Latest City Apartment Sales

 

 

 

Published 23 August 2012

3 apartments sold under the hammer at City Sales yesterday and a fourth post-auction.

Some were at comparatively high prices – for instance, a 27m² Forte unit at $5926/m² and another in Scotia Place at $5283/m², for which bids in the range of $3-3500/m² would have been more likely a year or so ago. Prices are up because rents have risen this year, and rents rose to return to equilibrium with capital values. But for that Forte unit the gross yield is 10.4%, or 8.2% after rates & levies and assuming no periods of vacancy.
Morningside, 3 Morningside Drive, unit 113:

Features: 59m², one bedroom, 2 parking spaces

Outgoings: rates $838/year including gst; operational levy $2960/year

Income assessment: none given

Outcome: passed in at $220,000

Forte, 37 Symonds St, unit 507:

Features: 27m², one bedroom, deck

Outgoings: rates $862/year including gst; operational levy $2595/year

Income assessment: $320/week fixed until June 2013

Outcome: sold for $160,000

Hopetoun Delta, 39 Pitt St, unit 25:

Features: 80m², 2 bedrooms, deck, parking space

Outgoings: rates $1525/year including gst; operational levy $1624/year

Income assessment: $420/week

Outcome: passed in at $350,000, sold post-auction for $372,000

Scotia, 8 Scotia Place, unit 8F:

Features: 30m², one bedroom, deck

Outgoings: rates $815/year including gst; operational levy $2842/year

Income assessment: vacant

Outcome: sold for $158,500

Waterfront

Vibe, 16 Market Place, unit 2J:

Features: leasehold, 40m², one bedroom, deck

Outgoings: rates $1148/year including gst; operational levy $4835/year; ground rent $2937 to March 2013

Income assessment: $420/week fixed until January 2013

Outcome: sold for $138,000

Astoria, Grafton, 57 Grafton Rd, unit 2,passed in at $265,000

Parnell, 21 Birdwood Crescent, unit 1,passed in at vendor bid of $1 million

Nova en Scotia, 18 Scotia Place, unit 1A,passed in at $185,000

The Peaks, 117 Victoria St West, unit 3A, passed in at $285,000

Zest, 72 St Nelson St, unit 1229,sold for $173,000

Bob Dey

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