Recent AKL apartment sales

courtesy of City Sales via Bob Dey… Published 2 March 2011 Bob Dey Report

City Sales sold 3 apartments before today’s auction, then followed that up with 3 sales under the hammer.

2 identical units in The Quadrant, beside the Hyatt Auckland (now Pullman) Hotel, were sold – one prior and the other under the hammer for $11,000 more.

The sales included one leasehold unit, in the Hudson Brown block beside the old railway station at Quay Park. Auction & pre-auction sales:

Learning Quarter

Empire, 21-23 Whitaker Place, 52m², units 1425-26 in serviced student hostel on long lease, 2 bedrooms, 2 bathrooms, 2010 net income $11,500, sold for $116,000 (Andrew Bond)

Metro, 82 Wakefield St, studio, sold prior for $121,000 (Wendy Feng)

The Quadrant, 10 Waterloo Quadrant, unit 1801, 22m² studio, deck, rent $320/week fixed to February 2012, sold for $146,000 (May Ma & Mark Li)

The Quadrant, 10 Waterloo Quadrant, unit 1901, 22m² studio, deck, rental assessment $320/week ,sold prior for $135,000 (May Ma & Mark Li)

Isthmus east

Parnell, Arena – Quest Parnell, 6 Heather St, unit 504, 63m² 2 bedrooms, deck, 2 parking spaces, rental assessment $550-600/week, passed in at $405,000 (Steve Kirk)

Quay Park

Hudson Brown, 57 Mahuhu St, 70m² leasehold unit 114, 2-bedroom corner unit near Vector Arena, deck, parking space, fully furnished, rental assessment $450/week, sold for $190,000 (James Mairs)

Waterfront

Lighter Quay, Viaduct, 75 Halsey St, unit 503, one bedroom, sold prior for $150,000 (James Graydon & David Parker)

Q&A: Auckland Apartments

What are your thoughts on buying apartments in Auckland City right now? There is clearly some very keen pricing going on, even on freehold property. Many thanks, Liz

Dear Liz
Apartments were over priced a few years ago and now under priced but you have to buy the right ones. North facing, not leaky at least one bedroom
with a car park and over 50M2. Capital gain may be way off but the rents can be very good.
Cheers
Olly