Published 27 March 2019, updated 29 March 2019:
The slow market for apartments was evident at City Sales’ auction on Wednesday, although one unit did sell and the uncertainty over the future of another made the absence of bidding on it unsurprising.
There were 2 bids plus a raise by the initial bidder on a Fiore apartment. For a Celestion unit, the sale was agreed on the second bid.
The unit attracting no bid – a pet-friendly penthouse in Scene 1 – is leasehold but not unit-titled, has remedial issues which haven’t yet been costed, has litigation underway, while the proposed ground rent is still under review. However, a conditional sale, price undisclosed, was agreed post-auction.
Celestion, 19 Anzac Avenue, unit 705:
Features: 50m² internal + 6m² deck, 2 bedrooms,
Outgoings: rates $6081/year including gst; body corp levy $3959/year including gst
Income assessment: long-term lease to hotel
Outcome: sold for $302,500 + gst
Agents: Maryanne Wong
Updated: Scene 1, 2 Beach Rd, unit 1518:
Features: leasehold, not unit-titled, 106m² internal + deck, 3 bedrooms, 2 bathrooms, 2 parking spaces; remedial works to be undertaken but not yet costed, and there may be no code compliance certificate; vendor seeks release from any warranties, and will assign settlement rights arising from litigation which is underway
Outgoings: rates $2408/year including gst; building levies $8928/year, ground rent $12,971/year (under review)
Income assessment: currently $800/week ($41,600/year) for unit + 1 parking space, plus $3349/year for other parking space
Outcome: no bid; sold conditionally post-auction, precise price undisclosed, but well under $100,000
Agents: Maryanne Wong & Dahui Chen
Fiore, 152 Hobson St, unit 5:
Features: 43m², 1 bedroom, deck
Outgoings: rates $1343/year including gst; body corp levy $3410/year including gst
Income assessment: $460-510/week
Outcome: passed in at $330,000
Agents: Grant Elliott & Tony Kelly