Originally Posted by
The Great Gold Guru
Went to an open home at Latitude37 in the Viaduct Harbour two weekends ago. Nice f/f studio apartment , 36sqm ... angled view from balcony to the water outside Stratis at Lighter Quay. Agent told us the guy bought it for $280k in 2001 ... has been rented out solidly since but due to various costs ( body corp, leasehold land , rates , rental mgmt fees ) net return to him was only around $12k per year. Was going to auction on Wed 9th and expectations were around the $200k mark. We were flying to Queenstown that day so couldn't go to the auction. Rang him yesterday .... 1 bidder only in the room , vendor sold it for ..... $140,000 !!! Now even if you'd just stuck $280k in the bank 7 years ago you'd have around $350k now .... what a CATASTROPHIC investment. Might be a good time to start going to auctions soon , looks like there are some horribly desperate sellers out there !!