KEY POINTS:
An Auckland apartment auction last week sold six out of seven units, bucking the recent trend in which many properties are handed in.
Only a Sebel studio leased to the hotel was passed in. That Viaduct unit was under conditional contract after the auction, said City Sales sales manager Mike Richards.
"Blue Chip victims, as you would expect, were most adversely affected by prices achieved," Richards said. "Also significantly and once again, off-plan buying continues to result in re-sale loss. As a separate issue which is equally significant, properties on leasehold tenure are suffering a downward spiral as investors are factoring in future land rent increases. The Mirage result is an example.
The exception on the day was the owner of an apartment in the Metropolis tower who pretty much broke even, he said.
"We were heartened again by the numbers attending, with vigorous bidding on all properties except the Sebel apartment."
THE BAD NEWS
EDEN APTS
1 brm + carpark, 40sq m
* Previously sold for $280,000
* Last week's sale price $186,000
Q-CENTRAL
2 brm + carpark, 60sq m
* Previously sold for $285,000
* Last week's sale price $170,000
THE BEACH
2 brm, 50sq m
* Previously sold for $430,000
* Last week's sale price $231,000
MIRAGE
Studio + carpark, 34sq m
* Previously sold for $180,000
* Last week's sale price $86,000
