{"id":29062,"date":"2025-09-18T05:22:08","date_gmt":"2025-09-18T05:22:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/29062\/"},"modified":"2025-09-18T05:22:08","modified_gmt":"2025-09-18T05:22:08","slug":"south-island-investor-offloads-troubled-auckland-apartment-for-115000-all-things-property-under-oneroof","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/29062\/","title":{"rendered":"South Island investor offloads troubled Auckland apartment for $115,000, All things property, under OneRoof"},"content":{"rendered":"

– A South Island investor sold her Auckland apartment for $115,000, a quarter of its original price.<\/p>\n

– The auction started at $15,000, with 10 investors bidding, closing after some 70 bids.<\/p>\n

– The new owner plans to hold the property through $300,000 of remediation work, expecting a future value increase.<\/p>\n

A South Island investor has sold her troublesome Auckland apartment for just $115,000.<\/p>\n

Start your property search<\/p>\n

Find your dream home today.<\/p>\n

Search<\/a><\/p>\n

But even though that\u2019s around a quarter of what she paid for the two-bedroom unit on Hargreaves Street, in Freemans Bay, it\u2019s still five times more than what she had been prepared to take.<\/p>\n

She had listed the property earlier this month with an auction reserve of $20,000.<\/p>\n

Around 10 investors fought over the apartment in the City Sales auction room on Wednesday. The auction opened at $15,000, and closed some 70 bids later.<\/p>\n

\"A<\/p>\n

The apartment is rented out for $630 a week. Photo \/ Supplied<\/p>\n

City Sales sales manager Scott Dunn said the vendor would be \u201cover the moon\u201d with the result. \u201cWe were thrilled to overachieve,\u201d he said.<\/p>\n

The vendor picked up the apartment in 2006 as a rental. It currently returns $630 a week but costly remediation work was due to start on the five-level apartment block in 2026.<\/p>\n

Dunn previously told OneRoof<\/a> his client did not want to pay the estimated $300,000 for the repairs or deal with the stress of the situation.<\/p>\n

Discover more:<\/p>\n

– Questions over mega property deal: Properties linked to Donghua Liu for sale again<\/a><\/p>\n

– Renowned light artist selling his K Road apartment for $1.149m<\/a><\/p>\n

– Revealed: What went down after comedian Mike King sold his house<\/a><\/p>\n

\u201cTalking about things that we value – one of them is money obviously, but the other is peace of mind, being able to sleep at night.\u201d<\/p>\n

That expense would now fall on the new owner, an Auckland investor who planned to hold onto the property while the repairs are carried out.<\/p>\n

\u201cHe will have some bills to pay, obviously, but once they are all done with it, he should have a pretty valuable finished product.\u201d<\/p>\n

Dunn estimated that once the repair work was completed, the apartment could fetch between $800,000 and $900,000 in the current market.<\/p>\n

Freemans Bay was an aspirational suburb that tended to attract lots of cool and fashionable people, he said.<\/p>\n

The apartment block was just off College Hill, a very \u201cfun part of town\u201d. <\/p>\n

\u201cIt rubs shoulders with Herne Bay, St Marys Bay, and Ponsonby. It\u2019s like super central without being CBD,\u201d he said.<\/p>\n

– Click here to find more properties for sale in Auckland<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"– A South Island investor sold her Auckland apartment for $115,000, a quarter of its original price. –…\n","protected":false},"author":2,"featured_media":4529,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[156,1258,111,139,69],"class_list":{"0":"post-29062","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entertainment","8":"tag-entertainment","9":"tag-latest-news","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/29062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=29062"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/29062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/4529"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=29062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=29062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=29062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}