City Sales See Strong Bidding At Latest Auckland Apartment Auctions With Lower Prices

There was strong bidding at the latest Auckland apartment auctions but prices on those that sold were all below their Rating Valuations, and City Sales noted that bidding was surprisingly strong, given how weak the overall market in Auckland is at the moment. At the City Sales auction on April 10, four properties were offered and there was bidding on all of them.

Two were apartments that would be more likely to appeal to owners-occupiers, a three bedroom unit in The Mews complex opposite Basque Park in Eden Terrace, and a two bedroom unit in the Chatham building in Pitt Street. The other two were facing remediation work of some sort, one in the Docks, which is a leasehold complex near Britomart, and the other in the Harbour City tower in Gore St.

Although there were buyers for the two more upmarket properties, both were passed in, the Eden terrace unit with a top bid of $825,000 and the Pitt St unit with a top bid of $675,000. Both units with remediation issues sold under the hammer, although they achieved knocked down prices, with the Docks unit selling for $150,000 and the Gore St unit for $260,000, so the overall under-the-hammer sales rate from the auctions ended up at 40%.

City Sales is Auckland’s leading specialist agency, providing expert consultation and representation regarding apartment sales, property management and housing investment, and has been an active part of the Auckland CBD and apartment market since its beginnings.

Their voice is opinionated, authoritative and influential, and they are passionate about the growth and development of Auckland, so for more information on property management Auckland,  real estate agents Auckland and apartments for sale Auckland city please go to http://www.citysales.co.nz .