One apartment sold for just $35,000 while another with a declared reserve of just one dollar was passed in.

Prices of Auckland city apartments appear to be cooling rapidly with most the apartments that were sold at recent auctions monitored by selling for well below their rating valuations.

Although apartments are still attracting good interest from potential buyers, they are being extremely cautious on price and vendors who require a sale are having to accept sharply reduced prices or see their properties passed in at prices that are often well below their reserves.

The drop in prices appears to be across the board, affecting smaller apartments that are traditional investor fare as well as more upmarket units that would appeal more to owner-occupiers.

A two bedroom unit in the Scene One building on Beach Rd, which is on a leasehold title and has remediation issues, sold for $35,000. According to Quotable Value records it had originally been purchased for $375,000 in 2005.

A studio unit in the Century on Anzac building on Anzac Ave, which also has remediation issues, was offered with a declared reserve of just one dollar. But although the auctioneer announced the one dollar reserve before bidding commenced, meaning it could have sold for a dollar, there were no bids and it was passed in.



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