Auckland apartment bargain hunters turned out in force with their wallets open this week, partly prompted by news of rock-bottom prices being accepted by desperate vendors.
Five out of nine units auctioned by City Sales went under the hammer and bidders were keen on the many two-bedroom unitson freehold titles.
About 200 buyers went to Hopetoun Alpha on Beresford Square, keen on value after the agency sold a Railway Campus unit in Auckland's Quay Park area for just $12,800 - the cheapest yet, according to sector experts.
The Weekend Herald reported last weekend that unit went so cheaply because the building is empty for years and the buyer faces big leaky building repair bills of about $30,000.
This week's offering was in contrast to other auctions this year when many studio units on leasehold land were quit by squeezed vendors who had bought off-the-plan and paid high prices earlier this decade, leaving them suffering big losses.
But this week's bidders had big money ready and were prepared to pay well for the units offered.
"We had some good stock," said agent Andrew Bond. Agents later started negotiations with parties to sell the four unsold places.
Investors in failed property business Blue Chip quit a unit in Hudson Brown at 57 Mahuhu Cres in Quay Park. Unit 322 - with two bedrooms, a tandem carpark and two bathrooms - fetched this week's top price of $288,000 under the hammer of auctioneer Neil Newman.
The unit is vacant but was marketed as "spotless, split-level and fully furnished".
A two-bedroom apartment, unit 712 in Aura at 53 Cook St, sold for $180,000. The unit on freehold title is rented for $365 a week and furniture was included. The block has a gym and pool and City Sales said it was near SkyCity.
Another two-bedroom unit, Princeton's 11c at 30 Symonds St, sold for $113,000.
A two-bedroom two-bathroom apartment, unit 701 at 36 Eden Cres, sold for $167,000.
But unit 527 in Ascent at 149 Nelson St was passed in at $220,000. The two-bedroom unit is on a freehold title, but bidders rejected it.
