michelle Yurak

Ascent, 149 Nelson St, unit 604:
Features: 41m², one bedroom, new code compliance certificate (CCC) has been issued
Outgoings: rates $1007/year including gst; body corp levy to be confirmed
Income assessment: $360/week current, appraisal $430-450/week
Outcome: no bid
Agents: Mitch Agnew & Ryan Bridgman

Waterfront

Vibe, 16 Market Place, unit 2J:
Features: leasehold, 40m², one bedroom
Outgoings: rates $1305/year including gst; body corp levy $4768/year, ground rent $4,878/year
Income assessment: $475/week, increased to $490/week on 20 April, fixed term terminating on 20 October
Outcome: sold for $111,000
Agent: Krister Samuel

Wynyard Quarter

Lighter Quay, 77 Halsey St, unit 209:
Features: leasehold, 60m², fully furnished 2 bedrooms, 2 ensuites, balcony
Outgoings: rates $1760/year including gst; body corp levy $4207/year, residents’ society fee $2286/year, ground rent $3963/year & 7-yearly reviews, special levy $1606 due in June
Outcome: sold for $270,000
Agent: Ann Bennett

Isthmus west

Grey Lynn

Scala, 17 Scanlan St, unit 3C:
Features: vacant m², one bedroom + flexi space, tandem parking
Outgoings: rates $1415/year including gst; body corp levy to be confirmed
Income assessment: $530-560/week
Outcome: sold for $645,000
Agents: Mitch Agnew & Ryan Bridgman

Attribution: Agency release.

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Empire apartment sells, leasehold shop passed in

An Empire apartment was sold at Ray White City Apartments’ auction today, but a florist’s shop in the leasehold Scene 2 at Quay Park was passed in.

Apartment

CBD

Learning Quarter

Empire, 21 Whitaker Place, unit 323:
Features: 52m², 3 bedrooms, 2 bathrooms, basic furniture package
Outgoings: rates $1201/year including gst; body corp levy $4673/year
Income assessment: under Theta Management Ltd lease
Outcome: sold for $160,000 + gst
Agent: Damian Piggin

Commercial

CBD

Quay Park

Scene 2, 18 Beach Rd, unit 2:
Features: leasehold, 67m² florist’s shop
Outgoings: rates $2700/year including gst; body corp levy $3011/year, ground lease $4716/year including gst
Income assessment: $28,000/year net + gst + opex, rates & ground rent
Outcome: passed in at $211,000 + gst, offer to go contract
Agent: James Mairs

Attribution: Auction.

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