At recent Auckland apartment auctions there were plenty of potential buyers and they weren't afraid to bid but everything that sold went for less than its rating valuation

Auckland apartment auctions are getting back into full swing and although there are plenty of buyers about they remain cautious on price.

Interest.co.nz attended the two main Auckland apartment auctions this week, the first conducted by City Sales on May 27 and the second conducted by Ray White City Apartments on May 28.

The most obvious feature at both auctions was that buyers for apartments remain active, with all of the properties offered receiving bids and nearly all of them receiving multiple bids.

However while buyers were active, they remained very cautious on price, and bids remained well below the properties' Rating Valuations (RVs).

At the City Sales auction four properties were offered and all attracted competitive bidding but the bids were all below the RVs and none was high enough to get them across the line, with all passed in.

Here are details of the four properties offered and the bids received:

• 3A/30 Randolph St, Eden Terrace. Montpellier building. 54sqm, 1 brm unit with balcony and tandem car parks. Vacant. RV $430,000. Received bidding to $370,000. Passed in.
• 314/57 Mahuhu Cres. Hudson Brown building. Downtown. 65sqm, 2 brm, leasehold unit with a car park. Received bidding to $220,000. Passed in.
• 103/43 Virginia Ave, Eden Terrace. 55sqm, 2 brm unit with a balcony and car park. RV $500,000. Received bidding to $460,000. Passed in.
• 809/147 Nelson St, CBD. Sugartree Altro building. This complex was completed late last year. A 46sqm, 2 brm unit with a balcony. Tenanted at $550 a week. RV $600,000. Received bidding to $430,000. Passed in.

At the Ray White City Apartments' auction on May 28, four apartments were offered and three sold under the hammer. Here are the details:

• 205/145 Nelson St, CBD. Sugartree Centro building. 58sqm, 1 brm unit with study and a balcony and storage locker. RV $500,000. Sold for $489,000.
• 1014/53 Cook St, CBD. Aura building. 49sqm, 2 brm unit with a balcony and a car park. Rented at $460 a week. RV $490,000. Sold for $417,000.
• 609/363 Queen St, CBD, near Myers Park. Quest building. A 32sqm studio with balcony. Vacant and not included in the hotel pool, but offered fully furnished. Passed in with a top bid of $280,000.
• 2K/3 Keystone Ave, Mt Roskill. Keystone Ridge building, around the corner from Mt Roskill shops. A 30sqm studio with a balcony and car park. RV $280,000. Sold for $250,000.

Similar trends were evident at the Ray White City Apartments' auction on May 21, where competitive bidding was received on all of the apartments offered, but all of the bids, including those in the properties that sold, were below their RVs. Here are the details:

• 604/10 Ronayne St, Downtown. The Landings building. A 50sqm, 1 brm, leasehold unit with a balcony and tandem car parks. Sold for $170,000.
• 2B/125A Hobson St, CBD. The Imperial building. a 65sqm, 2 brm unit with a balcony and a car park. Vacant. RV $600,000. Sold for $490,000.
• 6D/100 Greys Ave, CBD. Amora building. 34sqm studio, vacant and not part of the hotel pool. RV $300,000. Sold for $240,000.
• 222/184 Symonds St, Grafton. Citta building (Cnr Symonds St and Khyber Pass Rd). A 53sqm, 2 brm unit. RV $430,000. Sold for $390,000.
• 10/68 Mountain Rd, Mt Wellington. A 90sqm, 2 brm unit, with a balcony and tandem car parks. Furnished. Vacant. RV $510,000. Sold for $500,000.

Details of all of the properties offered at the auctions monitored by interest.co.nz are available on our Residential Auction Results page.

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