Latest Apartment Sales

A $100 bid did the trick for the buyer of a city parking space, the second of 2 to go under the hammer at Ray White City Apartments’ auction today.
The first of the 2 spaces in the Farmers carpark on Hobson St went for $36,000, putting the yield at 5.1%. Bidding on the second space crept up slowly, eventually dropping to $100 increments and stopping $2300 short of the winning bid on the first space. However, the second had a rates bill more than double the first’s, although they are adjoining spaces, and although the sale price was lower it represented a yield of 4.5%.

2 apartments sold at the auction, one a 20th-floor unit in the Altitude on Kingston St featuring a wrap-around deck and wide views, the other a leasehold unit on Princes Wharf. A third unit in the Prince Albert on Albert St – one of the first inner-city conversions in the early 1990s – was passed in without a bid and 3 others were sold before the auction.

Auction results:

Altitude, 34 Kingston St, unit 7A:
Features: 37m², 2 bedrooms,
Outgoings: rates $3088/year including gst; body corp levy $1200/year
Income assessment: $390/week
Outcome: sold prior

Altitude, 34 Kingston St, unit 20E:
Features: 40m² plus 30m² deck, 2 bedrooms,
Outgoings: rates $1392/year including gst; body corp levy $6553/year
Income assessment: $430-470/week unfurnished
Outcome: sold for $227,000

Prince Albert, 41 Albert St, unit 4D:
Features: 120m², 2 bedrooms
Outgoings: rates $1769/year including gst; body corp levy $11,164
Income assessment: none
Outcome: passed in, no bid

Victoria Quarter
Farmers carpark, 23 Hobson St, space LBDG:
Outgoings: rates $303/year including gst; body corp levy $470/year
Income assessment: $50/week
Outcome: sold for $36,000

Farmers carpark, 23 Hobson St, space LBDF:
Outgoings: rates $624/year including gst; body corp levy $470/year
Income: $50/week
Outcome: sold for $33,700

Heritage Auckland, 35 Hobson St, unit 415:
Features: 30m² studio
Outgoings: rates $1150/year including gst; body corp levy $4500/year
Income assessment: $400/week
Outcome: sold prior for $160,000

Zest, 72 Nelson St:
Features: 37m², 2 bedrooms
Outgoings: rates $1200/year including gst; body corp levy $2200/year
Income assessment: $330/week until August
Outcome: sold prior for $165,000

Waterfront
Princes Wharf, 147 Quay St, unit 14:
Features: leasehold 90m², 2 bedrooms, fully furnished, deck
Outgoings: rates $1493/year including gst; body corp levy $8865/year, ground rent $3802/year
Income assessment: none
Outcome: sold for $151,000

City Sales results:
Queen St valley
City Life, 171 Queen St, unit 1607:
Features: 27m² studio
Outgoings: rates $1375/year including gst; operational levy $4127/year
Income assessment: current $300/week
Outcome: sold for $111,000

Isthmus east
Grafton, Bridgeside, 127 Grafton Rd, unit GD:
Features: 80m², 2 bedrooms, courtyard, 2 parking spaces
Outgoings: rates $1563/year including gst; operational levy $5223/year
Income assessment: current $535/week
Outcome: sold for $418,000

Learning Quarter
Columbia, 15 Whitaker Place, unit 14C:
Features: 27m², 2 bedrooms
Outgoings: rates $1160/year including gst; operational levy $3506/year
Income assessment: in management lease
Outcome: passed in at $75,000

Bob Dey report 19.4.12

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