Apartments Remain In Favour

 

 

Despite the usual slowdown in mid winter the demand for inner city “shoe box” apartments remains solid as these sales results show . In my view the larger good quality apartments ( over 65M2) will improve  in price more rapidly that the rest. If you look at the price of ‘luxury” apartments in the city and affluent inner suburbs prices start from $550,000 all the way to $3million plus. The gap is far too wide, and there seems there is some catching up yet to come.

Published 25 July 2012
6 apartments were sold under the hammer at City Sales’ auction today, and another 3 were sold prior.

Auction results:

Grafton, Luna, 16 Burton St, unit 2W:
Features: 44m², one bedroom, study, deck, 2 parking spaces
Outgoings: rates $1219/year including gst; operational levy $3082/year
Income assessment: $360/week for unit, $50/week for extra parking space
Outcome: sold for $270,000

Parnell, Aero, 27 Cheshire St, unit 11:
Features: 35m², one bedroom, deck, parking space
Outgoings: rates $1129/year including gst; operational levy $2243/11 months
Outcome: sold for $220,000
Eden Terrace, Memphis, 7 Charlotte St, unit 3G:
Features: 60m², 2 bedrooms, deck, 2 parking spaces
Outgoings: rates $1425/year including gst; operational levy $3898/year
Outcome: sold for $295,000
Century on Anzac, 100 Anzac Avenue, unit 10B:
Features: 57m², 2 bedrooms, 2 decks, parking space
Outgoings: rates $1512/year including gst; operational levy $5845/year
Income assessment: current rent $550/week
Outcome: sold for $370,000

Harbour Royal, 88 Anzac Avenue, unit 3C:
Features: 80m², 2 bedrooms, deck, parking space on separate title
Outgoings: rates $1441/year for the unit, $686/year for the parking space, including gst; operational levy $5326/year for the unit, $245/year for the parking space
Outcome: passed in at $359,500

Chancery Court, 16-18 Eden Crescent, unit B:
Features: 96m², 2 bedrooms, 2 bathrooms, parking space, courtyard
Outgoings: rates $1488/year including gst; operational levy $7585/year
Outcome: passed in at $350,000

36 Eden Crescent, unit 302:
Features: about 40m², 2 bedrooms, 2 bathrooms, deck
Outgoings: rates $1198/year including gst; operational levy $4283/year
Income assessment: current rent $345/week
Outcome: sold for $170,500

Altitude, 34 Kingston St, unit 13H:

Features: 40m², 2 bedrooms, deck
Outgoings: rates $1211/year including gst; operational levy $3842/year
Outcome: sold for $191,500

Alpha, 17 Vogel Lane, unit 203:
Features: 85m², 3 bedrooms, 2 bathrooms, deck, parking space
Outgoings: rates $1653/year including gst; operational levy $4619/year
Outcome: passed in at $355,000

Farmers carpark, 23-31 Hobson St, space 3R:
Features: freehold parking space
Outgoings: rates $487/year including gst; operational levy $471/year
Outcome: passed in at $26,000Papatoetoe, Norfolk Pine Gardens, 33 Kenderdine

Crescent, unit 3:
Features: 55m², 2 bedrooms, deck, carport
Outgoings: rates $1157/year including gst; operational levy $1713/year
Income assessment: $340-360/week
Outcome: passed in with vendor bid at $200,000

Bob Dey Report

Posted in News & Articles | 1 Reply

One thought on “Apartments Remain In Favour

  1. Hi Olly,

    I have a city apartment which is under pressure by the council, as i understand it, because it lies in the line of the proposed underground rail system in Auckland. The apartment block is on Porters Avenue ( North Eden Apartments). I feel like my home is being taken away and need to know how I am going to purchase another home before the current home is purchased by the council. How would banks see this to begin with?
    I am currently overseas on business and return home next month so will know more then but it pretty scary and i guess i am not the only one.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>