Cheap, yes — but there’s likely a catch
Revelations you can pick up a West Auckland one-bedroom unit right now for just $49,000 prompted us to look for the cheapest apartments in Auckland over the past 12 months.
According to Real Estate Institute of NZ data, the cheapest apartment came with incredible views over the city’s harbour and went for just $20,000 in July — and no, you aren’t reading that wrong.
The one-bedroom apartment featured a modern kitchen and bathroom, study, open-plan lounge and unobscured sea views from its “huge” 13th-floor balcony north to Devonport and Rangitoto beyond. Located in the Scene 1 Building at 2 Beach Rd, it was a short stroll from Wynyard Quarter, Britomart and the Spark Arena. Auckland Council values the apartment at $550,000. It previously sold in 2002 for $311,200, according to OneRoof.
However, the Scene 1 building was plagued with water-tightness issues. Agents City Sales sold the apartment and said at the time the building owners were embroiled in a legal case. The building needed repairs but owners were unable to get clarity on the extent of the remediation work. The apartment was leasehold and came with annual rates and charges of about $18,000, but could command rents of about $600 per week.
The former Australian owner had become so fatigued with the saga, he said “just dump it”.
The new buyer already owned an apartment in the building and “weighed the risk pretty knowledgeably” of buying another, managing director Martin Dunn said.
Another building with cheap apartments is the Unilodge building at
133 Beach Rd. Unilodge provides student accommodation to Auckland University and the complex is home to about 346 students each year. Apartments have been sold on leasehold in the building for $40,000 and under in the past year.
A Ray White advertisement for
512/133 Beach Rd — which sold for $35,000 on October 31 — said the one-bedroom leasehold apartment could be rented out for $420-$450 per week.
Another city centre apartment at
42/46 Te Taou Cres also sold in April for just $36,000, according to the REI. The leasehold apartment was part of the Grand Central Apartments, a block of units located in the former Auckland Railway Station. The apartment contained a sink, but its tenant would need to use the complex’s communal kitchen facilities. It was also only put on sale after a body corporate group won permission to do so in a legal case at the High Court, according to its Barfoot & Thompson advertisement.
That $49,000 apartment? The ground-floor apartment is part of a large Glen Eden complex that boasts a gym and has plans for a refurbished swimming pool.
But it comes with a catch. It was caught up in the leaky homes debacle and now needs major remedial work, estimated at $250,000 to $270,000, that would need to be shared by a future owner, according to agent Ray White.