A one-bedroom Auckland city apartment sold under the hammer for $191,000 - but there’s a catch.
You might end up paying double to make it liveable.
READ MORE: Find out if your suburb is rising or falling
Ray White agent Gillian Gibson, who marketed the 32sqm apartment at Waterloo Quadrant, said the property had huge remedial issues which would cost extra to be fixed.
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“If it was normal, it would be selling in the $400,000s but because of the issue it sold for half the rating valuation,” she said.
Gibson said the overseas buyer was prepared to take the risk and had bought the place for their child who would be attending university.
Mortgage Lab CEO and OneRoof columnist Rupert Gough said fixing structural issues in an apartment complex could cost hundreds of thousands of dollars and the bank would filter out those applications.
He said you would need to have “a lot of cash laying around.”
“The bank will want to see exactly how much the costs are going to be and will make sure you have that money available,” he added.
But what’s cheaper than a leaky apartment in Auckland City? A car park.
About 13 car parks are up for sale priced at $89,000 each, marketed by Bayleys agent Peter Tanner, who says investors looking for a passive income and those living in city apartments without a car park are enquiring about it.
A 691sq m section in Pegasus, a short commute from Christchurch, sold for over $269,000 last week. Photo / Supplied
A car park on Albert Street sold for $170,000 under the hammer last week, which Tanner said was a “massive” result.
“It was well located but people are looking to ensure they have parking in the city as it gets dearer and dearer,” he said.
Parking in Auckland City varies from $15 for early bird to $16 an hour on Princess Wharf; a car park can be rented for over $400 a week.
While it’s hard to secure property in Auckland for under $200,000, in one of the most affordable regions, Canterbury had ready-to-build land up for grabs at that price point.
A 691sqm section in Pegasus, a half hour drive from Christchurch, was sold for $269,565 and had rating valuation of $175,000.
The section by the lake was last sold in 2015 for $168,260 and was marketed by Ray White agents Justin Hartley and Jordan Reid as a rare find in a new-build community.
