Multiple bids on an Urba apartment, off Karangahape Rd, resulted in its sale for just over $10,000/m² internal at Ray White City Apartments auction today, in stark contrast to the no-sale outcomes for 2 Farmers’ parking spots.
Urba, developed by Conrad Properties Ltd, was completed in 2016. An early post-settlement sale of a unit at a lower level saw the price rise from the settlement figure of $9800/m² to $11,200/m² internal, and a penthouse unit with a parking space sold at auction a year ago for just under $10,000/m² internal (assuming parking at $60,000).
Farmers parking spaces usually attract competitive bidding, not silence. Pricing has varied over the years – from $31,000 in 2010, $36,000 & $33,700 for 2 spaces auctioned in 2012, to $66,500 in 2016.
Farmers carpark, 23-31 Hobson St, unit 3DT:
Features: parking space
Outgoings: rates $821/year including gst; body corp levy $371/year including gst
Outcome: bid at $50,000 + gst, vendor raise to $65,000 + gst, passed in
Agent: Krister Samuel
Farmers carpark, 23-31 Hobson St, unit LBCN:
Features: end parking space
Outgoings: rates $893/year including gst; body corp levy $429/year including gst
Outcome: bid at $40,000 including gst, vendor raise to $65,000 including gst, passed in
Agent: Zoran Farac
Urba, 5 Howe St, unit 813:
Features: vacant, 62m² internal + 6m² balcony, 2 bedrooms, 2 bathrooms, pet-friendly
Outgoings: rates $1898/year including gst; body corp levy $5317/year including gst
Income assessment: $740-760/week furnished
Outcome: sold for $626,000
Agents: Dominic Worthington & Ady Huang